Global Digital Identity Solution Market

Global Digital Identity Solution Market by Components (Solutions [Biometric and Non-biometric] and Services), Deployment Modes (Cloud and On-premise), Authentication Types (Single Factor Authentication and Multi-Factor Authentication), Enterprise Sizes (Small & Medium Enterprises [SMEs] and Large Enterprises), End-users (BFSI, Healthcare, Travel & Hospitality, Government, Defense & Aerospace, IT & Telecommunication, Retail & E-Commerce, Education, and Others) and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: ICT-SE-2895
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 33
  • No. Of Pages: 202
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The global digital identity solution market size is anticipated to expand at a high CAGR during the forecast period, between 2021 and 2028. Biometric authentication, which comprises facial recognition, fingerprint, handprint, retina or eye scan, and voice recognition, is included in digital identification systems. Every individual's biometric features or digital identities is unique. It uses lock-and-capture mechanisms to authenticate the user and grant them access to a limited selection of services. Traditional identity verification methods, which rely on static certifications, are less secure than digital identity solutions. Traditionally, identity verification has been accomplished by direct human interaction and physical examination of government-issued documents. The expansion of the digital identification solution market is fueled by numerous benefits provided by digital identity solutions, such as quick processing times, high accuracy, improved security, less operational costs, and improved customer experience.

Global Digital Identity Solution Market summary

The market is divided into solutions and services based on components. The solutions segment is further divided as biometric and non-biometric solutions. The market is segmented into cloud and on-premise deployment models. Single-factor authentication and multi-factor authentication are two types of authentication. Small, medium, and large businesses are divided into two categories based on their size. BFSI, healthcare, travel & hospitality, government & defense, IT & communications, retail & e-commerce, education, and others are the industry verticals. The digital identification solution market is divided into four regions: North America, Europe, Asia-Pacific, and Latin America, and the Caribbean.

This study provides an in-depth look at some of the most important participants in the digital identity solution market. NEC, CAGR, ForgeRock, GBG, IDEMIA, Jumio, Refinitiv, Samsung SDS, Telus, Tessi, Thales Group are among the industry's leading companies.

Market Trends, Drivers, Restraints, and Opportunities:

  • Organizations across all industries are concerned about the growing threat of cyberattacks and identity-related frauds and thefts. To address these security concerns, organizations began to install digital identity solutions for identification and authentication; however, the high cost of implementing such solutions is one of the factors impeding the growth of the digital identity solutions market.
  • Previously, only a few businesses, such as banking and finance and aviation, had access to identity and verification. Identification and authentication were time-consuming processes that required a lot of paperwork. Although technical innovation and digitization made identification and authentication processes easier, there are certain issues, such as data security and privacy breaches.
  • The most significant challenge that businesses confront today is a shortage of competent security people, making it impossible for them to meet their mandated and evolving cybersecurity obligations. Several companies pay people to discover and assess potential cyber threats; however, these people lack the requisite qualifications.

Scope of the report:

The report on the global digital identity solution market includes an assessment of the market, size, share, trends, segments, and regional markets. The study includes an overview as well as dynamics.

Attributes

Details

Report Title

Global Digital Identity Solution Market - Industry Analysis, Size, Share, Growth, Trends And Forecast

Base Year

2020

Historic Data

2018 & 2019

Forecast Period

2021–2028

Segmentation

Components (Solutions [Biometric and Non-biometric] and Services), Deployment Modes (Cloud and On-premise), Authentication Types (Single Factor Authentication and Multi-Factor Authentication), Enterprise Sizes (Small & Medium Enterprises [SMEs] and Large Enterprises), End-users (BFSI, Healthcare, Travel & Hospitality, Government, Defense & Aerospace, IT & Telecommunication, Retail & E-Commerce, Education, and Others)

Regional Scope

Asia Pacific, North America, Europe, Latin America, and Middle East & Africa

Report Coverage

Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast

Key Players Covered in the Report

ForgeRock, GBG, IDEMIA, Jumio, NEC, Refinitiv, Samsung SDS, Telus, Tessi, and Thales Group.

Digital Identity Solution Market Segment Insights:

The biometric segment is anticipated to hold a significant market share in 2020

Based on components, the market is divided into solutions and services. The solutions segment is further divided into biometrics and non-biometrics. In every organization, these solutions are critical. Most firms are migrating to digitalization and cloud-based infrastructure, which is estimated to help them grow their operations and improve customer interactions. In the digital identity solutions market, the biometric segment is expected to constitute a substantial market share.

The cloud segment is projected to rise at a substantial rate

In terms of deployment modes, the digital identity solution market is segmented into cloud and on-premise modes. Cloud-based digital identity systems are expected to gain popularity as a result of benefits such as ease of use and decreased installation and maintenance costs. Large organizations have the requisite infrastructure to deploy their solutions on-premises, hence the on-premise deployment mode is expected to constitute a substantial market size throughout the forecast period. High levels of flexibility and control are ensured with on-premise deployment. A cloud-based deployment allows for the extension of the number of end-users as needed.

High adoption of multi-factor authentication by people to drive the market

In terms of authentication types, the market is divided into single factor authentication and multi-factor authentication. Earlier, the password key system was the only secure way of authentication. With improvements in technology, these security systems became easy to hack. Digital identity-based security, such as biometric technology and multi-factor authentication, is a secure way of authentication than passwords. Most smartphones available in the market have a camera and authentication options, such as fingerprint recognition and facial recognition. Companies are moving towards implementing fingerprint and facial recognition technology in smartphones, due to high usage of smartphones and high adoption of these authentication processes by customers.

