Digital Identity Management Solutions Market (2023-2030)
Digital Identity Management Solutions Market is Expected to Reach $70.8 billion by 2030, at a CAGR of 15.4% during the forecast period 2023–2030.The growth of the global digital identity management solutions market is driven by factors such as the increasing frequency & sophistication of authentication & identity frauds in the BFSI sector, government initiatives encouraging the adoption of digital identity management solutions, and the integration of biometric capabilities into mobile devices.
- Published
- Jan 2023
- Pages
- 320
- Format
- PDF + Excel
- Report ID
- MRICT - 104759
- Base year
- 2022
- 2030 · FORECAST
- $70.80B
- 2030
- $70.80B
- CAGR 2023–2030
- 15.4%
2022 baseline · 2023–2030 forecast at 15.4% CAGR · hover a bar for the value
Key highlights
Based on Identity Type, the Biometric Solutions Segment is Projected to Register the Highest CAGR During the Forecast Period
Based on Application, the Workforce Identity Management Segment is Projected to Register the Highest CAGR During the Forecast Period
In 2023, the IT & Telecommunications Segment is Expected to Dominate the Digital Identity Management Solutions Market
Asia-Pacific: The Fastest-growing Regional Market
Report summary
| Particulars | Details |
|---|---|
| Base Year | 2022 |
| Estimated Year | 2023 |
| Forecast Period | 2023–2030 |
| Market Size (2030) | USD 70.80 billion |
| CAGR (2023–2030) | 15.4% |
| Format | PDF, Excel & Cloud Portal · 320 pages |
| Segments Covered | By Type: Identity Verification & Authentication Solutions, Digital KYC & Onboarding Solutions, Zero Trust Security Solutions, Digital ID Wallet Solutions · By Offering: Hardware Scanners & Readers, Cameras, Smart Cards, Tokens, Professional Services, Managed Services · By Application: Workforce Identity Management, Customer Identity Management, Citizen Digital Identity Management, Machine Identity Management, Other Digital Identity Management Applications · By Identity Type: Biometric Solutions, Non-biometric Solutions · By Authentication Type: Single-factor Authentication, Multi-factor Authentication · By Organization Size: Small & Medium-sized Enterprises, Large Enterprises · By Deployment Mode: On-premise Deployment, Cloud-based Deployment · By Sector: IT & Telecommunications, BFSI, Government & Defense, Manufacturing, Retail & E-commerce, Healthcare, Energy & Utility, Education, Tourism & Hospitality, Other Sectors |
| Countries Covered | North America (Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific) |
| Key Companies | NEC Corporation, ForgeRock, Inc., Samsung SDS Co., Ltd., Syntizen Technologies Pvt. Ltd., Jumio Corporation, Daon, Inc., Cloudflare, Inc., Refinitiv Limited |
Report overview
Segments covered: type, offering, application, identity type, authentication type, organization size, deployment mode, sector. Regions: North America, Europe, Asia-Pacific.
However, the high capital requirements for deploying digital identity management solutions restrain the growth of this market. The growing adoption of cloud-based digital identity management solutions and the increasing utilization of contactless biometric solutions are expected to create market growth opportunities. However, misconceptions & a lack of knowledge regarding digital identity management solutions are major challenges for the players operating in this market.
The COVID-19 pandemic adversely impacted the global economy. Nationwide lockdowns and social distancing norms were imposed across several countries, negatively affecting multiple industries, including the digital identity management solutions industry. Uncertainty regarding the lockdowns made it difficult for the key market players to anticipate the recovery of the Digital Identity Management Solutions Market.
The COVID-19 pandemic moderately impacted the digital identity management industry due to delayed and postponed orders for various digital identity management solutions, including identity verification & authentication solutions, digital KYC & onboarding solutions, zero trust security solutions, and digital ID wallet solutions; however, the industry started recovering rapidly from the last quarter of 2020.
Leading digital identity management solution providers are focused on offering products with enhanced capabilities to capture larger market shares. For instance:
In November 2022, NEC Corporation (Japan) launched a multimodal biometric authentication solution, which enables high-speed, high-precision authentication with a false acceptance rate of less than one in 10 billion just by having an individual direct their face toward an authentication device.
