Digital Identity Management Solutions Market Worth $70.8 Billion by 2030

Meticulous Research®- a leading global market research company, published a research report titled "Digital Identity Management Solutions Market by Type, Offering, Application, Identity Type, Authentication Type, Organization Size, Deployment Mode, Sector (BFSI, Retail & E-Commerce, Government & Defense, Healthcare, and Other Sectors) - Global Forecast to 2030'.

According to this latest publication from Meticulous Research®, the global digital identity management solutions market is expected to register a CAGR of 15.4% during the forecast period to reach $70.8 billion by 2030. The growth of the digital identity management solutions market is driven by the increasing frequency & sophistication of authentication & identity frauds in the BFSI sector, government initiatives encouraging the adoption of digital identity management solutions, and the integration of biometric capabilities into mobile devices.

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However, the high capital requirements for deploying digital identity solutions restrain the growth of this market. The growing adoption of cloud-based digital identity management solutions and the increasing utilization of contactless biometric solutions are expected to create market growth opportunities. However, misconceptions & a lack of knowledge regarding digital identity management solutions are major challenges for the players operating in this market.

The global digital identity solutions market is segmented by type (identity verification & authentication solutions, digital KYC & onboarding solutions, zero trust security solutions, digital ID wallet solutions), offering (hardware [scanners & readers, cameras, smart cards, tokens], software, services [professional services, managed services]), application (workforce identity management, customer identity management, citizen digital identity management, machine identity management, other digital identity management applications [border control & fraud identification]), identity type(biometric solutions, non-biometric solutions), authentication type ( single-factor authentication, multi-factor authentication), organization size (small & medium-sized enterprises, large enterprises), deployment mode (on-premise deployment, cloud-based deployment), sector (BFSI, retail & e-commerce, government & defense, healthcare, IT & telecommunications, energy & utilities, tourism & hospitality, education, manufacturing, and other sectors). The study also evaluates industry competitors and analyzes the market at regional and country levels.

Based on type, the global digital identity management solutions market is segmented into identity verification & authentication solutions, digital KYC & onboarding solutions, zero trust security solutions, and digital ID wallet solutions. In 2023, the identity verification & authentication solutions segment is expected to account for the largest share of the global digital identity management solutions market. The segment's large share is attributed to the increasing government initiatives to launch identity verification programs, efforts from leading digital identity management solution providers to launch biometric authentication solutions, and the growing demand for biometric authentication solutions. This segment is expected to grow at the highest CAGR during the forecast period.

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Based on offering, the global digital identity management solutions market is segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the global digital identity management solutions market. The large market share of this segment is attributed to the rising investments by market players to make more efficient hardware solutions and the increasing integration of advanced technologies into hardware to make efficient solutions. This segment is expected to grow at the highest CAGR during the forecast period.

Based on application, the global digital identity management solutions market is segmented into workforce identity management, customer identity management, citizen digital identity management, machine identity management, and other digital identity management applications. In 2023, the workforce identity management segment is expected to account for the largest share of the global digital identity management solutions market. The segment's large share is attributed to the rising demand for remote, safe, and easy workforce access to industrial assets, the growing demand for solutions to monitor privileged users, and the increasing need to build centralized and highly scalable platforms for workforce identity management. However, the customer identity management segment is expected to register the highest CAGR during the forecast period.

Based on identity type, the global digital identity management solutions market is segmented into biometric and non-biometric solutions. In 2023, the biometric solutions segment is expected to account for the larger share of the global digital identity management solutions market. The large market share of this segment is attributed to the growing adoption of biometric solutions in the BFSI sector and increasing advancements in biometric solutions designed for authentication and identification applications. This segment is expected to grow at the highest CAGR during the forecast period.

Based on authentication type, the global digital identity management solutions market is segmented into single-factor authentication and multi-factor authentication. In 2023, the multi-factor authentication segment is expected to account for the larger share of the global digital identity management solutions market. The large market share of this segment is attributed to the increasing adoption of multi-factor authentication solutions by organizations due to increasing identity thefts and data breaches and the growing demand for multi-layered passwords, security tokens, and biometric verification methods. This segment is expected to grow at the highest CAGR during the forecast period.

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Based on organization size, the global digital identity solutions market is segmented into small & medium-sized enterprises and large enterprises. In 2023, the large enterprises segment is expected to account for the larger share of the global digital identity management solutions market. The large market share of this segment is attributed to the strong IT infrastructure of large enterprises, a surge in data breaches and unauthorized access, and the growing adoption of advanced technologies such as AI for digital identity management solutions. This segment is expected to grow at the highest CAGR during the forecast period.

Based on deployment mode, the global digital identity management solutions market is segmented into on-premise deployment and cloud-based deployment. In 2023, the on-premise deployment segment is expected to account for the larger share of the global digital identity management solutions market. The large market share of this segment is attributed to the high preference for on-premise deployments among large enterprises, security issues associated with cloud deployments, and the availability of trained IT professionals and supportive infrastructure. However, the cloud-based segment is expected to register the highest CAGR during the forecast period.

Based on sector, the global digital identity management solutions market is segmented into BFSI, retail & e-commerce, government & defense, healthcare, IT & telecommunications, energy & utility, tourism & hospitality, education, manufacturing, and sectors. In 2023, the IT & telecommunications segment is expected to account for the largest share of the global digital identity management solutions market. The large market share of this segment is attributed to the increasing adoption of biometrics solutions for fraud prevention, the rising need to implement digital identity management solutions to strengthen authentication & access control, and the growing need for accurate identity-based IT solutions. However, the healthcare segment is expected to register the highest CAGR during the forecast period.

Based on geography, the global digital identity management solutions market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global digital identity management solutions market. Asia-Pacific's major market share is attributed to the increasing demand for digital identities for authenticating citizens, the rising demand for digital identity management solutions for accessing government services and identification, and the increasing efforts by leading market players to launch digital identity management solutions. This regional market is expected to register the highest CAGR during the forecast period.

Key Players

The key players operating in the global digital identity management solutions market are Thales Group (France), NEC Corporation (Japan), IDEMIA (France), GB Group plc (U.K.), ForgeRock, Inc. (U.S.), Samsung SDS Co., Ltd. (South Korea), ImageWare Systems Incorporated (U.S.), Signicat (Norway), Syntizen Technologies Pvt. Ltd. (India), HashCash Consultants(U.S.), Jumio Corporation (U.S.), Vintegris, S.L. (Spain), Daon, Inc. (U.S.), Cloudflare, Inc. (U.S.), and Refinitiv Limited (a part of London Stock Exchange Group Plc).

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Key questions answered in the report-

Which are the high-growth market segments in terms of type, offering, application, identity type, authentication type, organization size, deployment mode, and sector?
What is the historical market for digital identity management solutions market across the globe?
What are the market forecasts and estimates for the period of 2023-2030?
What are the major drivers, restraints, and opportunities in the global digital identity management solutions market?
Who are the major players in the global digital identity management solutions market, and what share of the market do they hold?
How is the competitive landscape?
What are the recent developments in the global digital identity management solutions market?
What are the different strategies adopted by the major players in the market?
What are the geographic trends and high-growth countries?
Who are the local emerging players in the global digital identity solutions market, and how do they compete with the other players?

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