Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Digital Identity Solutions Market size is expected to reach $65 billion by 2028, rising at a Market growth of 16.6% CAGR during the forecast period.
The Solution (Without Services) segment dominated the Global Digital Identity Solutions Market by Component 2021; thereby, achieving a Market value of $45.1 billion by 2028. The growing demand for data security linked devices, and interconnected assets would propel the overall Market for solutions forward. These solutions are tailored to fulfill a variety of client security, maintenance, and authentication needs. Furthermore, it also minimizes the difficulties associated with maintaining security systems, along with warnings generated by such solutions. Other aspects driving the segment's growth is platform advancements and updates Along with the increasing adoption of cloud-based solutions and the SaaS-based approach.
The Multi-factor Authentication segment has shown growth rate of 18.6% during (2022 - 2028). Hackers take advantage of this single point of entry to gain access to the records of users and businesses, causing significant monetary losses to these institutions. This previous application necessitated a complicated architecture. Hence, the segment is rapidly growing
The Large Enterprises segment acquired the maximum revenue share in the Global Digital Identity Solutions Market by Organization Size 2021, thereby, achieving a Market value of $45.0 billion by 2028. To safeguard important assets from various cyber-attacks, large companies are redesigning security measures and infrastructure to embrace digital identity solutions. Since they have a huge staff and associated networking equipment that is vulnerable to identity-related risk, large organizations were early adopters of electronic identification solutions. Moreover, thes data losses can have a significant impact on an organization's financial growth, especially in the face of escalating cyber-attacks. As a result, these businesses are more likely to engage in digital identification solutions to mitigate identity threats. This will very certainly increase the demand of digital identity solutions.
The Cloud segment is showcasing a CAGR of 18.1% during (2022 - 2028). A cloud-based deployment allows the extension of the number of end-users as needed. Moreover, due to features such as simplicity of use and lower installation and maintenance costs, cloud-based digital identification solutions are predicted to grow in popularity.
The BFSI segment is leading the Global Digital Identity Solutions Market by Vertical 2021, thereby, achieving a Market value of $19.3 billion by 2028. There is a spike in data volume, velocity, and enhanced customer access to financial services from several platforms in a digital era. Furthermore, it enables banks to choose scalable, flexible, and simple-to-integrate identification features, with unique identity solutions available "as-a-Service" and provided on-demand via private or public cloud architectures. As a result, the ubiquity of data security in the BFSI sector raised segment demand and cleared the road for industry expansion.
The North America is the fastest growing region in the Global Digital Identity Solutions Market by Region 2021, and would continue to be a dominant Market till 2028; thereby, achieving a Market value of $23.0 billion by 2028. The Europe Market is estimated to witness a CAGR of 15.8% during (2022 - 2028). Additionally, The Asia Pacific Market would experience a CAGR of 18.5% during (2022 - 2028).
The Market research report has exhaustive quantitative insights providing a clear picture of the Market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the Market have been discussed in the report with the elaborated company profiles of 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 Authentication Type
By Organization size
By Deployment Mode
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