The North America Digital Identity Solutions Market would witness Market growth of 15.1% CAGR during the forecast period (2022-2028).
Accessing computers and offering services remotely with lesser cyberthreats to clients is made possible by digital identity systems. The compliance of personal data that appears in a digital form, which encompasses all biographical data of an individual to prevent unauthorized accesses is known as a digital identity solution. The solutions have various advantages, including high accuracy and compliance, minimal operational costs, improved client experience, and enhanced security.
Moreover, a rise in the adoption of cloud-based identity verification systems and an increase in the assimilation of Artificial Intelligence (AI) and Machine Learning (ML) with a digital identity solution system are anticipated to build lucrative growth opportunities in the Market over the forecast period. Large organizations are also predicted to embrace digital identification solutions more frequently due to a variety of issues, including the monitoring of access risks and risk outliers. The growing inclusion of biometrics in smartphones is a crucial element driving Market growth for digital identity solutions, and most businesses are focusing on improving customer experience.
In terms of geography, the North American area has a strong global presence, with many key Market players in the digital identification solutions Market . Furthermore, there is a greater level of awareness, and research and development investments are being made. As a result, the regional digital identification solutions industry is deemed mature and has a much simpler time adapting. This trend is expected to continue in the coming years.
According to the data shared by the Federal Trade Commission, the organization recorded more than 2.1 million reports of fraud from consumers in 2020, with imposter schemes remained the most prevalent type of fraud filed to the agency. In addition, frauds cost consumers more than $3.3 billion in 2020, up from $1.8 billion in 2019. Imposter scams resulted in about $1.2 billion in losses last year, with internet shopping accounting for around $246 million in customer losses.
The US Market dominated the North America Digital Identity Solutions Market by Country 2021, and would continue to be a dominant Market till 2028; thereby, achieving a Market value of $16,629.6 million by 2028. The Canada Market is anticipated to grow at a CAGR of 17.7% during (2022 - 2028). Additionally, The Mexico Market would exhibit a CAGR of 16.7% during (2022 - 2028).
Based on Component, the Market is segmented into Solution (Without Services), (Biometrics and Non-Biometrics) and Services. Based on Authentication Type, the Market is segmented into Single-factor Authentication and Multi-factor Authentication. Based on Organization size, the Market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). Based on Deployment Mode, the Market is segmented into On-premise and Cloud. Based on Vertical, the Market is segmented into BFSI, IT, ITeS & Telecom, Government & Defense, Healthcare, Energy & Utilities, Retail & eCommerce, and Others. Based on countries, the Market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Digital Identity Solutions Market is Estimated to reach $65 Billion by 2028, at a CAGR of 16.6%
The Market research report covers the analysis of key stake holders of the Market . Key companies profiled in the report include TELUS International, Inc., Samsung SDS Co., Ltd., GB Group PLC, NEC Corporation, Thales Group S.A., OneSpan, Inc., ForgeRock, Inc., ImageWare Systems, Inc., IDEMIA SAS, and Jumio Corporation
By Component
By Authentication Type
By Organization size
By Deployment Mode
By Vertical
By Country
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