Digital Identity Management Solutions Market to be Worth $70.8 billion by 2030 - Market Sizes, Shares, Forecasts, and Trends Analysis Report with COVID-19 Impact by Meticulous Research®

REDDING, Calif., Jan. 19, 2023 /PRNewswire/ -- According to a new market 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,' the digital identity management solutions market is projected to reach $70.8 billion by 2030, at a CAGR of 15.4% from 2023 to 2030.

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A comprehensive digital identity management system allows an organization to seamlessly and securely manage the complete identity lifecycle of its workforce and devices through hardware, software, or service platforms. It provides notable benefits such as enhanced security, high accuracy, and better customer experience. Furthermore, digital identity management solutions enable mobile authentication & registration, eHealth & ePassports, eSign official digital documents, and securing shared resources.

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. 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, the high capital requirements for deploying digital identity management solutions restrain the growth of this market. Furthermore, misconceptions and a lack of knowledge regarding digital identity management solutions are major challenges for the players operating in this market

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Increasing Frequency & Sophistication of Authentication & Identity Frauds in the BFSI Sector to Drive the Growth of the Digital Identity Management Solutions Market

The BFSI sector is highly dependent on IT infrastructure for delivering services, such as mobile, online, and core banking. Identity fraud is a major concern when performing financial transactions through online banking portals and insurance apps. With consistent technological advancements across BFSI channels, banks and other financial services institutions are facing data breaches & identity frauds at an unprecedented rate. For instance, according to TransUnion (U.S.), digital fraud attempts against financial services companies rose by 150% in 2021. Also, according to the Nilson Report, payment card fraud losses worldwide exceeded USD 32 billion in 2021. Digital identity fraud has become a major challenge for the banking sector, due to which banks and financial institutions are investing heavily in incorporating digital identity management solutions to protect customers and digital assets against manipulation and fraud. For instance, in January 2022, Axis Bank Limited (India) partnered with MinkasuPay (India) to offer customers the smoothest and most secure net banking payment experience through a biometric fingerprint & face ID authentication solution. Banks leverage digital identity management technologies in various applications, such as cash withdrawals from ATMs and identity authentication for mobile banking apps through fingerprints or a combination of face and voice verification.

Some of the recent key developments in this space are as follows:

• In January 2022, the Federal Deposit Insurance Corporation (FDIC) (U.S.) and the Financial Crimes Enforcement Network (FinCEN) (U.S.) launched Tech Sprint to develop solutions for financial institutions and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person. Through Tech Sprint, FDIC's tech lab (FDITECH) and FinCEN seek to increase efficiency and account security, reduce fraud & other forms of identity-related crimes, money laundering, and terrorist financing, and foster customer confidence in the digital banking environment.
• In November 2021, IDEMIA (France) partnered with Federal Bank Limited in India to help enable biometric authentication for bank employees.

Thus, the increasing frequency & sophistication of authentication & identity frauds in the BFSI sector drive the growth of this market.

The global digital identity management solutions market is segmented by type (identity verification & authentication solutions, digital KYC & onboarding solutions, zero trust security solutions, and digital ID wallet solutions), offering (hardware [scanners & readers, cameras, smart cards, and tokens], software, services [professional services and managed services]), application (workforce identity management, customer identity management, citizen digital identity management, machine identity management, and other digital identity management applications [border control & fraud identification]), identity type(biometric solutions, non-biometric solutions), authentication type ( single-factor authentication and multi-factor authentication), organization size (small & medium-sized enterprises and large enterprises), deployment mode (on-premise deployment and 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 estimated 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 aimed at launching 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 also 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 estimated 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.

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

Based on identity type, the global digital identity management solutions market is segmented into biometric solutions 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 technological advancements in biometric solutions designed for authentication and identification applications. This segment is projected to register the highest CAGR during the forecast period.

Based on deployment mode, in 2023, the on-premise deployment segment is expected to account for the larger share of the global digital identity management solutions market. However, the cloud-based segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the rapid evolution of new avenues for cloud-based deployments, the superior flexibility offered by cloud-based deployments, and the increasing incorporation of cloud-based solutions by small & medium-sized enterprises.

Based on sector, in 2023, the IT & telecommunications segment is expected to account for the largest share of the global digital identity management solutions market. However, the healthcare segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to factors such as the increasing need to track healthcare data to discover innovative procedures & treatments, the growing adoption of smart health cards, the increasing need to ensure better compliance with healthcare laws, and the growing need to lower administrative costs.

Based on geography, 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 also projected to register the highest CAGR during the forecast period.

Some of 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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Scope of the Report

Digital Identity Management Solutions Market, by Type                      

• Identity Verification & Authentication Solutions
• Digital KYC & Onboarding Solutions
• Zero Trust Security Solutions
• Digital ID Wallet Solutions

Digital Identity Management Solutions Market, by Offering

• Hardware
• Scanners & Readers
• Cameras
• Smart Cards
• Tokens
• Software
• Services
• Professional Services
• Managed Services

Digital Identity Management Solutions Market, by Application

• Workforce Identity Management
• Customer Identity Management
• Citizen Digital Identity Management
• Machine Identity Management
• Other Digital Identity Management Applications

Digital Identity Management Solutions Market, by Identity Type

• Biometric Solutions
• Non-biometric Solutions

Digital Identity Management Solutions Market, by Authentication Type

• Single-factor Authentication
• Multi-factor Authentication

Digital Identity Management Solutions Market, by Organization Size              

• Small & Medium-sized Enterprises
• Large Enterprises

Digital Identity Management Solutions Market, by Deployment Mode              

• On-premise Deployment
• Cloud-based Deployment

Digital Identity Management Solutions Market, by Sector

• IT & Telecommunications
• BFSI
• Government & Defense
• Manufacturing
• Retail & E-commerce
• Healthcare
• Energy & Utility
• Education
• Tourism & Hospitality
• Other Sectors

Digital Identity Management Solutions Market, By Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• UAE
• Israel
• Rest of Middle East & Africa

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