The global digital identity solutions market size is expected to reach USD 92.26 billion by 2030 according to a new study by Polaris Market Research. The report “Digital Identity Solutions Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, Services), By Solution (Biometrics, Non-Biometrics); By Authentication (Single-Factor, Multi-Factor); By Vertical; By Region; Segment Forecast, 2022 - 2029” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The major driving factor for the industry growth such as the growing demand for identification and authentication on account of issues such as data security and privacy breaches, along with increased integration of AI and machine learning technology in virtual recognition solutions. Moreover, the rise in the proliferation of cloud-based virtual recognition solutions, increasing funding & investment by the leading companies, and rapid technological advancements are also taking a broad momentum to accelerate the industry growth over the foreseen period.
Based on the authentication type, the multi-factor authentication segment dominates the global industry and is anticipated to fuel the industry over the forecasting period. Factors such as multi-factor virtual recognition solutions offer much better security to the users as well as the incidence of phishing attacks is almost negligible, which, in turn, boosts the segment demand globally. In contrast, the multi-factor authentication segment in the global industry is also showing considerable demand over the forthcoming period.
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The increasing wave for digitalization in business processes on account of the huge adoption of virtual solutions in authentication is anticipated to boost the industry demand over the forecast period. The information confined in a virtual recognition further enables better assessment and authentication of a user intermingling with a business system on the web, deprived of the involvement of human operators.
Industry participants such as Daon, AU10TIX, Duo security, GBG, ForgeRock, Good Digital Identity, ID R&D, HashCash Consultants, Verisec, IDEMIA, iProov, Image ware systems Inc., Jumio, NEC, OneSpan, Refinitiv, RaulWalter, Samsung SDS, Smartmatic, Signicat, Syntizen technologies privet. Ltd., Tessi, TELUS group, Thales Group, and Vintegris are some of the key players operating in the global industry.
Various industry vendors introduce their innovations across the global industry to reinforce their market position. For instance, in November 2021, Thales Group, in partnership with First Tech, helped SWAP introduce its virtual payment infrastructure. With the support of Thales’s cloud-based transaction solution, it will provide payment infrastructure more effectively to its banking-as-a-service customers.
Polaris Market Research has segmented the digital identity solutions market report on the basis of component, solution, authentication, vertical, and region:
Digital Identity Solution, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Digital Identity Solution, Solution Outlook (Revenue - USD Billion, 2018 - 2030)
Digital Identity Solution, Authentication Outlook (Revenue - USD Billion, 2018 - 2030)
Digital Identity Solution, Vertical Outlook (Revenue - USD Billion, 2018 - 2030)
Digital Identity Solution, Regional Outlook (Revenue - USD Billion, 2018 - 2030)