The Canada digital identity management solution market size is expected to grow from US$ 990. 0 million in 2021 to US$ 2,272. 6 million by 2028; the Canada digital identity management solution market size is estimated to grow at a CAGR of 12.
New York, June 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Canada Digital Identity Management Solution Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Component, Deployment, Enterprise Size, and Industry Vertical" - https://www.reportlinker.com/p06289893/?utm_source=GNW
9% from 2022 to 2028.
Several industries across Canada are adopting digital identity management solution due to its numerous benefits, including short process time, high level of accuracy, upgraded security, lower operational costs, and better customer experience.
In the past, identification and authentication were used in a few industry verticals such as BFSI and government & defense.With increased technological advancements and digitalization across several industries, the identification and authentication processes were implemented in many industries, including retail & e-commerce, healthcare, and telecommunication.
Several industries across Canada are adopting digital identity management solution due to its numerous benefits, including short process time, high level of accuracy, upgraded security, lower operational costs, and better customer experience. For instance, in March 2022, IDENTOS (a digital identity and access control technology company) used the work of Kantara Initiative’s UMA 2.0 specification as the major technology in the Ontario trusted account. The recently launched digital identity service provides patients a convenient, reliable, accessible, and secure way to access health information and services online. Kantara and IDENTOS are committed to putting patients in control of their health data. Similarly, in June 2021, Prodigy Ventures Inc. announced an agreement between IDVerifact Inc.—its subsidiary, and EnStream (a company with direct access to mobile telecom information in Canada), covering over ~90% of Canadians on all major mobile networks. As part of the agreement, IDVerifact integrates EnStream’s identity verification services into the IDVerifact platform, providing the inputs that enable mobile phone owners to allow verification of their identities, mobile numbers, and devices during digital transactions.
In October 2019, according to the Digital ID and Authentication Council of Canada (DIACC) survey, Canadians were comfortable using a digital ID to authenticate their online engagement with day-to-day service providers in industries such as government agencies (76%), financial institutions (75%), healthcare providers (74%), telecom (63%), and e-commerce (63%). Therefore, the increase in digital identity management solution adoption across several industries is expected to create lucrative opportunities for multiple market players to expand their business across Canada.
In 2021-2022, with the widespread implementation of bring-your-own-device (BYOD), the rising work-from-home (WFH) trend, and the increasing Internet penetration across Canada, individuals are progressively inclined toward the use of digital technologies, such as cloud solution, thereby driving the need for cybersecurity measures for protection against cyberattacks. Thus, the uptake of cloud-based digital identity management solution in several businesses across Canada has increased.
The Canada digital identity management solution market grew from US$ 829.5 million in 2019 to US$ 899.7 million in 2020. Furthermore, in 2021, the market size accounted for US$ 990.0 million. Therefore, the overall impact of the COVID-19 pandemic on the Canada digital identity management solution market growth was positive in 2020.
Canada digital identity management solution market analysis by component, the market is bifurcated into solution and services.The solution segment led the Canada digital identity management solution market with a larger digital identity management solution market share in 2021.
Digital identity management solution consists biometric authentication, including facial recognition, handprint, fingerprint, voice recognition, and retina or eye scan.These biometric features or digital identities are unique for every person.
It follows lock & capture mechanisms to authenticate the personal information and provide access to digital solution.Digital identity management solution are more secure than traditional identity verification solution, which depend on static certifications.
Identity verification is done by direct human interaction and physical proof of documents issued by the government authority. Further, digital identity management solution provide multiple benefits such as a high level of accuracy, short process time, lower operational costs, upgraded security, and better customer experience to drive the growth of the solution segment. Moreover, the solution segment consists of biometric & non-biometric solution. Therefore, the solution segment is gaining more popularity by offering multiple benefits to organizations. Canada digital identity management solution market analysis by deployment, the market is bifurcated into on-premise and cloud based. The cloud based segment led the Canada digital identity management solution market with a larger digital identity management solution market share in 2021. Based on enterprise size, the Canada digital identity management solution market is bifurcated into SMEs and large enterprises. The large enterprises segment led the Canada digital identity management solution market with a larger market share in 2021. Based on industry vertical, the Canada digital identity management solution market is segmented into BFSI, retail & e-commerce, government & defense, healthcare, IT & telecommunications, and others. The BFSI segment led the Canada digital identity management solution market with the largest market share in 2021.
The overall Canada digital identity management solution market size has been derived using primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Canada digital identity management solution market.
The process also serves the purpose of obtaining an overview and forecast for the Canada digital identity management solution concerning all the segments.Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic.
This process includes industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Canada digital identity management solution market.
A few leading players operating in the Canada digital identity management solution market are Avanade Inc.; Akamai Technologies, Inc.; Daon; DXC Technology; ForgeRock; Jumio; NEC Corporation; One Identity LLC; Telco Systems; and TELUS.
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