CHICAGO, Sept. 5, 2022 /PRNewswire/ -- Digital Identity Solutions Market size is expected to grow from an estimated value of USD 27.9 billion in 2022 to USD 70.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 20.4% during the forecast period, according to a new report by MarketsandMarkets. The market growth is driven by various government initiatives and regulations supporting the digital ID transformation and rise in ID wallet solutions.
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By deployment mode, the cloud segment to grow at a higher CAGR during the forecast period
In the cloud-based deployment mode, instead of implementing the software solution on the local hardware, businesses subscribe to the solution hosted on a third-party remotely located server. The cloud segment is the fastest-growing segment which is availing many Digital Identity Solutions Market opportunity. Organizations can avoid certain costs, such as maintenance of infrastructure, and costs related to technical staff, by using cloud-based digital identity solutions. Cloud-based platforms are beneficial for organizations that have strict budgets for security investments. SMEs deploy their digital identity solutions on the cloud, as it enables them to focus on their core competencies rather than invest their capital in the security infrastructure.
By Region, North America estimated to have largest market size during forecast period.
North America consists of developed countries that are technologically advanced with well-developed infrastructure. Being the strongest economies, the US and Canada are the top contributing countries in North America in Digital Identity Solutions Market growth. The growing economies of the US and Canada enable them to invest in these new technologies in huge amounts. Growing incidents of identity theft are driving the adoption of these digital identity solutions. According to the Identity Theft Resource Center (ITRC), in 2021, there was a 68% jump in number of data compromised in the United States. The number was 23% higher than the previous all-time high.
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Based on public-private partnerships, a range of digital ID initiatives have sprung up in North America. The rules and requirements of these initiatives vary immensely between different federal, state, provincial, and local entities within the region. New technologies such as big data and analytics, mobile, cloud computing and biometrics are changing the way citizens identify themselves online within the region in various sectors from financial services, to travel, to healthcare. but still Digital identity is not viewed as a necessity and as a result there is a huge scope for development. Open access to information across verification and authentication systems and collaboration between public and private sector stakeholders will be critical to enabling more coordinated progress in North America.
Key Players
Major vendors in the global Digital Identity Solutions Market include NEC (Japan), Samsung SDS (South Korea), Thales (France), GBG (UK), Telus (Canada), Tessi (France), Daon (US), Idemia (France), Forgerock (US), Imageware (US), Jumio (US), iProov (UK), ID R&D (US), Refinitiv (UK), OneSpan (US), Smartmatic (UK), Fraja eID Group (France), Vintegris (Spain), AU10TIX (Israel), Signicat AS (Norway), RaulWalter (Estonia), Duo Security (US), Syntizen (India), HashCash Consultant (US), Good Digital Identity (Czech Republic).
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