Digital Identity Solutions Market Emerging Trends, SWOT Analysis, Key Players And Outlook Report 2023 – 2032

PRESS RELEASE

Published July 4, 2023

The global digital identity solutions market size is expected to reach USD 180.26 Billion in 2032 and register a steady revenue CAGR of 20.4% during the forecast period, according to latest analysis by Emergen Research. Increasing use of blockchain, Artificial Intelligence (AI), and Machine Learning (ML) to improve digital identities is a major factor driving market revenue. AI and ML have the potential to revolutionize identity security and accelerate implementation of related programs by providing valuable insights and optimizing processes. ML can analyze access permissions and usage patterns, identify unusual behavior and anomalies in identities, automate regular identity security tasks, and offer valuable information to entitlement owners.

In addition, AI algorithms can enhance security measures and user experience by reducing the time and effort required to manage Identity and Access Management (IAM) programs. Businesses can quickly identify and prevent high-risk access and actions, ensuring ongoing regulatory compliance, by leveraging these tools. Integrating AI and ML into identity security programs enables organizations and individuals to safeguard their sensitive data and personal identities, enhancing productivity, efficiency, and decision-making.

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Moreover, blockchain technology offers various benefits, which is expected to drive revenue growth of the market during the forecast period. Blockchain ensures that identity-related data is auditable, traceable, and verifiable, allowing individuals to control data sharing and create their own profiles. Blockchain also facilitates communication between issuers and enables almost instant credential verification.

However, creation and implementation of digital identification systems significantly hampered by privacy and data breach concern, is a key factor , which could restrain market revenue growth. Gathering and storing of sensitive personal data, such as biometric data, social security numbers, or financial records, is necessary for digital identification systems. These systems become appealing targets for hackers and cybercriminals who want to use the data for different malicious reasons if they are not sufficiently secured. The possibility of unwanted access to private data decreases confidence in digital identification systems.

Furthermore, personal data is frequently centralized within a database or platform in digital identification systems. Users could be concerned about how their information is used, shared, and sometimes sold to third parties without their consent. Such worries could make people skeptical for using digital identity solutions , hence restrain market revenue growth.

Growth Factors:

The Digital Identity Solutions market is poised for significant growth due to a number of factors. For starters, the increasing popularity of biometric identification methods such as fingerprint recognition, facial recognition, and iris scanning has greatly improved the security and ease of digital identity verification. Biometric technologies are becoming more economical and widely available, resulting in their incorporation into a wide range of applications. Second, the rise of blockchain technology has enabled the creation of decentralised identification systems, providing individuals greater control over their data and decreasing reliance on central authority. Blockchain’s tamper-resistant nature also bolsters security and trust in digital identity systems.

Some major companies in the market report include:

NEC Corporation,
SAMSUNG SDS,
Thales,
George Brown College,
TELUS,
Tessi, Daon, Inc.,
IDEMIA,
ForgeRock,
Imageware

ForgeRock: ForgeRock is a market leader in modernising identity and access management solutions. The company’s open-source identity platform is scalable and adaptable, making it appealing to large corporations and organisations with complicated identification requirements. ForgeRock’s dedication to standards and interoperability has won it a recognised market position.

Idemia: Idemia, formerly Morpho, is a biometric technology and identification solutions leader. For both government and commercial applications, the company provides a wide range of biometric authentication technologies, such as facial recognition, fingerprint scanning, and iris recognition. Idemia’s biometrics knowledge gives it a competitive advantage in the industry.

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Some Significant Report Highlights:

On 9 March 2023, Lloyds Banking Group invested USD 10 million in the digital identity business Yoti, to promote development of innovative technologies to keep people secure online, combat risks of identity fraud, and give individuals greater control over their personal data. Yoti provides a selection of digital identification solutions that make it easier for individuals and companies to safeguard their online identities. This includes a free Digital ID app, which offers users a quick and safe method to establish their identity from their phone without having to display identification documents or divulge a lot of personal information.
The biometric segment is expected to account for largest revenue share in the global digital identity solutions market over the forecast period. Compared to conventional identification techniques, biometric digital identity systems provide several advantages. Each person has unique biometric information, such as their fingerprints, iris patterns, or facial traits.
The cloud segment is expected to register steadily fast revenue growth rate in the global digital identity solutions market over the forecast period. Organizations can simply modify and expand their digital identification systems as needed owing to scalability and flexibility that cloud solutions offer. Cloud platforms provide capacity to scale up or down resources based on demand to ensure that identity infrastructure can accommodate changing user loads without large upfront expenditures or infrastructure modifications. Organizations are able to adapt quickly and economically as demands change because of this scalability. Identity services can be accessed anytime, anywhere, owing to cloud-based identity solutions.
The North America accounted for largest revenue share in the global digital identity solutions market during the forecast period. This is attributed to increasing activities by key market players in countries in this region. For instance, on 31 May 2022, Microsoft introduced Entra, a brand-new product family of identity and access management solutions. The family contains two new product categories, Cloud Infrastructure Entitlement Management (CIEM) and Decentralized Identity, in addition to well-known solutions such as Azure AD.

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Segmental Analysis:

For the purpose of this report, Emergen Research has segmented global digital identity solutions market on the basis of offering, identity type, solution type, deployment mode, organization size, vertical, and region:

Offering Outlook (Revenue, USD Billion; 2019–2032)
- Solution
- Services

Identity Type Outlook (Revenue, USD Billion; 2019–2032)
- Biometrics
- Non-biometrics

Solution Type Outlook (Revenue, USD Billion; 2019–2032)
- Identity Verification
- Authentication
- Identity Lifecycle Management
- Others

Deployment Mode Outlook (Revenue, USD Billion; 2019–2032)
- Cloud
- On-premises

Organization Size Outlook (Revenue, USD Billion; 2019–2032)
- Small and Medium Enterprises (SMEs)
- Large Enterprises

Vertical Outlook (Revenue, USD Billion; 2019–2032)
- Banking, Financial Services and Insurance (BFSI)
- Retail & eCommerce
- Healthcare & Life Sciences
- Information Technology (IT) & Information Technology Enabled Services (ITES)
- Media & Entertainment
- Telecom
- Energy and Utilities
- Government and Defense
- Other Verticals

Regional Outlook:

North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Emergen Research is a market research and consulting company that provides syndicated research reports, customized r esearch reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the

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