Digital Identity Solutions Market Growth & Trends
The global digital identity solutions market size is expected to reach USD 98,638.6 million by 2030 and is expected to expand at 17.2% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The upsurge in identity-related fraudulent activities, data breaches, and the requirement to abide by various upcoming regulatory frameworks are expected to drive the growth of the market.
One of the key factors driving the digital identity solutions industry is focused on improving the end-to-end customer experience. Enterprises have a large workforce and many vital resources; knowing the identity of these resources before providing access to them is the earliest consideration. As a result, businesses with multiple establishments are compelled to use digital identity solutions to validate the identity of their personnel accessing data.
The growing demand for good digital governance is expected to drive the market for digital identity solutions. Many regions of the world are seeing an increase in the importance of digital management. Many nations are enhancing their digital infrastructure so that people can benefit from various government initiatives and activities. Utilizing digital IDs speeds up the delivery of the scheme to the intended recipient and helps with identification verification.
For instance, in October 2021, Socure, a global supplier of digital identity verification and fraud solutions, announced the launch of its public sector division. The company intends to improve access to government digital services while also eliminating digital fraud.
Organizations must adapt and evolve their approach to identity and access management processes due to a change in corporate values and recognize its importance. Digital identification solutions that assist enterprises in preventing identity theft and identifying fraudsters have been developed in response to this requirement.
For instance, in July 2022, to enhance digital identity efforts, Mastercard announced the acquisition of Ekata, a supplier of global identity verification solutions. Through AI-powered identity verification and a commitment to strong data management principles, new capabilities strengthen trust in every interaction.
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Digital Identity Solutions Market Report Highlights
The on-premises segment led the market in 2022 with a valuation of USD 16,894 million. The need to secure confidential and private data within the organization drives the demand
The services segment is expected to grow at the fastest CAGR of 19.0% during the forecast period. Despite the faster growth rate, the solutions are expected to hold the larger share of total revenues
North America is expected to grow at a significant CAGR of 15.4% during the forecast period, owing to the factors such as the rise in identity and authentication frauds and the presence of key vendors in the region
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