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Digital Identity Management Solutions Market by Type, Offering, Application, Identity Type, Authentication Type, Organization Size, Deployment Mode, Sector (BFSI, Retail & E-Commerce, Government & Defense, Healthcare, and Other Sectors) - Global Forecast to 2030
Report ID: MRICT - 104759 Pages: 320 Jan-2023 Formats*: PDF Category: Information and Communications Technology Delivery: 2 to 4 Hours Download Free Sample ReportDigital 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. 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:
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.
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Government Initiatives Encouraging the Adoption of Digital Identity Management Solutions to Fuel the Market Growth
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.
Some of the recent key developments in this space are as follows:
Many standards, regulations, and initiatives are being introduced to enhance identity verification & authentication through digital identity management solutions. Regulatory frameworks for digital identity management are becoming progressively stringent as governments have experienced the need for digital identification to offer citizens cost-effective, efficient, and safe services. Thus, government initiatives encouraging the adoption of digital identity management solutions are driving the growth of this market.
Key Findings in the Global Digital Identity Management Solutions Market Study:
Based on Identity Type, the Biometric Solutions Segment is Projected to Register the Highest CAGR During the Forecast Period
Based on identity type, in 2023, 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.
Based on Application, the Workforce Identity Management Segment is Projected to Register the Highest CAGR During the Forecast Period
Based on application, in 2023, 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.
In 2023, the IT & Telecommunications Segment is Expected to Dominate the Digital Identity Management Solutions Market
Based on sector, the global digital identity solutions market is segmented into BFSI, retail & e-commerce, government & defense, healthcare, IT & telecommunications, energy & utility, tourism & hospitality, education, manufacturing, and sectors. In 2023, 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.
Asia-Pacific: The Fastest-growing Regional Market
In 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.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by the leading market participants in the digital identity management solutions industry over the last three years. The key players operating in the global digital identity solutions market are Thales Group (France), NEC Corporation (Japan), IDEMIA (France), GB Group plc (U.K.), ForgeRock, Inc. (U.S.), Samsung SDS Co., Ltd. (South Korea), ImageWare Systems Incorporated (U.S.), Signicat (Norway), Syntizen Technologies Pvt. Ltd. (India), HashCash Consultants(U.S.), Jumio Corporation (U.S.), Vintegris, S.L. (Spain), Daon, Inc. (U.S.), Cloudflare, Inc. (U.S.), and Refinitiv Limited (a part of London Stock Exchange Group Plc).
Scope of the Report
Digital Identity Management Solutions Market, by Type
Digital Identity Management Solutions Market, by Offering
Digital Identity Management Solutions Market, by Application
Digital Identity Management Solutions Market, by Identity Type
Digital Identity Management Solutions Market, by Authentication Type
Digital Identity Management Solutions Market, by Organization Size
Digital Identity Management Solutions Market, by Deployment Mode
Digital Identity Management Solutions Market, by Sector
Digital Identity Management Solutions Market, by Geography
Key questions answered in the report:
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.
Based on application, the workforce identity management segment is expected to account for the largest share of the global digital identity management solutions market due to the growing 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.
The healthcare segment is expected to register the highest CAGR during the forecast period, mainly due to the increasing need to track healthcare data to discover innovative procedures & treatments, the rising adoption of smart health cards, the increasing need to ensure better compliance with healthcare laws, and the growing need to lower administrative costs.
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 are the major factors driving the growth of the digital identity solutions market. Moreover, the growing adoption of cloud-based digital identity management solutions and the increasing utilization of contactless biometric solutions provide significant opportunities in the global digital identity management solutions market .
Some of the key players in the global digital identity management solutions market are Thales Group (France), NEC Corporation (Japan), IDEMIA (France), GB Group plc (U.K.), ForgeRock, Inc. (U.S.), Samsung SDS Co., Ltd. (South Korea), ImageWare Systems Incorporated (U.S.), Signicat (Norway), Syntizen Technologies Pvt. Ltd. (India), HashCash Consultants(U.S.), Jumio Corporation (U.S.), Vintegris, S.L. (Spain), Daon, Inc. (U.S.), Cloudflare, Inc. (U.S.), and Refinitiv Limited (a part of London Stock Exchange Group Plc).
In 2023, Asia-Pacific is expected to account for the largest share of the global digital identity management solutions market. However, countries such as Germany, Japan, China, South Korea, Netherlands, and the U.K. are expected to witness strong growth in demand for digital identity solutions.
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