DUBLIN, December 09, 2021--(BUSINESS WIRE)--The "Global Digital Identity Market (2021-2027) by Component, Authentication Type, Deployment, Organization Size, Industry Vertical, and Geography, IGR Competitive Analysis, Impact of COVID-19, Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Digital Identity Market is estimated to be USD 16.6 billion in 2021 and is expected to reach USD 40.44 billion by 2027, growing at a CAGR of 16%.
Key factors such as the rising number of data thefts and data frauds have been a major concern for business enterprises and individuals, leading to greater awareness about data security. This has led to a high emphasis on integrating biometrics at business-critical points and increased integration in smartphones for the consumers due to the increasing data thefts through mobile devices.
Additionally, since customer service has been gaining prominence, a focus on end-to-end customer experience in data critical industries has also been supporting the growth of the digital identity solutions market.
However, the high costs of installation followed by the lack of data security amidst the growing sophistication of data crimes are hampering the market growth of the market.
Increase in Identity and Authentication Frauds
Increasing Integration of Biometrics in Smartphones
Rising Focus on Enhanced End-to-End Customer Experience
High Deployment Cost
Lack of Customer Data Security
Growing Awareness About Identity and Authentication-related Frauds
Integration of Machine Learning (ML) and Artificial Intelligence (AI) with a Digital Identity Solution System
A Rise in the Adoption of a Cloud-based Identity Verification System
Data Security and Privacy Concerns
Lack of Skilled Professionals
By Component, the Biometrics segment is estimated to hold the highest market share during the forecast period. The biometrics solutions can capture the unique biometric features of an individual to provide access to a set of services. They are therefore also considered highly secure over the conventional authentication systems. With the promising security approach provided by the biometric solutions followed by the need for authorized access in enterprises and data critical places, the demand for these solutions has risen further.
By Authentication Type, Multi-Factor authentication is estimated to hold the highest market share during the forecast period. This type of authentication uses more than one authentication method such as a password, security token besides the biometrics to confirm the user identity to access the services. This adds multiple layers of protection and makes it difficult for unauthorized users to access networks and databases.
By Deployment, the On-premise deployment is estimated to hold the highest market share. Since organizations would like to hold high control over the data, especially in security led solutions, they are more likely to invest in on-premise solutions. The government and defence have adopted these solutions for identifying risks related to identity, which is also increasing the demand for on-premise solutions.
By Organization Size, Large Enterprises are estimated to hold the highest market share. These enterprises operate through a large workforce, making them highly prone to identity-related risks and, therefore, higher data loss possibilities. Additionally, since these enterprises operate from a different geographic base, they share real-time data with their employees. Amidst rising cyber-attacks, these data losses can reflect negatively on the financial growth of an organization. Therefore these enterprises are likely to invest in digital identity solutions for reducing identity risks. This is likely to increase the demand in the given market segment.
By Industry Vertical, the Retail and E-Commerce sector is estimated to hold the highest market share. The retail and the e-commerce sector has become one of the data vulnerable sectors. There have been rising digital payments followed by an increased amount of individual data storage, leading to possible data leakages amidst rising cyber-crimes. The rising digitalization has bought complexities in data systems necessitating the need for increased authentication. Adopting a digital identity solution can help retailers prevent unauthorized users from gaining internal access, thereby reducing data losses. This is supporting the growth of the market segment.
By Geography, APAC is projected to lead the market. The factors attributed to the growth of the region are the rising cyber frauds followed by the increased need for authentication that has led to the deployment of these solutions in the region. Additionally, the respective Governments are also focusing themselves on securing the identities of the national citizens that has led to high investments in such solutions. This is contributing to the growth of the market.
The report includes the Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
A complete analysis of the market, including parent industry
Important market dynamics and trends
Historical, current, and projected size of the market based on value and volume
Market shares and strategies of key players
Recommendations to companies for strengthening their foothold in the market
For more information about this report visit https://www.researchandmarkets.com/r/5kzib6
View source version on businesswire.com: https://www.businesswire.com/news/home/20211209005432/en/
Laura Wood, Senior Press Manager
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