MarketsandMarkets forecasts the global 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% from 2022 to 2027. Various government initiatives and regulations supporting the digital ID transformation and rise in ID wallet solutions are driving the market growth.
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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. 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.
What is Smart Shelves?
Digital identity solutions are designed for organizations to collect biographical (such as name, age, gender, and address) and biometric data electronically. It stores these attributes such that it uniquely describes the person within the given network and authenticates it with database. Digital identity solutions take into account solutions like identity verification (proofing), authentication and identity lifecycle management.
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Competitive overview:
The Digital Identity Solutions market is led by some of the globally established players such as 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) these players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions and product developments to increase their market presence.
Founded in 1899 and headquartered in Japan, NEC offers integrated solutions, components, and services for computing and communication applications. NEC operates through business segments, namely, Public Business, System Platform Business, Global Business, Enterprise Business, and Network Services Business. NEC has expertise in the integration of IT and network technologies. NEC also has few subsidiaries as NEC Facilities (Japan), NEC Display Solutions (Japan), NEC Energy Solutions (US), and NEC Embedded Products (Japan). To meet customer demands, NEC develops and markets biometric systems, such as standalone (modal/multi-modal) solutions and the NeoFace Facial Recognition (Multi-Modal) Suite, which can be customized. The company’s solutions and services portfolio include big data analytics, biometric authentication, cloud, display, digital signage, OEM services, safety, and smart energy. NEC, through its products and solutions, serves various industries, including aerospace, agriculture, government, hospitality, logistics, manufacturing, retail, and transportation.
Company has offices across the globe, including Asia Pacific, North America, Europe, and the Middle East with an employee base of more than 10,000 professionals and nine research & development (R&D) centers.
Samsung SDS’s solutions have been leading in helping the client companies in transforming digitally by providing ideas for innovation across a wide range of industries For over 30 years. The company was established to handle the information and communications technology part of the Samsung Group. It’s vision is to become a data-driven digital transformation leader by leveraging the most advanced ICT technologies and solutions to discover actionable insights. It offers software and solutions for enterprise mobility, security, analytics, mobile sales, and training. Its IT business provides IT consulting, IT system design and development, and IT system management and infrastructure services. It also provides consulting system integration and outsourcing services.
With operations in 30 countries, Samsung SDS’s solutions utilize advanced analytics platforms, AI, and blockchain technologies to serve industries, such as financial services, smart manufacturing, global logistics, and retail. The company’s solutions include a digital identity platform that is useful for minimizing frauds and protecting customers.
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