The Global Digital Identity Solutions Market size is expected to reach $65 billion by 2028, rising at a market growth of 16. 6% CAGR during the forecast period. Organizations is a digital identification system which is designed in order to collect biographical data, such as name, gender, age, gender, and address, and biometric data, such as thumb impression, in an electronic format.
New York, June 10, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Digital Identity Solutions Market Size, Share & Industry Trends Analysis Report By Component, By Authentication Type, By Organization size, By Deployment Mode, By Vertical, By Regional Outlook and Forecast, 2022 – 2028” – https://www.reportlinker.com/p06283414/?utm_source=GNW
Information about an entity used by a computer system to identify an external agent is referred as digital identity. Accessing computers and delivering services to clients is achievable through digital identity systems. The compliance of personal information that appears in a digital form, including everything from an individual’s date of birth to all behaviors on social media platforms, is referred to as a digital identity solution. These solutions provide several benefits, including increased accuracy and compliance, lower operational costs, improved customer experience, and improved security.
Biometric authentication, which includes fingerprint, facial recognition, handprint, voice recognition, retina, or eye scan, is included in digital identification systems. Biometric features and digital identities are unique to each individual. It authenticates the user and grants them access to a limited set of services using lock-and-capture mechanisms. In addition, traditional identity verification systems, which rely on static certifications, are less secure than digital identity solutions. Traditionally, identity verification has been accomplished by direct social interaction and physical examination of government-issued documents.
Because this solution provides significant benefits for individuals and organizations, the market for digital identity solutions is expected to increase over the forecast period. Several organizations benefit from digital identification solutions because they have a large staff and associated networking equipment that are vulnerable to identity-related hazards. Since organizations have offices all over the world, they are encouraged to give deploy these solutions for their employees via real-time data access.
COVID-19 Impact
Since the worldwide COVID-19 pandemic broke out, automobile demand has dropped dramatically. It’s because of government-imposed restrictions on firms, such as temporary bans on raw material imports and exports, plant closures, and entire or partial lockdowns. The pandemic has had a significant impact on various end-user industries of digital identity solutions including hospitality, manufacturing, and entertainment.
However, worldwide governments and federal bodies have mandated both public and commercial enterprises to leverage new strategies for working remotely and maintaining social distance amid the COVID-19 pandemic. Since then, digital business practices have become the new Business Continuity Plan (BCP) for various businesses. Individuals are more attracted to adopt digital technologies such as cloud solutions as a result of the widespread usage of BYOD devices, the WFH trend, and internet saturation throughout the world, necessitating the need for cybersecurity measures to protect against cyber-attacks.
Market Growth Factors
Integration of the biometrics into smartphones
The number of smartphone users worldwide has surged as a result of rapid technology breakthroughs, and the world has become more connected than ever before. Traditionally, the only secure method of authentication was through the use of a password key mechanism. These password security measures are becoming easier to exploit as technology advances. Passwords are not as secure as digital identity-based security, such as biometrics and multi-factor authentication. Most smartphones across the market include a camera as well as identification features such as fingerprint and face recognition. More smartphone manufacturers are incorporating fingerprints and face recognition technologies into devices.
Access of digital identity solution in the smart cities
While modern and reasonably safe, today’s urban enclaves are beyond smart. In terms of traffic and junk architecture, management, wireless access, and other sectors, there are still several problems and needs for development. The Internet of Things (IoT) would allow several technological breakthroughs that would enhance these features, but the individual experience will be highly diverse. The majority of the world’s population now lives in cities, and current projections indicate that this number would rise. Due to sudden increase in urban population, increased services and a great and gratifying citizen experience are critical to smart city success. Digital identity is significantly important in order to allow project participants and government officials to access these projects.
Market Restraining Factors
The increased expense of implementing digital identity solutions
Organizations across all industries are concerned about the growing risks of cyberattacks and identity-related scams and thefts. To address these security concerns, organizations have started to install identity management solutions for identification and authentication. However, one of the factors impeding the development of the online identity solutions market is the cost involved with deploying such solutions. Implementing digital identity systems requires significant upfront expenditures and costs. Due to limited resources, SMEs usually focus on security after a violation already happened. Enterprises focus on the protection of just critical servers, ignoring the data held in databases, which becomes subject to cyber-attacks.
Component Outlook
Based on Component, the market is segmented into Solution (Without Services), (Biometrics and Non-Biometrics) and Services. The service segment recorded the significant revenue share in in the Digital Identity Solutions Market in 2021. As the number of connected devices grows, the demand for managed services automatically increases, which allows businesses to focus on their core operations. The major benefit of management services is its experience, which consumers can leverage. Moreover, the services segment is being driven by an increased demand for installation and training services. In addition, the suppliers offer a mix of management services, training, and support to businesses to enable effective device management and secure corporate data shared over endpoints. These factors are augmenting the growth of this segment.
