Digital Identity And Security Market Size to grow by USD 64.4 billion between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Digital Identity And Security Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: The IT software market encompasses businesses specializing in the development and production of application, system, and database management software. Technavio's market analysis covers the consolidated revenue of organizations providing various types of IT software, including cloud-based solutions. This sector includes enterprise and technical software providers, excluding those engaged in interactive home entertainment or systems software production, such as database management system vendors. - The Digital Identity And Security Market is experiencing significant growth, fueled by the Increase in digitalization with electronic ID cards (eID) and smart infrastructure initiatives. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Increase in digitalization with electronic ID cards (eID) and smart infrastructure initiatives
  • Growing incidence of data thefts globally
  • High costs involved in deploying digital identity and security solutions
  • Lack of skilled security professionals
• Growth Projections

The market size is estimated to grow by USD 64.4 billion, at a CAGR of 21.23% during the forecast period. In the digital identity and security market, the convergence of blockchain, machine learning (ML), and Artificial Intelligence (AI) technologies is driving innovation. These advanced technologies are automating identity management and security processes, thereby minimizing human intervention and associated risks. ML-based analytics enable vendors to analyze vast volumes of identity-related data and access activities, enabling precise measurement and reporting of user, account, application, department, and organizational risk posture. This reduction in the identity attack surface is creating new market opportunities for digital identity and security solutions. By allowing computers to discover hidden insights without explicit programming and automating the construction of analytical models, these technologies are revolutionizing the digital identity and security landscape.

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• Regional Insights

The Digital Identity and Security market encompasses solutions that safeguard and manage electronic identities, ensuring secure access to digital platforms and maintaining data privacy. These solutions employ advanced technologies such as multi-factor authentication, biometric verification, and encryption to mitigate cyber threats and protect valuable business assets. Market growth is driven by the increasing adoption of digital technologies, stringent data protection regulations, and the rising number of cyber attacks.

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