Authored By: Sarah
11 Jul 2024

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

According to a research report “ Digital Identity And Security Market” by Component (Solutions, Services) Deployment (On-premise, Cloud) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 64.4 billion, at a CAGR of  21.23% during the forecast period. In today's digital age, authenticating digital identities through secure channels is paramount for accessing various services, including banking, government benefits, education, and more. Digital identification, or eID, enables remote authentication over digital channels, fostering civic and social empowerment. However, the global digitalization trend has given rise to an increased number of identity-related frauds, necessitating stringent security measures. Identity verification is a crucial element in sectors requiring verified identities, such as border controls and digital services, as governments and corporations continue to digitize. Advanced identity verification solutions, such as eID, smart border control using facial recognition, and smart cities and airports employing video analytics and liveness detection, are essential components of online security in these areas.

Browse market data tables, figures, and in-depth TOC on “Digital Identity And Security Market” by Component (Solutions, Services) Deployment (On-premise, Cloud) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Component, the Solutions segment is projected to dominate the market size in 2024

In the realm of Digital Identity and Security, on-premises deployment mode offers organizations significant control and flexibility. Unlike cloud-based solutions, these systems are installed on-site, necessitating a one-time licensing fee, a service agreement, and substantial infrastructure requirements, including a dedicated data center. This deployment model caters primarily to large enterprises due to its substantial investment. With the proliferation of mobile devices and the subsequent increase in data transfers among business parties, the risk of cyberattacks and data loss has escalated. To mitigate these risks, many organizations opt for on-premises deployment of their corporate data.

By Deployment, On-premise  segment is expected to hold the largest market size for the year 2024

The digital identity and security market is primarily driven by software solutions that facilitate the assessment of biometric data for authentication purposes and perform additional tasks such as data encryption. Biometric software supports both identification and verification processes. These software solutions process and securely store the biometric data acquired through hardware. Advanced data mining techniques are employed in large databases to expeditiously analyze the data. Vendors, including IDEMIA France SAS, Tessi, GB Group plc, and NEC Corp, offer robust software tools to ensure optimal biometrics data security.

North America is forecasted to hold the largest market size by region in 2024

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.

The Digital Identity And Security Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Atos SE
  • Au10tix Ltd.
  • Daon Inc.
  • Euronovate S.A.
  • Freja eID Group AB
  • GB Group plc
  • IDEMIA France SAS
  • iProov Ltd.
  • Jumio Corp.
  • London Stock Exchange Group plc
  • NEC Corp.
  • OneSpan Inc.
  • Ping Identity Corp.
  • Samsung Electronics Co. Ltd.
  • SECURE IC S.A.S
  • Smartmatic International Corp.
  • TECH5 Group
  • TELUS Corp.
  • TESSI
  • Thales Group
.

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Research Analysis Overview

The Digital Identity and Security market is witnessing significant growth due to the increasing importance of secure digital identities in various sectors. Personal characteristics such as biometric data and biographical information are being used to create robust digital identification solutions. Biometric technologies, including facial recognition, fingerprint scanning, and iris scanning, are being integrated into digital identity platforms for secure source verification. Electronic transactions in healthcare, vehicle card registration, and driver’s license issuance are just a few examples of industries that rely on digital identity solutions. Biometric data and biographical data are used to create secure and unique digital identities, enhancing security and reducing fraud. Proactive security measures, such as multi-factor authentication, one-time passcodes (OTPs), and passwordless login, are becoming essential components of digital identity management capabilities. Omnichannel authentication, which allows users to authenticate themselves across multiple devices, including phones, desktops, and call centers, is also gaining popularity. Digital identity-based authentication using smartphones and biometrics integration is the future of secure authentication. Commercial businesses and organizations are investing in secure mobile apps and ID wallet solutions to provide their customers with a seamless and secure digital identity experience. However, with the increasing use of digital identities, the risk of data breaches also increases. Therefore, it is crucial to prioritize data security and privacy to maintain trust and confidence in digital identity systems.

Market Research Overview

The Digital Economy's digitization has led to an increasing demand for Digital Identity and Security solutions. Biometric software and devices, such as face recognition, voice recognition, handprint, and fingerprint scanners, play a crucial role in securing online identity. However, with the rise of digitization comes the risk of online identity theft. Distributed ledgers, hashing, and consent are essential components of digital identification solutions. Mobile driver's licenses and state-issued driver's licenses are replacing traditional paper licenses, making identity management more secure. Biometric data and biographical data are used to authenticate identity, while regulations ensure data security and user privacy. CPG companies, banking, healthcare, and law enforcement are among the industries adopting biometric solutions for identity verification services. Biometric data, such as facial recognition, is used to verify identities in eBanking applications, ID verification services, and healthcare credentials. Identity management regulations, security risk, IT issues, and supply chain complexities require customized solutions, including managed authentication services, connectors, APIs, custom interfaces, security appliances, networking equipment, and storage systems. Proactive security measures, such as ML-based analytics, provide hidden insights to prevent cyberattacks and account takeovers. Decentralized identity systems, such as blockchain technology, offer secure sources for digital verifiable credentials. Digital transformation and mobile computing require omnichannel authentication, multi-factor authentication, and digital identity-based authentication. Identity governance, call centers, phones, desktops, one-time passcodes, and passwordless login are essential components of a comprehensive digital identity strategy. Cyber threats, such as insecure endpoints and compromised user privacy, require proactive measures and user awareness.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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