Latest News- Digital Identity And Security Market: Solutions is expected to lead the Component segment during 2025-2029

The Digital Identity And Security Market is being driven by Increase in digitalization with electronic ID cards (eID) and smart infrastructure initiatives

The Digital Identity And Security Market is expected to grow at a CAGR of 17.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 59.4 billion. 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 automate processes, reducing human intervention and associated risks. ML algorithms enable the discovery of hidden insights from vast volumes of identity-related data and access activities, enabling digital identity and security companies to construct analytical models without explicit programming. This leads to new market opportunities, as these technologies precisely measure and report user, account, application, department, and organizational risk postures, thereby minimizing the identity attack surface. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Solutions
  • Services
• Deployment
  • On-premise
  • Cloud
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
  • South America
    • Brazil
    • Argentina
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in digitalization with electronic ID cards (eID) and smart infrastructure initiatives
• Growing incidence of data thefts globally
• Integration of biometrics into smartphones

However, the market also witnesses some limitations, which are as follows:

• High costs involved in deploying digital identity and security solutions
• Lack of skilled security professionals
• Low adoption of digital identity and security solutions in developing regions

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Market Scope in Digital Identity And Security Market Research Report

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Research Analysis Overview

The Digital Identity and Security market encompasses solutions and services for managing and assuring digital identities throughout their lifecycle. This includes Identity Lifecycle Management, Privileged Access Management, Credential Stuffing protection, Account Takeover prevention, and Fraud Detection through Risk Scoring, Identity Federation, Trust Services, Consent Management, and Privacy by Design. Data security measures such as Data Masking, Data Anonymization, Data Sovereignty, and Cybersecurity Awareness Training are also crucial. Services like Security Incident Response, Security Operations Center, Threat Modeling, Vulnerability Management, Penetration Testing, Secure Development Lifecycle, Application Security, Cloud Security, Mobile Security, IoT Security, Identity Resolution, Identity Analytics, Identity Management Platform, and Identity Management Solutions contribute to maintaining Digital Trust and combating cyber threats in various digital identity ecosystems.

Market Research Overview

The Digital Identity and Security market is a significant segment of the global application software industry. This market encompasses companies specializing in identity verification, access management, multi-factor authentication, single sign-on, password management, and identity governance solutions. These technologies are essential for businesses to ensure secure and efficient management of digital identities and access to critical systems and applications. According to Technavio, the global IT software market size includes revenues generated by companies providing IT software solutions, including those offering digital identity and security services. This market caters to both business and consumer needs, encompassing enterprise and technical software, as well as cloud-based solutions. It is important to note that this market excludes companies producing systems or database management software and those classified in the interactive home entertainment sub-industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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