Authentication Type Outlook
Based on Authentication Type, the market is segmented into Single-factor Authentication and Multi-factor Authentication. The single factor Authentication segment garnered the largest revenue share in the Digital Identity Solutions Market in 2021. Single-Factor Authentication is an identity verification procedure that involves the access-requesting party to produce a single identifier or factor that is linked to its identification with the authenticating party. Many systems utilize Single factor authentication, or SFA, by default since it is simple and inexpensive to deploy. Password is the most widely used single-factor identification. Other often-used identifiers are SMS codes sent to an enrolled mobile device, one-time passwords created by a physical device or software on a mobile device or computer. This factor would propel the growth of the segment.
Organization size Outlook
Based on Organization size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). The small and medium enterprise segment recorded the significant revenue share in the Digital Identity Solutions Market in 2021. Small business identity access software suite builds a comprehensive database of user information at one location, allowing the company to keep track of user records and roles more easily. It can unify all of directory systems with the correct identity and access management software for business, ensuring that no system, new or old, is left behind.
Deployment Mode Outlook
Based on Deployment Mode, the market is segmented into On-premise and Cloud. The On-premise segment acquired the highest revenue share in the Digital Identity Solutions Market in 2021. Organizations are likely to indulge in on-premise solutions because they provide complete control of the data, particularly in security-related solutions. These solutions are used by the government and the military to address identity-related concerns, which is driving up demand for on premise solutions.
Vertical Outlook
Based on Vertical, the market is segmented into BFSI, IT, ITeS & Telecom, Government & Defense, Healthcare, Energy & Utilities, Retail & eCommerce, and Others. The retail and e-commerce segment registered the substantial revenue share in the Digital Identity Solutions Market in 2021. The retail and e-commerce industries have become one of the most data-sensitive industries. Escalating digital payments have been accompanied by a rise in individual data storage, potentially resulting in data leakages in the face of rising cyber-crime. As data systems become more complex as a result of growing digitalization, enhanced authentication is required. Adopting a digital identification solution can assist shops in preventing intruders from entering internal access, resulting in data loss reduction. As a result, the growth of the segment is being boosted.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The North America segment acquired the highest revenue share in the Digital Identity Solutions Market in 2021. Partnerships, strategic investments, and major R&D operations, in addition to geographical presence, are all contributing to the widespread adoption of digital identification systems. Due to reasons such as the rise in identification and authentication frauds and the presence of significant suppliers in the region, North America is regarded as the most advanced market in terms of incorporating technological identity solutions.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; NEC Corporation and Thales Group S.A. are the forerunners in the Digital Identity Solutions Market. Companies such as Samsung SDS Co., Ltd., Jumio Corporation and ForgeRock, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include TELUS International, Inc., Samsung SDS Co., Ltd., GB Group PLC, NEC Corporation, Thales Group S.A., OneSpan, Inc., ForgeRock, Inc., ImageWare Systems, Inc., IDEMIA SAS, and Jumio Corporation.
Recent strategies deployed in Digital Identity Solutions Market
Partnerships, Collaboration and Agreements:
Feb-2022: OneSpan came into a partnership with Smart Communications, a leading technology company. Through this partnership, OneSpan aimed to combine its OneSpan Sign within the Smart Communications platform to broaden the worth of the entire consumer experience.
Sep-2021: OneSpan formed a partnership with BankID, the largest electronic identification system. Under this partnership, OneSpan would help BankID to enhance its app security by providing its Mobile Security offering, which observes financial transactions to help detect potentially crooked action.
Nov-2021: TELUS joined hands with WestJet, a Canadian airline headquartered in Calgary. Under this collaboration, the companies focused on trying Trusted Boarding, a touchless procedure that uses secure and safe facial authentication technology to verify passenger identity preceding boarding a flight.
Sep-2021: Imageware came into a partnership with Tech5, an international technology company. Under this partnership, the companies aimed to integrate biometric solutions for the marine and visitor administration companies and formed a suite combined partnership.
Jul-2021: IDEMIA formed a partnership with Bosch Building Technologies, a global leader in the security market. Together, the companies aimed to integrate IDEMIA biometric devices along with the BIS platform to build a strong portfolio for an enterprise looking for an advanced level of security and client convenience.
May-2021: Jumio partnered with Veridium, the most comprehensive Integrated Identity Platform. This partnership aimed to introduce choice and stronger security flexibility for eKYC use cases, enabling enterprises to apply industry-dominating abilities for document, facial, and fingerprint biometric approval for identity authentication.
Apr-2021: Jumio partnered with Copper River IT, a leading provider of program-focused advanced network/systems. Under this partnership, the companies aimed to provide online identity authentication services that assist government entities and the public sector to optimize detect fraud and meet KYC, online conversions, AML, and data privacy demands within an instinctive digital banking experience.
