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Digital Identity Solution Market Trends

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

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Digital Identity Solution Market Trends

Biometric authentication, such as fingerprint, facial recognition, and iris scanning, is gaining prominence in digital identity solutions. Biometrics offers a high level of security and convenience, enabling seamless & secure user verification across different devices and platforms. With the widespread adoption of smartphones, identity verification solutions are on the rise. Mobile devices serve as a convenient platform for identity verification, leveraging features, such as biometrics, secure elements, and mobile apps, to authenticate users and enable secure transactions.

Self-sovereign identity is an emerging trend in the digital identity space. SSI allows individuals to have full control over their data and identity, enabling them to share specific information securely and selectively as needed without relying on central authorities. This trend emphasizes user empowerment and privacy. Blockchain technology is also being explored for its potential in providing secure and decentralized digital identity solutions. Blockchain enables the immutability and transparency of identity data, reducing the risk of identity fraud and enhancing trust in digital identity verification processes.

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.