Global Digital Identity Solution Market authentication types

Large enterprises to drive the market

On the basis of enterprise sizes, the market is divided into small & medium enterprises and large enterprises. The large businesses segment constitutes a large proportion of the global digital identity solutions market. To safeguard important assets from diverse cyber-attacks, large companies are redesigning their security policies and architecture to embrace digital identity solutions. Large organizations were early adopters of digital identification solutions, as they have a large workforce and associated networking equipment that are vulnerable to identity-related risk.

North America holds a significant share of the market

In terms of regions, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Several companies operate in North America, providing modern solutions to all of the industry verticals in the region. Strategic investments, partnerships, and major R&D operations, in addition to geographical presence, are all contributing to the widespread adoption of digital identification systems. North America is recognized as a mature market in terms of implementing digital identity solutions, owing to factors such as rising identity and authentication frauds and the presence of key suppliers in the region.

Global Digital Identity Solution Market region

Segments

By Components

  • Solutions
    • Biometric
    • Non-biometric
  • Services

By Deployment Modes

  • Cloud
  • On-premise

By Authentication Types

  • Single-factor Authentication
  • Multi-factor Authentication

By Enterprise Sizes

  • Small & Medium Scale Enterprises
  • Large Scale Enterprises

By End-users

  • BFSI
  • Healthcare
  • Travel & Hospitality
  • Government
  • Automotive
  • IT & Telecommunication
  • Retail & e-commerce
  • Media & Entertainment
  • Others

By Regions

  • North America
  • Europe
  • Latin America
  • Asia Pacific
  • Middle East & Africa

By Key Players

  • ForgeRock
  • GBG
  • IDEMIA
  • Jumio
  • NEC
  • Refinitiv
  • Samsung SDS
  • Telus
  • Tessi
  • Thales Group

Competitive Landscape

Major companies in the global digital identity solutions market include ForgeRock, GBG, IDEMIA, Jumio, NEC, Refinitiv, Samsung SDS, Telus, Tessi, and Thales Group. These companies adopted various organic and inorganic growth strategies such as product launches, product enhancements, partnerships, agreements, mergers, and acquisitions to expand their presence. Detailed analysis of major companies, which includes company overview, financials, products offerings, recent developments, and others, is covered in the report.

Global Digital Identity Solution Market keyplayers

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Digital Identity Solution Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Digital Identity Solution Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Digital Identity Solution Market - Supply Chain
  4.5. Global Digital Identity Solution Market Forecast
     4.5.1. Digital Identity Solution Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Digital Identity Solution Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Digital Identity Solution Market Absolute $ Opportunity
5. Global Digital Identity Solution Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Digital Identity Solution Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Digital Identity Solution Demand Share Forecast, 2019-2026
6. North America Digital Identity Solution Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Digital Identity Solution Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Digital Identity Solution Demand Share Forecast, 2019-2026
7. Latin America Digital Identity Solution Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Digital Identity Solution Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Digital Identity Solution Demand Share Forecast, 2019-2026
8. Europe Digital Identity Solution Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Digital Identity Solution Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Digital Identity Solution Demand Share Forecast, 2019-2026
9. Asia Pacific Digital Identity Solution Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Digital Identity Solution Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Digital Identity Solution Demand Share Forecast, 2019-2026
10. Middle East & Africa Digital Identity Solution Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Digital Identity Solution Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Digital Identity Solution Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Digital Identity Solution Market: Market Share Analysis
  11.2. Digital Identity Solution Distributors and Customers
  11.3. Digital Identity Solution Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. ForgeRock
     11.4.2. GBG
     11.4.3. IDEMIA
     11.4.4. Jumio
     11.4.5. NEC
     11.4.6. Refinitiv
     11.4.7. Samsung SDS
     11.4.8. Telus

By Components

  • Solutions
    • Biometric
    • Non-biometric
  • Services

By Deployment Modes

  • Cloud
  • On-premise

By Authentication Types

  • Single-factor Authentication
  • Multi-factor Authentication

By Enterprise Sizes

  • Small & Medium Scale Enterprises
  • Large Scale Enterprises

By End-users

  • BFSI
  • Healthcare
  • Travel & Hospitality
  • Government
  • Automotive
  • IT & Telecommunication
  • Retail & e-commerce
  • Media & Entertainment
  • Others

By Regions

  • North America
  • Europe
  • Latin America
  • Asia Pacific
  • Middle East & Africa

By Key Players

  • ForgeRock
  • GBG
  • IDEMIA
  • Jumio
  • NEC
  • Refinitiv
  • Samsung SDS
  • Telus
  • Tessi
  • Thales Group

Major companies in the global digital identity solutions market include ForgeRock, GBG, IDEMIA, Jumio, NEC, Refinitiv, Samsung SDS, Telus, Tessi, and Thales Group. These companies adopted various organic and inorganic growth strategies such as product launches, product enhancements, partnerships, agreements, mergers, and acquisitions to expand their presence. Detailed analysis of major companies, which includes company overview, financials, products offerings, recent developments, and others, is covered in the report.

Global Digital Identity Solution Market keyplayers

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