Apr-2021: Jumio joined hands with Microsoft, an American multinational technology corporation. Together, the companies aimed to introduce Azure Active Directory supportable credentials to help deliver self-service registration and quick onboarding of distant consumers.
Mar-2021: Jumio came into a partnership with LendInvest, the UK’s leading property finance platform. Together, the companies aimed to streamline LendInvest’s digital application procedure for its Buy-to-Let product by integrating Jumio’s biometric-based technology within the digital application system, LendInvest BTL candidate can confirm their identity online. Additionally, verification requires photo and ID documents photo in their mobile phones.
Mar-2021: IDEMIA came into a partnership with Cybernetica, an Estonian company known for the development of Estonia’s e-Estonia X-Road and Internet voting system. Through this partnership, the companies aimed to provide innovative smartphone-based ID verification and a digital Signature. Additionally, this partnership would allow handy and decent access to eServices regardless of location, by changing a smartphone into a secured verification and signing device.
Mar-2021: ImageWare Systems joined hands with Safe-T Group, a provider of secure access solutions and intelligent data collection. Together, the companies aimed to introduce the first-ever biometric-based ZTNA solution.
Sep-2020: OneSpan came into a partnership with ForgeRock, a leading digital identity provider. Under this partnership, OneSpan aimed to combine its OneSpan technologies within the ForgeRock Identity Platform to use deliver a single, open solution to clarify verification, along with fraud and risk management.
Jul-2020: NEC came into a partnership with SITA, IT and telecommunication services provider. This partnership aimed to build a technology that allows a safe traveling experience at airports across the world using NEC’s I: Delight identity administration platform along with SITA Flex and Smart Path.
Product Launches and Product Expansions:
Dec-2021: ForgeRock introduced a new feature Organizations and Themed User Journeys. The new ForgeRock Identity Cloud feature provides all identity patterns from one platform to help organizations minimize prices and grow brand loyalty with more safe and highly customized consumer experiences without spending much on personalization.
Dec-2021: IDEMIA I&S North America introduced ID2Travel, the first-of-its-kind travel platform. The ID2Travel offers an accommodating passenger identity platform enclosing the complete traveler facilitation environment, already stated by IDEMIA and partners across the world.
Oct-2021: Jumio unveiled an intuitive no-code orchestration layer for its KYX Platform. The solution unites a complete set of fraud and risk tracking abilities to address compliance authentication, identity proof, and AML use cases.
Feb-2021: ImageWare Systems unveiled ImageWare Authenticate. The solution offers a seamless combination of biometric multifactor authentication within actual enterprise and customer applications.
Oct-2020: Thales introduced the Identity Verification offering. The portfolio allows secure and complete AI identity verification service with the latest combined facial identification technology, document security features spotting and machine learning engines.
Jun-2020: ForgeRock introduced major updates in its ForgeRock Identity Platform. The updated strength secure, simple experiences that minimize enterprise price and authorize consumers. Moreover, the platform delivers organizations with cloud improvements to reduce downtime and upgrade DevOps practices.
Acquisitions and Mergers:
Feb-2022: GB Group completed the acquisition of Verifi Identity Services, a leading provider of electronic Identity Verification, and Anti-Money Laundering solutions. This acquisition aimed to provide improved width of identity solutions that assist meet complex AML/KYC conformity demands together with its appreciative location and scam and compliance portfolio.
Jan-2022: Jumio took over 4Stop, the leading data marketplace and orchestration hub. Through this acquisition, Jumio aimed to combine with 4Stop’s hub to allow the enterprise to control the whole consumer identity lifecycle within a single, united platform and would enable quick composition and combination through one easy and instinctive API layer.
Nov-2021: GB Group took over Acuant, the leading identity verification, and KYC/AML compliance provider. Through this acquisition, the combined offering would deliver the enterprise’s best end-to-end abilities and an improved technology platform that would support an actual network of partners and consumers as they control billions of global deals across various industry sectors.
Oct-2020: NEC took over Avaloq Group, a Swiss financial software company. Through this acquisition, the company aimed to combine artificial and biometrics intelligence technologies with cloud solutions for digital government.
Scope of the Study
Market Segments covered in the Report:
By Component
• Solution (Without Services)
o Biometrics
o Non-Biometrics
• Services
By Authentication Type
• Single-factor Authentication
• Multi-factor Authentication
By Organization size
• Large Enterprises
• Small & Medium-sized Enterprises (SMEs)
By Deployment Mode
• On-premise
• Cloud
By Vertical
• BFSI
• IT, ITeS & Telecom
• Government & Defense
• Healthcare
• Energy & Utilities
• Retail & eCommerce
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• TELUS International, Inc.
• Samsung SDS Co., Ltd.
• GB Group PLC
• NEC Corporation
• Thales Group S.A.
• OneSpan, Inc.
• ForgeRock, Inc.
• ImageWare Systems, Inc.
• IDEMIA SAS
• Jumio Corporation
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06283414/?utm_source=GNW
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