The global digital identity solutions (DIS) market size is projected to grow from USD 34.5 billion in 2023 to USD 83.2 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 19.3% during the forecast period. The expansion of the DIS market is being propelled by government initiatives and regulations supporting digital ID transformation.
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Based on the organization size, the large enterprises segment is expected to hold the largest market share during the forecasted period.
The adoption of digital identity solutions is driven by enhanced security needs for secure authentication and access control in large enterprises. Large enterprises were the early adopters of digital identity solutions. They have a vast workforce and associated networking devices susceptible to identity-related risks. Organizations have offices across regions, forcing them to provide their solution through real-time data access to their employees. Additionally, there are no budget constraints in large organizations; therefore, these organizations can adopt the on-premises-based digital identity solution. Organizations are increasingly enhancing their businesses’ productivity across regions by adopting digital identity solutions. Additionally, the solution can detect access risk, excess risk, and risk outliers. Hence, large enterprises are expected to increasingly adopt digital identity solutions that comply with various standards and regulations.
By identity type, the biometric segment to hold a larger market size during the forecast period
The need for biometric solutions is driven by the demand for a seamless experience for the customer. Digital identity solutions traditionally evolved from passwords to biometric authentication, such as fingerprint, facial recognition, retina or eye scan, handprint, and voice recognition. Lock and capture mechanisms are followed by biometric solutions to authenticate the individuals and enable access to a specific set of services. Compared to conventional keys (or keycards) and password systems, biometric solutions are more secure. These solutions also use multi-factor authentication to add an extra layer of protection. Increasing demand for digital identity solutions, identity authentication, ID verification, and others, including compliance management and fraud prevention, is driving the growth of the biometric solutions segment.
By region, Asia Pacific is to grow at the highest CAGR during the forecast period.
Asia Pacific includes big developing economies, such as Australia, China, Japan, India, Singapore, and South Korea. With the increase in technological innovations, the digital identity solutions market is witnessing high growth opportunities in this region. Developing countries, such as India, use digital identities to authenticate their citizens, whereas developed countries use digital identities for more advanced applications, including accessing government services and identification. Various vendors are trying to fulfill the demand for digital identity in the Asia Pacific. For example, ForgeRock, a global digital identification provider, continues its development throughout Asia and the local availability of its ForgeRock identification Cloud from two additional data centers in Hong Kong and Indonesia. With this expansion, ForgeRock’s Identity cloud is now available in 17 countries globally. Such expansions are strengthening the growth of digital identity solutions in the Asia Pacific.
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Unique Features in the Digital Identity Solutions Market
A standout feature in the Digital Identity Solutions market is the integration of biometric authentication methods, such as fingerprint scanning, facial recognition, iris scanning, and voice recognition. These methods offer a higher level of security compared to traditional passwords and PINs, as biometric data is unique to each individual and difficult to replicate.
Multi-Factor Authentication (MFA) has become a critical feature in the digital identity landscape. MFA requires users to provide two or more verification factors to gain access to a resource, adding an extra layer of security.
Self-Sovereign Identity (SSI) is an emerging feature in the Digital Identity Solutions market, allowing individuals to control their digital identities without relying on central authorities. SSI solutions enable users to store their identity credentials securely on their devices and share them selectively with service providers.
Identity verification and proofing are crucial features that ensure the legitimacy of a user’s identity. These solutions use a combination of document verification, biometric checks, and database cross-referencing to confirm an individual’s identity. Advanced technologies, such as artificial intelligence (AI) and machine learning, are employed to detect fraudulent activities and validate identities accurately.
Blockchain technology is revolutionizing digital identity management by providing a decentralized and tamper-proof way to store and manage identity information. Blockchain-based solutions offer enhanced security, transparency, and trust, as identity data is stored in an immutable ledger that can be accessed and verified by authorized parties.
