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Digital Identity Solution Market Size
- Report ID: GMI6198
- Published Date: Jul 2023
- Report Format: PDF
Digital Identity Solution Market Size
Digital Identity Solution Market size was valued at USD 25.2 billion in 2022 and is anticipated to register at a CAGR of 16% between 2023 and 2032. The rising workforces and connected networking devices propelling the demand for digital identity solutions that offer better security to organizations. Businesses must offer their solutions to their employees through real-time data access since they have offices spread out across different regions.
Large businesses are anticipated to use digital identity solutions more frequently due to several factors including the detection of access risks and risk outliers. The growing integration of biometrics into smartphones is a major factor influencing the digital identity solution market, and most businesses are also emphasizing improving customer experiences.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Digital Identity Solution Market Size in 2022: | USD 25.2 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 16% |
| 2032 Value Projection: | USD 103.9 Billion |
| Historical Data for: | 2018 - 2022 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 395 |
| Segments covered: | Component, Type, Deployment Model, Application, End-use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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A digital identity is data on an entity that is used by a computer system to represent an external agent. Accessing computers and providing services to customers are made possible by digital identity solutions. A digital identity solution is the collection of information about individuals that exists in digital form, which includes all data ranging from the individual's date of birth to all activities on social media platforms. The solutions have several advantages including a high level of accuracy, better compliance, a low operational cost, a better customer experience, and enhanced security.
The increasing reliance on digital identities raises concerns about privacy and data security. As more personal information is stored and shared digitally, there is a need for robust security measures to protect against data breaches and identity thefts. Privacy regulations and the potential misuse of personal data can hinder the adoption of digital identity solutions market. The absence of standardized protocols and frameworks for digital identity solutions can create interoperability challenges. Different industries, organizations, and regions have varying requirements and systems, making it difficult to establish seamless & universally accepted digital identity processes. The lack of standardization can slow down the adoption of digital identity solutions and limit their effectiveness.
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Digital Identity Solution Market Scope
