GMI Research analysis indicates that the Digital Identity Solutions Market estimated at USD 24.1 billion in 2021 and is slated to register a double digit CAGR 18.8% over the period, 2022-2029 and is projected to reach USD 95.6 billion in 2029.

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Key Drivers

The major factor propelling the growth of the global digital identity solutions market is the rising number of authentication and identity-related frauds in several industries, which includes healthcare, BFSI, government & defense, among others. The focus of enterprises on improved end-to-end customer experience is increasing. Digital identity solutions offer several benefits, which include a high level of accuracy, lower operational costs, upgraded security, shorter process time, and better customer experience. These benefits play a crucial role in steering the growth of the global digital identity solutions market. Most organizations are inclining towards digitalization by combining the artificial intelligence and machine learning with digital identity solutions to reduce identity fraud. These factors bolster the growth of the global digital identity solutions market. Moreover, the rising integration of biometrics in smartphones and various industries and the growing adoption of multi-factor authentication to provide several layers to the security system are some other factors that are likely to increase the growth of the global digital identity solutions market.

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Deployment Mode – Segment Analysis

Based on the deployment mode, the market is segmented into on-premises and cloud. The on-premises segment is expected to grow at a higher CAGR over the forecast period. On-premises deployment provides flexibility and complete control to organizations. Most of the organizations prefer on-premises deployment for more security and to reduce risks. On-premises deployment is cost-competitive as compared to deployment at some remote facility as on-premises deployment comes with a one-time licensing fee and service agreement. Nowadays, corporate data can be easily accessed through mobile devices, which increases the risk of data losses and cyber-attacks. Organizations deploy on-premises digital identity solutions to reduce these risks and enhance their security. These factors play a significant role in surging the growth of the on-premises segment in the global digital identity solutions market.

Organization Size – Segment Analysis

Based on the organization size, the market is segmented into small & medium-sized enterprises and large enterprises. The large enterprises segment is projected to grow at a higher CAGR during the forecast period. Large enterprises have a massive workforce, which mandates them to install digital identity solutions in their offices across regions. These solutions enable real-time access to the data of their employees and reduce identity-related risks. Digital identity solutions offer several benefits, which include the detection of excess risks and risk outliers. These features are likely to boost the growth of the large enterprises segment in the global digital identity solutions market.

Authentication Type – Segment Analysis

Based on authentication type, the market is segmented into single-factor authentication and multi-factor authentication. The multi-factor authentication segment is anticipated to grow at a faster CAGR over the forecast period. Multi-factor authentication provides users with more than one option of authentication. It includes two or more credential details of users, such as password, fingerprint, biometric verification, and security token. The main aim of the multi-factor authentication system is to provide extended protection by giving multiple layers of verification to make it difficult for unauthorized users to access databases, systems, and networks. These features play a significant role in driving the growth of the multi-factor segment in the global digital identity solutions market.

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Regional – Segment Analysis     

Based on the region, Asia-Pacific region is anticipated to witness a faster CAGR over the forecast period attributed to the growing complexity of citizen, enterprises, and cyber frauds has surged the awareness of authentication and identity-related frauds. Asia-Pacific consists of developing economies, which includes Japan, India, China, and South Korea. These countries are deploying digital identity solutions in various verticals, such as BFSI, government & defense, healthcare, among others. All these factors are responsible for substantial growth in the digital identity solutions market in Asia-Pacific region.

Top Market Players

Various notable players operating in the market include NEC Technologies, Samsung SDS, GB Group plc, Thales Group, Telus, Tessi, Jumio, Refinitiv, ForgeRock, and IDEMIA, among others. 

Key Developments:

• • In 2020, NEC Technologies announced its global partnership with SITA to provide superior identity solutions that allow secure walk-through travel experience at airports. This partnership is made to leverage SITA Flex and SITA Smart Path along with NEC’s identity management platform.
  • In 2019, Thales Group announced the acquisition of Gemalto, an international security company. This acquisition was aimed at combining software applications of Gemalto with existing digital assets of Thales to develop a new leader in digital security.
  • In 2019, Refinitiv launched its new digital identity solution, which provides reliable digital identity verification, anti-impersonation tests, screening via seamless API technology, and document authentication.

Segments covered in the Report:

The global digital identity solutions market has been segmented on the basis of solution, authentication type, deployment mode, organization size, vertical, and regions. Based on solution, the market is segmented into biometrics and non-biometrics. Based on authentication type, the market is segmented into single-factor authentication and multi-factor authentication. Based on deployment mode, the market is segmented into cloud and on-premises. Based on organization size the market is segmented into small & medium-sized enterprises and large enterprises. Based on vertical, the market is segmented into banking, financial services, & insurance, retail & ecommerce, government & defense, healthcare, IT & telecom, energy & utilities, and others. Based on region, the global digital identity solutions market is segmented into North America, Europe, Asia-Pacific, and roW. 

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Key questions answered in this research report:

• • At what pace is global digital identity solutions market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in digital identity solutions market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global digital identity solutions market?
  • Which solution generated maximum revenues in 2021 and identify the most promising solution during the forecast period?
  • What are the various authentication type areas of global digital identity solutions market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD 24.1 billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Solution, By Authentication Type, By Deployment Mode, By Organization Size, By Vertical, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	NEC Technologies, Samsung SDS, GB Group plc, Thales Group, Telus, Tessi, Jumio, Refinitiv, ForgeRock, IDEMIA, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Digital Identity Solutions Market by Solution

• • Biometrics
  • Non-Biometrics

Global Digital Identity Solutions Market by Authentication Type

• • Single-Factor Authentication
  • Multi-Factor Authentication

Global Digital Identity Solutions Market by Deployment Mode

• • On-Premises
  • Cloud

Global Digital Identity Solutions Market by Organization Size

• • Small & Medium-Sized Enterprises
  • Large Enterprises

Global Digital Identity Solutions Market by Vertical

• • Banking, Financial Services, & Insurance
  • Retail & Ecommerce
  • Government & Defense
  • Healthcare
  • IT & Telecom
  • Energy & Utilities
  • Others

Global Digital Identity Solutions Market by Region

• • North America Digital Identity Solutions Market (Option 1: As a part of the free 25% customization)
    • By Solution
    • By Authentication Type
    • By Deployment Mode
    • By Organization Size
    • By Vertical
    • US Market All-Up
    • Canada Market All-Up
  • Europe Digital Identity Solutions Market (Option 2: As a part of the free 25% customization)
    • By Solution
    • By Authentication Type
    • By Deployment Mode
    • By Organization Size
    • By Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Digital Identity Solutions Market (Option 3: As a part of the free 25% customization)
    • By Solution
    • By Authentication Type
    • By Deployment Mode
    • By Organization Size
    • By Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Digital Identity Solutions Market (Option 4: As a part of the free 25% customization)
    • By Solution
    • By Authentication Type
    • By Deployment Mode
    • By Organization Size
    • By Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Digital Identity Solutions (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • NEC Technologies
  • Samsung SDS
  • GB Group plc
  • Thales Group
  • Telus
  • Tessi
  • Jumio
  • Refinitiv
  • ForgeRock
  • IDEMIA