Digital Identity Solutions Market by Offering (Solutions and Services), Solution Type (Identity Verification, Authentication), Identity Type (Biometric and Non-Biometric), Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2027

Digital Identity Solutions Market by Offering (Solutions and Services), Solution Type (Identity Verification, Authentication), Identity Type (Biometric and Non-Biometric), Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2027

The global Digital Identity Solutions market size is expected to grow from an estimated value of USD 27.9 Billion in 2022 to USD 70.7 Billion by 2027, at a Compound Annual Growth Rate (CAGR) of 20.4% from 2022 to 2027. Some of the factors that are driving the market growth includes rise in identity and authentication frauds and integration of advanced technologies like AI/ML, Blockchain in digital identity solutions.

By offering, Solutions segment to account for a higher market share during the forecast period

The digital identity solutions market has solutions, which cater to different organizational needs. These solutions have provisions where organizations can easily maintain customer data that was previously collected or collected during the registration phase. Digital identity can help organizations reduce damages in terms of fraud, identity theft, and money laundering. These solutions are designed to enhance security, streamline business processes, reduce cost, and enhance customer satisfaction. Customers across industries, such as IT, retail, healthcare, and BFSI, adopt digital identity solutions into their operations to reduce time and automate the customer onboarding process. The solutions segment would be larger compared to the services segment due to the growing need to promote a seamless customer experience. There are many vendors in the market who are using biological traits, such as fingerprint, retina, facial trait, and voice pattern, to verify the individuals. Digital Identity solutions are capable of processing multiple requests at the same time, and they also assist organizations in processing and verifying identities at scale accurately. A digital identity solution relies on the collection of metadata of the data, which is continuously collected. This metadata helps and trains the software over the period with complex patterns and the required results. This overall process optimizes the performance of digital identity solutions.

By identity type, biometrics to account for a larger market size during the forecast period

Digital identity solutions were traditionally evolved from passwords based to biometric authentication solutions, such as fingerprint, facial recognition, retina or eye scan, handprint, and voice recognition. Biometric solutions follow lock and capture mechanisms to authenticate the individuals and enable access to a specific set of services. The biometric solutions are more secure than the conventional keys (or keycards) and password systems. These solutions also use multi-factor authentication to add an extra layer of protection. The biometric solutions segment is growing at a significant rate due to the increasing demand for digital identity solutions, identity authentication, ID verification, and others, which include compliance management and fraud prevention.

Breakdown of primary participants:

By Company Type: Tier 1 = 25%, Tier 2 = 40%, and Tier 3 = 35%

By Designation: C-Level Executives = 30%, Directors = 35% and Others = 35%

By Region: North America = 15%, Europe = 25%, APAC = 30%, MEA = 10%, Latin America= 20%

Major vendors in the global Digital Identity Solutions market include NEC(Japan), Samsung SDS (South Korea), Thales (France), GBG (UK), Telus (Canada), Tessi (France), Daon (US), Idemia (France), Forgerock (US), Imageware (US), Jumio (US), iProov (UK), ID R&D (US), Refinitiv (UK), OneSpan (US), Smartmatic (UK), Fraja eID Group (France), Vintegris (Spain), AU10TIX (Israel), Signicat AS (Norway), RaulWalter (Estonia), Duo Security (US), Syntizen (India), HashCash Consultant (US), Good Digital Identity (Czech Republic).

The study includes an in-depth competitive analysis of the key players in the Digital Identity Solutions market, with their company profiles, recent developments, and key market strategies.

Research coverage

The report segment the Digital Identity Solutions market and forecast its size, by Digital Identity Solutions market by offering (solutions and services), by solution type (identity verification, authentication, identity lifecycle management, others), by identity type (biometric and non-biometric), by deployment mode (on-premise and cloud), by organization size (SME and large enterprise), by vertical and by region (North America, Europe, Asia Pacific, MEA, and Latin America).

The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key benefits of buying the report

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Digital Identity Solutions market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities