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Digital Identity Solution Market Analysis

Report ID: GMI6198
Published Date: Jul 2023
Report Format: PDF

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Digital Identity Solution Market Analysis

Digital Identity Solution Market Size, By Component,

The solutions segment held over 65% of the digital identity solutions market share in 2022, led by enabling organizations to implement comprehensive and secure identity management systems. Advancements in software capabilities, hardware technologies, cloud platforms, integration services, and service offerings enhance the effectiveness, scalability & reliability of digital identity solutions. As organizations recognize the importance of secure digital identities, the solutions component segment will continue to evolve and innovate, driving the growth & adoption of digital identity solutions.

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The on-premises segment accounted for 60% of the digital identity solution market share in 2022. The on-premises deployment model allows organizations to maintain their digital identity solutions within their infrastructure. This gives them greater control over their data, reducing concerns about data breaches and unauthorized access. Organizations can also implement robust security measures and comply with specific industry regulations, ensuring the protection of sensitive identity-related information.

U.S Digital Identity Solution Market Size,

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North America digital identity solutions market with a share of over 30% in 2022. North America has a highly digitized economy with a high level of online transactions, e-commerce, and digital interactions. As more individuals and businesses rely on digital services, the need for secure and reliable digital identity solutions becomes crucial to verify & authenticate user identities, protect against fraud, and ensure secure access to online platforms & services.

North America has stringent regulations concerning data privacy, security, and identity verification. Regulations including the California Consumer Privacy Act (CCPA), the Health Insurance Portability and Accountability Act (HIPAA), and financial industry regulations drive the demand for robust digital identity solutions that comply with these regulations. Organizations need to implement secure & compliant identity verification processes to meet regulatory requirements and protect user data.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of digital identity solution was reached USD 25.2 billion in 2022 and is estimated to record over 16% CAGR from 2023 to 2032, due to the rising workforces and connected networking devices.

The on-premises deployment model segment held 60% of the market share in 2022, driven by the rising need by organizations to maintain their digital identity solutions within their infrastructure.

North America recorded over 30% of the market share in 2022, owing to the presence of stringent regulations concerning data privacy, security, and identity verification.

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