BANGALORE, India , April 20, 2022 /PRNewswire/ -- The Global Digital Identity Solutions Market is Segmented by Type (Non-biometrics, Biometrics), by Application (Information Technology (IT) and Telecom, Bank, Healthcare, Retail and Commerce, Government and Defense,Energy and Utility): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Software Category.
The global Digital Identity Solutions market size is estimated to be worth USD 18210 Million in 2022 and is forecast to be a readjusted size of USD 40350 Million by 2028 with a CAGR of 14.2% during the review period.
Major factors driving the growth of the digital identity solutions market are:
The rise in identity-related frauds and data breaches, as well as the need to comply with various upcoming regulations, is expected to drive the digital identity solutions market growth. Furthermore, increasing the integration of biometrics in smartphones and other electronic devices will fuel the digital identity solutions market.
TRENDS INFLUENCING THE GROWTH OF DIGITAL IDENTITY SOLUTIONS MARKET
Growth focused on improving the end-to-end customer experience is one of the key factors driving the digital identity solutions market. Businesses have a large workforce with many critical resources, knowing the identity before providing access to these resources is the most important step. Thus businesses with offices in multiple locations are forced to use digital identity solutions to verify the identity of their employees accessing the data.
Integration of biometrics in smartphones is expected to drive the growth of the digital identity solutions market. The number of smartphone users worldwide has increased as a result of rapid technological advancements, and the world is becoming more connected than ever before. In the past, the only secure method of authentication was through the use of a password key system. These password security systems are becoming easier to hack as technology advances. Passwords are not as secure as digital identity-based security, which includes biometric technology and multi-factor authentication. Most smartphones on the market include a camera as well as authentication features such as fingerprint and facial recognition. More smartphone manufacturers are incorporating fingerprint and facial recognition technology into their devices.
Various governments and regulatory agencies have mandated both public and private organizations to embrace new practices for working remotely and maintaining social distance in the wake of the COVID-19 pandemic. Since then, digital business practices have become the new Business Continuity Plan (BCP) for a variety of businesses. Individuals are increasingly inclined to use digital technologies such as cloud solutions as a result of the widespread use of BYOD devices, the WFH trend, and internet penetration across the globe, driving the need for cybersecurity measures to protect against cyber-attacks. In the wake of the Covid-19 pandemic, there is a growing demand for endpoint and virtual private network (VPN) security measures, as well as for cyber hygiene practices to ensure robust security policies and practices. Thus the COVID -19 pandemic is expected to have a positive impact on the Digital Identity solutions market.
Growing demand for good digital governance is expected to propel the digital identity solutions market. Digital governance is becoming more prominent in many parts of the world. Many countries are improving their digital infrastructure so that citizens can take advantage of various government programs and initiatives. The use of digital identities aids in identity verification and ensures that the scheme reaches the intended recipient without delay.
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DIGITAL IDENTITY SOLUTIONS MARKET SHARE
Based on region, North America is expected to be the most lucrative segment. Several prominent market players operating in the North American region, providing advanced solutions to all of the region's industry verticals. Strategic investments, partnerships, and significant R&D activities, in addition to geographical presence, are all contributing to the widespread adoption of digital identity solutions.
Based on type, Biometrics is expected to be the most lucrative segment. Consumers' interactions with payment systems, access to sensitive personal or work-related information, and commitment to major financial decisions, such as taking out a bank loan, will all be affected by widespread biometric integration at secure access points.
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