Major Highlights of the Digital Identity Solutions Market
The Digital Identity Solutions market is experiencing significant growth as organizations across various sectors recognize the importance of secure and efficient identity verification. The rise of digital transformation initiatives, coupled with increasing cyber threats, has driven the demand for robust digital identity solutions. Industries such as finance, healthcare, government, and e-commerce are leading adopters, leveraging these solutions to enhance security, streamline operations, and improve user experience.
Biometric authentication has become a cornerstone of the digital identity market. Advances in biometric technologies, including fingerprint scanning, facial recognition, iris scanning, and voice recognition, have significantly improved the security and convenience of identity verification processes. These technologies offer unique identifiers that are difficult to replicate, reducing the risk of identity fraud and enhancing user trust.
Self-Sovereign Identity (SSI) is gaining traction as a revolutionary approach to digital identity management. SSI empowers individuals to control their own digital identities without relying on central authorities. Users can store and manage their identity credentials securely on their devices and selectively share information with service providers. This model enhances privacy, reduces dependency on intermediaries, and provides users with greater control over their personal data.
Blockchain technology is playing a transformative role in the digital identity solutions market. Blockchain’s decentralized and immutable ledger provides a secure and transparent way to store and manage identity data. This technology ensures data integrity, reduces the risk of identity theft, and enhances trust among users and service providers. Blockchain-based identity solutions are particularly valuable for applications requiring high security and verifiability.
Multi-Factor Authentication (MFA) has become a critical component of digital identity solutions. By requiring users to provide multiple forms of verification, such as something they know (password), something they have (security token), and something they are (biometric data), MFA significantly enhances security. MFA helps protect against unauthorized access and is increasingly adopted across various industries to safeguard sensitive information.
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Top Companies in the Digital Identity Solutions Market
NEC (Japan), Samsung SDS (South Korea), Thales (France), Telus (Canada), IDEMIA (France), GBG (UK), Tessi (France), Daon (US), ForgeRock (US), ImageWare (US), Jumio (US), iProov (UK), ID R&D (US), Refinitiv (UK), OneSpan (US), Smartmatic (UK), Freja EID Group (Sweden), Vintegris (Spain), AU10TIX (Israel), Signicat (Norway), Duo Security (US), Syntizen (India), Hashcash Consultant (US), Good Digital Identity (Czech Republic) are the key players and other players in the DIS market.
NEC (Japan) has expertise in integrating IT and network technologies. NEC offers advanced solutions for identity verification. These solutions include fingerprint recognition, facial recognition, iris recognition, and voice recognition. These solutions enable Secure and accurate authentication, enhancing the reliability of digital identities. NEC also offers digital identity platforms that provide end-to-end identity management capabilities, supporting features such as identity proofing, attribute verification, and lifecycle management. NEC has launched a new subsidiary, NEC National Security Systems (NEC NSS). The new subsidiary specializes in delivering the company’s biometrics, identity, artificial intelligence, and computer vision applications to US government agencies. The company has offices across the globe, including Asia Pacific, North America, Europe, and the Middle East. NEC Facilities (Japan), NEC Display Solutions (Japan), NEC Energy Solutions (US), and NEC Embedded Products (Japan) are a few of its subsidiaries.
Samsung SDS (South Korea) was established to handle the information and communications technology part of the Samsung Group. The company offers enterprise mobility, security, analytics, mobile sales, and training software and solutions. Its IT business provides IT consulting, design and development, and system management and infrastructure services. The company offers a single authentication process with its SingleID solution to facilitate authorized users’ easier access to information assets. The integrated platform Nexfinance offers organizations the most recent tools and services to utilize all the advantages of digital finance. The company offers linked businesses with a one-time registration Blockchain ID; it provides a quick user verification service.
Thales (France) designs and builds electrical systems and provides services for the aerospace, defense, transportation, and security markets. The French government partially owns the company, and it operates in more than 56 countries. Thales has offices across the globe, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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