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Digital Identity Solution Market Trends

Report ID: GMI6198
Published Date: Jul 2024
Report Format: PDF

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Digital Identity Solution Market Trends

Biometric authentication, such as fingerprint, facial recognition, and iris scanning, is becoming more important in digital identity solutions. It offers high security and convenience, making user verification easy and safe across different devices and platforms. As smartphones become more common, the need for identity verification solutions is growing among manufacturers. Mobile devices are well-suited for this purpose, utilizing biometrics, secure elements, and mobile apps to verify users and facilitate secure transactions.

Moreover, self-sovereign identity (SSI) is a new trend in digital identity. This technology allows people to control their data and identity, thus enabling them to share specific information securely without relying on central authorities. This trend focuses on user privacy and control. Further, blockchain is being explored for secure and decentralized digital identity solutions. This technology ensures data cannot be changed and is transparent, reducing identity fraud and increasing trust in digital identity verification.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of digital identity solution reached USD 27.9 billion in 2023 and is set to record over 16% CAGR from 2024 to 2032, due to the rising workforces and proliferation of connected networking devices

The solutions component segment held 63% of the market share in 2023, driven by technological advancements in software, hardware, cloud platforms, integration services, and service offerings to bolster the efficacy, scalability, and reliability of these solutions.

North America recorded over 36% of the market share in 2023, owing to the presence of a well-established digital economy, fueled by surge in online transactions, e-commerce, and digital engagements

Some of the prominent digital identity solution market players include Microsoft Corporation, IBM Corporation, NEC Corporation, Thales Group, IDEMIA, Okta, Inc., and TELUS.