Digital Identity Management Solutions Market: Meticulous Research® Reveals Why this Market is Projected to Register a CAGR of 15.4% to reach $70.8 Billion by 2030

In recent years, digital identity management solutions have been widely adopted across many industries, and the IT & telecommunications industry is no exception. Enterprises in the IT & telecom industry have significantly increased the deployment of digital identity management solutions for fraud prevention, user authentication, and data security. Different biometric solutions are used for customer authentication and fraud prevention in the telecommunications and information technology industries. Furthermore, digital identity management solutions are leveraged for employee attendance, identity validation, and authentication applications and ensure data accuracy & security.

IT industries are incorporating a zero-trust security framework to secure all their industrial assets. Digital identity management solutions are deployed for verification and identification of external agents to access the resources and secure crucial data.

Meticulous Research^®, in its latest publication, states that the global digital identity management solutions market is projected to reach $70.8 billion by 2030, at a CAGR of 15.4% from 2023 to 2030.

The growth of this market is backed by the increasing frequency & sophistication of authentication & identity frauds in the BFSI sector, government initiatives encouraging the adoption of digital identity management solutions, and the integration of biometric capabilities into mobile devices. However, the high capital requirements for deploying digital identity management solutions restrain the growth of this market.

The global digital identity management solutions market is segmented by type (identity verification & authentication solutions, digital KYC & onboarding solutions, zero trust security solutions, and digital ID wallet solutions), offering (hardware [scanners & readers, cameras, and smart cards, tokens], software, services [professional services and managed services]), application (workforce identity management, customer identity management, citizen digital identity management, machine identity management, and other digital identity management applications [border control & fraud identification]), identity type(biometric solutions and non-biometric solutions), authentication type ( single-factor authentication and multi-factor authentication), organization size (small & medium-sized enterprises and large enterprises), deployment mode (on-premise deployment and cloud-based deployment), sector (BFSI, retail & e-commerce, government & defense, healthcare, IT & telecommunications, energy & utilities, tourism & hospitality, and education, manufacturing, and other sectors). The study also evaluates industry competitors and analyzes the market at regional and country levels.

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Based on application, the global digital identity management solutions market is segmented into workforce identity management, customer identity management, citizen digital identity management, machine identity management, and other digital identity management applications. In 2023, the workforce identity management segment is expected to account for the largest share of the global digital identity management solutions market. This segment’s large market share is attributed to the surge in demand for remote, safe, and easy workforce access to industrial assets, the increasing demand for solutions to monitor privileged users, and the growing need to build centralized and highly scalable platforms for workforce identity management.

However, the customer identity management segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the growing demand for cloud-based customer identity management solutions among organizations, the increasing demand for multi-factor authentication and access management among customers, and the rising need to manage customer user identities in large enterprises.

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Based on identity type, the global digital identity management solutions market is segmented into biometric solutions and non-biometric solutions. In 2023, the biometric solutions segment is expected to account for the larger share of the global digital identity management solutions market. The large market share of this segment is attributed to the growing adoption of biometric solutions in the BFSI sector and technological advancements in biometric solutions designed for authentication and identification applications. This segment is projected to register the highest CAGR during the forecast period.

Based on sector, the global digital identity management solutions market is segmented into BFSI, retail & e-commerce, government & defense, healthcare, IT & telecommunications, energy & utility, tourism & hospitality, education, manufacturing, and other sectors. In 2023, the IT & telecommunications segment is expected to account for the largest share of the global digital identity management solutions market. The large market share of this segment is attributed to the increasing adoption of biometrics solutions for fraud prevention, the rising need to implement digital identity management solutions to strengthen authentication & access control, and the growing need for accurate identity-based IT solutions.

However, the healthcare segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to factors such as the increasing need to track healthcare data to discover innovative procedures & treatments, the rising adoption of smart health cards, the increasing need to ensure better compliance with healthcare laws, and the growing need to lower administrative costs.

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The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players operating in this market, including Thales Group (France), NEC Corporation (Japan), IDEMIA (France), GB Group plc (U.K.), ForgeRock, Inc. (U.S.), Samsung SDS Co., Ltd. (South Korea), ImageWare Systems Incorporated (U.S.), Signicat (Norway), Syntizen Technologies Pvt. Ltd. (India), HashCash Consultants(U.S.), Jumio Corporation (U.S.), Vintegris, S.L. (Spain), Daon, Inc. (U.S.), Cloudflare, Inc. (U.S.), and Refinitiv Limited (a part of London Stock Exchange Group Plc).

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