Global Digital Identity Market by Component, Authentication Type, Deployment, Organization Size, Industry Vertical, and Region Forecast to 2027 – ResearchAndMarkets.com

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DUBLIN – (COMMERCIAL THREAD)–The “Global Digital Identity Market (2021-2027) by Component, Authentication Type, Deployment, Organization Size, Industry Vertical and Geography, IGR Competitive Analysis, Impact of COVID-19, Ansoff Analysis” the report was added to ResearchAndMarkets.com offer.

The global digital identity market is estimated to be worth $ 16.6 billion in 2021 and is expected to reach $ 40.44 billion by 2027, growing at a CAGR of 16%.

Key factors such as the increasing number of data theft and data fraud have been a major concern for businesses and individuals, leading to greater awareness of data security. This has led to a strong emphasis on the integration of biometrics at critical points for the business and increased integration in smartphones for consumers due to the increase in data theft via mobile devices.

Additionally, since customer service gained prominence, the focus on end-to-end customer experience in data-critical industries has also supported the growth of the digital identity solutions market.

However, the high installation costs followed by the lack of data security amid the increasing sophistication of data breaches are hampering the growth of the market.

Market dynamics

Conductors

  • Increase in identity and authentication fraud
  • Growing integration of biometrics in smartphones
  • Growing focus on improving the end-to-end customer experience

Constraints

  • High deployment cost
  • Lack of security of customer data

Opportunities

  • Growing awareness of identity and authentication fraud
  • Integration of machine learning (ML) and artificial intelligence (AI) with a digital identity solution system
  • Increased adoption of a cloud-based identity verification system

Challenges

  • Data security and privacy concerns
  • Lack of qualified professionals

Covered segments

By component, Biometrics segment is expected to hold the highest market share during the forecast period. Biometric solutions can capture the unique biometric characteristics of an individual to provide access to a set of services. They are therefore also considered to be highly secure compared to conventional authentication systems. With the promising security approach provided by biometric solutions followed by the need for authorized access in enterprises and critical data locations, the demand for these solutions has increased further.

By type of authentication, multi-factor authentication is estimated to have the highest market share during the forecast period. This type of authentication uses several authentication methods such as a password, a security token in addition to biometrics to confirm the identity of the user to access the services. This adds multiple layers of protection and makes it difficult for unauthorized users to access networks and databases.

By deployment, on-site deployment is estimated to have the highest market share. Since businesses want high control over data, especially in security-focused solutions, they are more likely to invest in on-premise solutions. Government and defense have adopted these solutions to identify identity risks, which is also increasing the demand for on-premise solutions.

Depending on the size of the organization, large companies are estimated to have the highest market share. These companies operate with a large workforce, which makes them highly exposed to identity risks and, as a result, higher possibilities of data loss. In addition, since these companies operate from a different geographic base, they share real-time data with their employees. Amid increasing cyber attacks, these data losses can negatively impact an organization’s financial growth. Therefore, these companies are likely to invest in digital identity solutions to reduce identity risks. This is likely to increase demand in the given market segment.

According to the industry vertical, the retail and e-commerce sector has the highest market share. The retail and e-commerce industry has become one of the data vulnerable industries. There has been an increase in digital payments, followed by an increase in the amount of storage of individual data, leading to possible data leaks amid increasing cybercrime. Increasing digitization has made data systems complex, requiring increased authentication. Adopting a digital identity solution can help retailers prevent unauthorized users from accessing in-house, thereby reducing data loss. This supports the growth of the market segment.

By geography, APAC is expected to dominate the market. Factors attributed to the growth of the region are the increase in cyber fraud followed by the increased need for authentication which has led to the deployment of these solutions in the region. In addition, the respective governments are also focusing on securing the identity of national citizens, which has led to high investments in such solutions. This contributes to the growth of the market.

Competitive quadrant

The report includes the Competitive Quadrant, a proprietary tool to analyze and assess the position of companies based on their Industry Position Score and Market Performance Score. The tool uses various factors to categorize players into four categories. Some of these factors considered for the analysis are financial performance over the past 3 years, growth strategies, innovation score, new product launches, investments, market share growth, etc.

Profiled companies

  • NCA
  • Samsung SDS
  • Thales Group
  • GBG
  • TELUS Company
  • IDEMIA
  • Tessi
  • ForgeRock
  • Jumio
  • Refinitive
  • Cisco
  • AU10TIX
  • Imaging systems
  • Verisec
  • Euronovate
  • Mean
  • Smartmatic
  • Intesa Sanpaolo
  • Raul walter

Highlights of the report

  • A comprehensive market analysis including parent industry
  • Important market dynamics and trends
  • Market segmentation
  • Historical, current and projected market size based on value and volume
  • Market shares and strategies of the main players
  • Recommendations for companies to strengthen their presence in the market

For more information on this report, visit https://www.researchandmarkets.com/r/5kzib6

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