In November 2022, ForgeRock, Inc. (U.S.) launched its new ForgeRock Identity Governance solution, a comprehensive cloud-native governance offering designed to help solve security and compliance challenges for large enterprises at scale.
Digital identity management solution providers plan to move forward and capitalize on the lucrative growth opportunities that have resulted from the COVID-19 pandemic. The Digital Identity Management Solutions Marketis projected to transform drastically over the coming years.
Legislation on digital identity management is evolving as governments seek to mitigate concerns such as security, incorrect data capture, digital identity fraud, and intentional evasion. Governments around the globe are undertaking initiatives to encourage the adoption of digital identity management solutions & services, driving the growth of the global digital identity management solutions market.
Report infographic
Table of contents
17 chapters · 140 sections · 320 pages · click to expandSegmental analysis
| Segment | Largest share (2023) | Fastest growth (2023–2030) |
|---|---|---|
| By Identity Type | — | Biometric solutions |
| By Application | — | Workforce identity management |
| By Sector | Large market share of this | — |
By Identity Type
- The biometric solutions segment is projected to register the highest CAGR during the forecast period.
- The high growth of this segment is attributed to the growing adoption of biometric solutions in the BFSI sector and increasing advancements in biometric solutions designed for authentication and identification applications.
- Furthermore, growing security requirements in the BFSI sector, rising government initiatives encouraging the adoption of biometric technologies, and integrating biometric capabilities into mobile devices are also improving the demand for biometric solutions.
By Application
- The workforce identity management segment is projected to register the highest CAGR during the forecast period.
- The high growth of this segment is attributed to the rising demand for remote, safe, and easy workforce access to industrial assets, the growing demand for solutions to monitor privileged users, and the increasing need to build centralized and highly scalable platforms for workforce identity management.
By Sector
- The IT & telecommunications segment is expected to account for the largest share of the global Digital Identity Management Solutions Market.
- The large market share of this segment is attributed to the increasing adoption of biometrics solutions for fraud prevention, the rising need to implement digital identity solutions to strengthen authentication & access control, and the growing need for accurate identity-based IT solutions.
Geographic analysis
Asia-Pacific
Fastest growthIn 2023, Asia-Pacific is expected to register the highest CAGR during the forecast period. The rapid growth of this region is mainly driven by factors such as increasing demand for digital identities for authenticating citizens, the rising demand for digital identity management solutions for accessing government services and identification, and the increasing efforts by leading market players to launch digital identity management solutions. Furthermore, increasing implementation of digital identity management solutions, rising demand for mobile wallet & digital authentication solutions, increasing use of biometric technologies for authentication & identification applications, and growing investments in developing digital identity management solutions are improving this regional market. Asia-Pacific: The Fastest-growing Regional Market
Competitive landscape
- March 2022
China announced plans to launch a digital national ID card by the end of the year to allow citizens to access certain services remotely without the need to return to their home province to do so.
- March 2022
NEC Corporation (Japan) and NEC Asia Pacific Pte Ltd (NEC Corporation’s headquarters in Southeast Asia) announced completing the modernization of Vietnam’s national ID system as a part of the government’s Digital Transformation Plan. The Ministry of Public Security (MOPS), a public agency under the Government of Vietnam, selected NEC’s Automated Biometric Identification System (ABIS) to upgrade Vietnam’s existing national ID system with the latest biometric technologies.
- April 2021
The UAE government announced employing biometric face recognition (facial ID) to register customers in the UAE Pass application as part of its plan to launch the first safe digital national ID for citizens and residents.
- NEC Corporation
- ForgeRock, Inc.
- Samsung SDS Co., Ltd.
- Syntizen Technologies Pvt. Ltd.
- Jumio Corporation
- Daon, Inc.
- Cloudflare, Inc.
- Refinitiv Limited
Frequently asked questions
The global digital identity management solutions market is projected to reach $70.8 billion by 2030, at a CAGR of 15.4% during the forecast period.
Cite this report
Meticulous Research. (2023). Digital Identity Management Solutions Market - Global Opportunity Analysis and Industry Forecast (2023-2030) (Report No. MRICT - 104759). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/digital-identity-management-solutions-market-5443