Over $70 billion in digital identity solutions markets – Global forecast to 2027: increased integration of artificial intelligence, machine learning and blockchain technologies to improve digital identities

Global digital identity solutions market

Dublin, Nov. 30, 2022 (GLOBE NEWSWIRE) — The “digital identity solutions market by offering (solutions and services), type of solution (identity verification, authentication), type of identity (biometric and non-biometric ), deployment mode, organization The “Size, Vertical and Region – Global Forecast to 2027” report has been added to from ResearchAndMarkets.com offer.

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%.

Some of the factors driving the growth of the market include increasing identity and authentication frauds and integration of advanced technologies like AI/ML, Blockchain in digital identity solutions.

By offering, the Solutions segment will account for a higher market share during the forecast period

The digital identity solutions market offers solutions that meet different organizational needs. These solutions have provisions where organizations can easily retain customer data that was previously collected or collected during the registration phase. Digital identity can help organizations reduce damage in terms of fraud, identity theft and money laundering.

These solutions are designed to enhance security, streamline business processes, reduce costs and improve customer satisfaction. Customers across industries, such as IT, retail, healthcare, and BFSI, are adopting digital identity solutions in their operations to reduce time and automate the customer onboarding process.

The solutions segment is said to be larger than the services segment due to the growing need to promote a seamless customer experience. There are many vendors in the market that use biological traits, such as fingerprints, retina, facial features, and voice pattern, to verify individuals.

Digital identity solutions are capable of handling multiple requests at the same time and also help organizations accurately process and verify identities at scale. A digital identity solution relies on collecting metadata from data, which is collected continuously. This metadata helps and trains the software over the period with complex models and required results. This overall process optimizes the performance of digital identity solutions.

The story continues

By Identity Type, Biometrics to Consider Larger Market Size Over the Forecast Period

Digital identity solutions have traditionally evolved from password-based biometric authentication solutions, such as fingerprint, facial recognition, retina or eye scan, handprint and recognition vocal. Biometric solutions follow lock-and-capture mechanisms to authenticate individuals and allow access to a specific set of services.

Biometric solutions are more secure than traditional systems of keys (or key cards) and passwords. These solutions also use multi-factor authentication to add an extra layer of protection. The biometric solutions segment is witnessing significant growth owing to the increasing demand for digital identity, identity authentication, identity verification and other solutions that include compliance management and fraud prevention .

Competitive landscape

Key players in the global digital identity solutions market include vendors such as NEC Corporation (NEC), Samsung SDS, Thales Group, GB Group PLC (GBG), TELUS Communication (TELUS), Tessi, Daon, IDEMIA, ForgeRock and Jumio.

Premium Previews

• Rising Number of Identity Thefts Across Verticals to Fuel Growth of Digital Identity Solutions Market

• Solution segment to account for a larger market share during the forecast period

• Authentication segment to account for larger market share during the forecast period

• Single-Factor Authentication to Consider Greater Market Share During the Forecast Period

• Biometric Segment to Consider Greater Market Share Over the Forecast Period

• On-premises deployment to gain greater market share over the forecast period

• Large companies will have a larger market share during the forecast period

• BFSI and North America will account for the largest market shares in 2022

• Asia-Pacific will become the best investment market in the next five years

Market dynamics

Drivers

• Government initiatives and regulations supporting digital identity transformation

• Increase in Identity Wallet Solutions

• Increase in the use of online services offered by commercial enterprises in recent years

• Rise in Identity and Authentication Fraud

Constraints

Opportunities

• Increased integration of AI, ML and Blockchain technologies to enhance digital identities

• Adoption of biometric devices in digital identity solutions

• Adopt advanced authentication techniques across all verticals

Challenges

Technological analysis

Regulatory landscape

• General Data Protection Regulation

• Electronic identification, authentication and trust services

• Federal Information Processing Standards

• Essb 6280

• Personal Information Protection and Electronic Documents Act

• Criminal Justice Information System Security Policy

• Ffiec authentication in an online banking environment

• Know your customer

• Fight against money laundering

• Fair and Accurate Credit Transactions Act

• Identity theft red flags

• Regulatory bodies, government agencies and other organizations

Company Profiles

Key players

• nec

• Samsung SDS

• Thales

• M

• Telus

• Tessa

• daon

• Idemic

• Forgerock

• Imageware

• You

• Iproov

• R&D ID

• Refinitiv

Other players

• Onespan

• Smartmatic

• Freja Eid Group

• Vintegris

• Au10Tix

• signify as

• Raulwalter

• Duo security

• Syntize

• Hash Consultant

• Good digital identity

For more information about this report visit https://www.researchandmarkets.com/r/gkb0fj

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, top companies, new products and the latest trends.

Attachment

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900