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Digital Identity Solution Market Size
- Report ID: GMI6198
- Published Date: Jul 2024
- Report Format: PDF
Digital Identity Solution Market Size
Digital Identity Solution Market size was valued at USD 27.9 billion in 2023 and is anticipated to register at a CAGR of over 16% between 2023 and 2032. Rising workforces in the corporate sector and the proliferation of connected networking devices drive the demand for digital identity solutions, enhancing security for organizations. With the dispersed nature of offices, businesses are increasingly prioritizing real-time data access for their employees.
Moreover, larger enterprises are expected to adopt digital identity solutions more extensively, driven by factors such as heightened access risk detection. Furthermore, the increasing integration of biometrics in smartphones is a pivotal driver for the digital identity solutions market. Simultaneously, businesses are placing a strong emphasis on enhancing customer experiences, thus driving market growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Digital Identity Solution Market Size in 2023: | USD 27.9 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 16% |
| 2032 Value Projection: | USD 99 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 160 |
| Tables, Charts & Figures: | 395 |
| Segments covered: | Component, Authentication Type, Deployment Mode, Type, Organization Size, End-user |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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A digital identity refers to an entity's data utilized by computer systems to portray an external agent. These solutions facilitate computer access and customer service provision. It encompasses a range of individual data, from birth dates to social media activities. Key benefits of digital identity solutions include heightened accuracy, improved compliance, cost-effectiveness, enhanced customer experiences, and bolstered security.
The growing use of digital identities has raised concerns about privacy and data security. As more personal information is stored and shared online, strong security measures are needed to prevent data breaches and identity theft. In addition, privacy regulations and the risk of personal data misuse can slow down the adoption of digital identity solutions. Further, the lack of standardized protocols and frameworks creates interoperability issues. Different industries, organizations, and regions have varying requirements and systems, making it hard to establish universally accepted digital identity processes. This lack of standardization restricts the adoption of digital identity solutions and reduces their effectiveness, thus hampering market growth.
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Digital Identity Solution Market Scope
