Digital Identity Software Market Industry Size, Share & Trends Analysis Report By Solution (Biometric, Non-Biometric), By Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), By Industry Vertical (BFSI, Retail, Government and Defence, Healthcare, IT and Telecommunication, Energy and Utilities), Global Economy Insights, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 - 2031
Global Digital Identity Software Market size was valued at USD 23.50 Billion in 2022 and is projected to reach USD 93.71 Billion by 2031, growing at a CAGR of 16.9% during the forecast period (2023-2031) according to a new report by IMIR Market Research.
The Digital Identity Software Marketrefers to the industry that encompasses software solutions and technologies designed to manage, secure, and authenticate the digital identities of individuals, organizations, and devices, enabling secure access to digital resources and protecting against unauthorized access and identity fraud. IAM systems play a vital role in controlling and managing user access to digital resources, ensuring that only authorized individuals or entities can access sensitive information or perform specific actions. These systems typically involve user provisioning, single sign-on (SSO), multi-factor authentication (MFA), and role-based access controls (RBAC).
The Digital Identity Software Market encompasses a broad range of solutions and technologies aimed at managing and securing digital identities in the online world. With the increasing digitization of various industries and the rising concerns surrounding data privacy and security, the demand for robust identity management solutions has been on the rise. According to a news article published by Forbes in April 2023, the digital identity verification market is set for rapid growth, driven by the need for secure customer onboarding and authentication processes. Biometric authentication technologies, such as facial recognition and fingerprint recognition, are also gaining traction, as highlighted in a news article by TechCrunch in March 2023, where it discusses the expanding market for stronger security measures. Additionally, digital onboarding platforms are becoming increasingly popular in the financial services industry, as stated in an article by FinTech Magazine in February 2023, due to their ability to streamline customer onboarding processes and improve regulatory compliance.
The Digital Identity Software Market research report comprises a thorough examination of the current and future scenario of this industry vertical. The research highlights major trends and opportunities, as well as challenges, for various segments and sub-segments, while broadening the company horizon. The study report also includes extensive information based on past and present patterns across several industry verticals to help find various expansion prospects. Throughout the forecast period, several estimations regarding market share, market size, and industry growth rate are presented. The research includes information on competitive analysis as well as consumption habits and pricing strategies depending on the Digital identity software market.
A recent market research report added to repository of Intellectual Market Insights Research is an in-depth analysis of Global Digital identity software Market. On the basis of historic growth analysis and current scenario of Digital identity software market place, the report intends to offer actionable insights on global market growth projections. Authenticated data presented in report is based on findings of extensive primary and secondary research. Insights drawn from data serve as excellent tools that facilitate deeper understanding of multiple aspects of global Digital identity software market. This further helps users with their developmental strategy.
This report examines all the key factors influencing growth of global Digital identity software market, including demand-supply scenario, pricing structure, profit margins, production and value chain analysis. Regional assessment of global Digital identity software market unlocks a plethora of untapped opportunities in regional and domestic market places. Detailed company profiling enables users to evaluate company shares analysis, emerging product lines, pricing strategies, innovation possibilities and much more.
The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SWOT, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.
One driver for the global digital identity software market is the increasing need for enhanced security and data protection in the digital ecosystem. As digital transactions and interactions become more prevalent, the risk of identity theft, data breaches, and unauthorized access to sensitive information also rises. This drives organizations and individuals to adopt robust digital identity software solutions to ensure secure authentication, access control, and data privacy. The driver is fueled by the growing awareness of the potential risks and the need to comply with stringent data protection regulations, thereby prioritizing investments in digital identity software to safeguard digital identities and sensitive data.
News reports often highlight the need for enhanced security measures in the digital space. For example, a recent news article by TechCrunch highlighted a significant data breach that exposed millions of user records, underscoring the urgency for organizations to prioritize secure digital identity management to protect sensitive user information.
The implementation of digital identity software solutions can be complex and challenging due to the need for integration with various systems, applications, and databases. According to a survey conducted by IDG Research, 44% of organizations cited integration challenges as a major barrier to implementing digital identity management solutions.
Interoperability challenges arise when different systems and platforms use incompatible protocols, data formats, or identity standards. This can lead to difficulties in securely sharing and validating digital identities across systems and can limit the seamless flow of information. A study conducted by the World Economic Forum highlights the need for standardized identity systems to enable interoperability and facilitate the secure exchange of digital identities.
The increasing digitization of various industries and the growing preference for digital services create opportunities for digital identity software providers. Businesses and organizations are seeking solutions that enable seamless and secure user experiences across multiple channels and platforms. This includes user-friendly authentication processes, personalized interactions, and frictionless access to digital resources.A news article highlights how a leading e-commerce company successfully implemented digital identity software to streamline customer onboarding and authentication, resulting in increased customer satisfaction and conversion rates.
The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2022-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.
The report also helps in understanding Global Digital identity software Market dynamics, structure by analyzing the market segments, and project the Global Digital identity software Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Digital identity software Market make the report investor’s guide.
Study Period | 2020-31 |
Base Year | 2022 |
Estimated Forecast Year | 2023-31 |
Growth Rate | CAGR of 16.9% from 2023 to 2031 |
Segmentation | By Solution, By Organization Size, By Industry Vertical, By region. |
Unit | USD Billion |
By Solution |
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By Organization Size |
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By Industry Vertical |
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By Region |
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North America dominated the global digital identity software market in 2022, capturing over 38% of the global revenue share. Governments in the region have approached the adoption of digital IDs cautiously, opting for hybrid identification credentials that balance accessibility and convenience. This approach has been driven by the acceleration of digital transformation across industries such as banking and travel during the pandemic. As a result, there has been significant innovation in the digital identity landscape to cater to digitally native citizens and consumers.
In the United States, the approach to digital identification is influenced by distinct viewpoints on the role of the state and businesses in managing identity. Unlike the concept of a national ID, which is widely accepted and desired among EU citizens, most Americans reject it due to concerns about government overreach. This divergence in perspectives shapes the development of digital identity solutions in the region.
The Asia Pacific region presents lucrative market opportunities for the digital identity software industry. With major developing economies like China, Japan, India, Singapore, and South Korea, the region has experienced rapid growth in digital identity solutions due to technological advancements. Digital IDs have gained global popularity due to their potential to enhance the effectiveness, functionality, scalability, and coverage of governmental programs and regulations.
For example, in November 2022, Sterling, a background and identity solutions provider, partnered with digital identity company Yoti Ltd to facilitate background checks and expand their digital identity solutions. This collaboration has enabled Sterling to enhance its digital identity capabilities in the Asia Pacific and Middle East and Africa (EMEA) regions, aligning with their vision of creating privacy-centric portable identities for candidates.
The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
Frequently Asked Questions
The global Digital identity software market was valued at USD 23.50 billion in 2022. The market is expected to grow at a compound annual growth rate (CAGR) of 16.9% from 2023 to 2031, reaching a value of USD 93.71 billion by 2031.
The global digital identity software market is a dynamic and evolving space with varying market shares across regions. However, traditionally, North America has been a leading region in terms of market share for the digital identity software market. This is due to several factors, including the presence of major technology companies, high digital adoption rates.
The driving factors for the digital identity software market include increasing concerns about data privacy and security, growing digitalization initiatives, and the need for seamless and secure access to digital services and applications.
The leading segment in the global digital identity software market is the Identity and Access Management (IAM) segment, which encompasses solutions for managing and securing user identities, authentication, and access to digital resources.
Some of the major players in the digital identity software market include IBM Corporation, Microsoft Corporation, Oracle Corporation, Salesforce.com, Inc., and Okta, Inc.
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