Digital Identity Solutions Market:
Growth Opportunities in the Digital Identity Solutions Market look promising over the next six years. This is mainly due to the increasing number of authentication and identity-related frauds in various sectors, such as BFSI and healthcare, increasing incorporation of biometrics in smartphones and several sectors, and the strong adoption of multi-factor authentication to offer various layers to the security system.
Digital Identity Solutions Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The increasing number of authentication and identity-related frauds in various sectors, such as BFSI, healthcare, government & defense, among others, is a major factor accelerating the growth of the digital identity solutions market share in terms of revenue. The emphasis of companies on better end-to-end customer experience is growing. Digital identity solutions provide numerous advantages, including less operational costs, increased accuracy, less process time, upgraded security, and enhanced customer experience. These advantages act as an essential part of surging the growth of the digital identity solutions market. Many companies are significantly shifting towards digitalization by combining artificial intelligence and machine learning with digital identity solutions to decrease identity fraud. These factors will propel the market growth during the forecast period. The increasing incorporation of biometrics in smartphones and several sectors and the strong adoption of multi-factor authentication to offer various layers to the security system will further uplift the growth of the digital identity solutions market.
Deployment mode Segment Drivers
On the basis of the deployment mode, the market is segmented into on-premises and cloud. The on-premises are projected to rise at a faster CAGR in the coming years as they offer flexibility and complete control to organizations. The majority of the companies prefer on-premises deployment for better security and to decrease risks. On-premises deployment is cost-competitive in comparison to deployment at some remote facility as on-premises deployment consists of a one-time licensing fee and service agreement. Currently, there is easy access to corporate data through mobile devices, which raises the risk of data losses and cyber-attacks. Companies deploy on-premises digital identity solutions to decrease these risks and improve their security. These drivers are supporting the growth of the market.
Digital Identity Solutions Market’s leading Manufacturers:
- NEC Technologies
- Samsung SDS
- GB Group plc
- Thales Group
- Telus
- Tessi
- Jumio
- Refinitiv
- ForgeRock
- IDEMIA
Digital Identity Solutions Market Segmentation:
Segmentation by Solution:
- Biometrics
- Non-Biometrics
Segmentation by Authentication Type:
- Single-Factor Authentication
- Multi-Factor Authentication
Segmentation by Deployment Mode:
- On-Premises
- Cloud
Segmentation by Organization Size:
- Small & Medium-Sized Enterprises
- Large Enterprises
Segmentation by Vertical:
- Banking, Financial Services, & Insurance
- Retail & Ecommerce
- Government & Defense
- Healthcare
- IT & Telecom
- Energy & Utilities
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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