NEW
YORK, July 25, 2024 /PRNewswire/ -- The global
digital identity and security market size is estimated to grow by
USD 64.4 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a
CAGR of 21.23% during the forecast period. Increase in
digitalization with electronic ID cards (EID) and smart
infrastructure initiatives is driving market growth, with
a trend towards integration of AI, ML, and blockchain
technologies to enhance digital identities. However, high
costs involved in deploying digital identity and security solutions
poses a challenge. Key market players include 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, and Thales
Group.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Component (Solutions
and Services), Deployment (On-premise and Cloud), and Geography
(North America, APAC, Europe, South America, and Middle East and
Africa)
|
Region
Covered
|
North America, APAC,
Europe, South America, and Middle East and Africa
|
Key companies
profiled
|
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, and Thales Group
|
Key Market Trends Fueling Growth
The digital identity and security market is experiencing
significant advancements through the integration of blockchain,
machine learning (ML), and Artificial Intelligence (AI)
technologies. These innovations enable computers to discover hidden
insights without explicit programming and automate the construction
of analytical models, reducing the need for human labor and
potential risks. ML-based analytics allows for the analysis of
large volumes of identity-related data and access activities by
digital identity and security vendors. This data aids in precisely
measuring and reporting on user, account, application, department,
and organizational risk posture, revealing anomalous access, and
implementing risk-based access certifications. Industries such as
government, BFSI, and auto have begun utilizing these technologies,
creating new market opportunities. Blockchain technology,
specifically self-sovereign identity, is another major driver. It
provides decentralized identity solutions using
self-owned, independent, verifiable credentials and digital
identifiers. The combination of AI, ML, and blockchain technologies
is anticipated to open up numerous growth opportunities for digital
identity and security solution providers.
In today's digital world, banking and eBanking applications have
become the norm. However, with increased reliance on computerized
systems, compromised user privacy and insecure endpoints have
emerged as significant concerns. Cyberattacks are on the rise,
putting data security at risk. Businesses need hidden insights into
their identity attack surface using ML-based analytics. Pilot
programs for digital verifiable credentials offer customized
solutions to mitigate IT issues. Servers, storage systems,
networking equipment, security appliances, custom interfaces, APIs,
connectors, and legacy systems all form part of the identity
management landscape. Biographical and biometric data are essential
components of digital identity platforms. Regulations like identity
management regulations require robust security measures. Biometric
technologies, such as passwords, biometric authentication
techniques like face recognition, and biometric solutions, offer
enhanced security. However, IT issues and security risks persist,
especially with third-party applications, printers, and security
cameras. CPG companies must address these challenges with managed
authentication services and secure supply chain complexities.
Ultimately, a customized, comprehensive approach to digital
identity and security is crucial.
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Market Challenges
- Organizations across various industries prioritize
cybersecurity due to the increasing threat of identity-related
fraud and cyberattacks. Digital identity solutions
offer a viable response, but their implementation comes with
substantial upfront costs. Small and medium enterprises (SMEs)
often overlook security until after a breach, owing to budget
constraints. These businesses typically focus on securing critical
servers while neglecting database security, making them more
susceptible to cyber threats. The significant investment required
for digital identity and security solutions poses a significant
challenge to the expansion of the global market during the forecast
period.
- In today's digital world, businesses face numerous challenges
in maintaining digital identity and security. Artificial
intelligence (AI) and cyber threats pose significant risks, leading
to data breaches and account takeovers. Unique identities must be
managed across networks and access privileges, especially with the
Bring-Your-Own-Device policy. E-commerce and mobile computing
increase vulnerabilities, making proactive security measures
essential. SMEs and commercial businesses grapple with identity
verification processes, from conventional keys and password systems
to biometric authentication like fingerprint, facial recognition,
handprint, and voice recognition. Decentralized
identity systems using blockchain technology offer a solution, but
planning, designing, and consulting are crucial. Identity
verification services are vital for industries like banking,
retail, and e-commerce, preventing bank fraud and
ensuring secure transactions. Law enforcement officers and health
professionals also rely on these services for critical data access.
ID wallet solutions and secure mobile apps provide convenient and
secure ways to store and manage digital identities, from driver's
licenses and vehicle card registrations to healthcare credentials.
A robust identity management system is essential in the era of
digital transformation.
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challenges - Download a Sample Report
Segment Overview
This digital identity and security market report extensively
covers market segmentation by
- Component
- 1.1 Solutions
- 1.2 Services
- Deployment
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Solutions- The digital identity and security
market primarily revolves around software solutions that analyze
biometric data for authentication and perform various tasks such as
data encryption. Biometric identification and verification are
facilitated by these software solutions. The software processes and
securely stores the data obtained through hardware. Advanced data
mining techniques are employed in large databases for swift data
processing. Vendors like IDEMIA France SAS, Tessi, GB Group plc,
and NEC Corp. Provide customized Software Development Kits (SDKs)
based on client requirements. For instance, NEC Corp.'s NC7000-3A
server software solution offers FIDO2-compliant biometric
authentication to secure access to websites and mobile
applications. The increasing adoption of digital identity and
security solutions is projected to fuel the growth of the solution
segment in the global digital identity and security market.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global Identity Verification Market is projected to grow
significantly, driven by rising security concerns and regulatory
compliance needs. Similarly, the global Blockchain Technology in
Transportation and Logistics Industry Market is expanding,
leveraging blockchain for enhanced transparency and efficiency in
supply chains. Meanwhile, the global Identity and Access Management
Market is experiencing robust growth, fueled by increasing cyber
threats and the need for secure access solutions across
organizations. Together, these markets are shaping the future of
digital security and operational efficiency.
Research Analysis
The Digital Identity and Security market is experiencing
significant growth due to the increasing importance of secure and
convenient digital identity management. Biometrics integration,
such as fingerprint or facial recognition, is becoming more common
in smartphones for digital identity-based authentication.
Multi-factor authentication, including one-time passcodes (OTPs),
adds an extra layer of security for commercial businesses.
Omnichannel authentication enables seamless authentication across
desktops, phones, call centers, and more. Passwordless login and ID
wallet solutions offer a more convenient and secure way to manage
digital identities. Proactive security measures, such as secure
mobile apps, protect against data breaches and identity theft.
Digital identity platforms utilize biographical and biometric data
for electronic transactions and digital identification solutions.
Biometric technologies, like driver's license and vehicle card
registration, healthcare credentials, and secure sources, provide a
more secure and efficient way to verify identity. Personal
characteristics, such as voice recognition and iris scans, are also
being explored for future identity management capabilities.
Market Research Overview
The Digital Identity and Security market is a dynamic and
evolving landscape focused on safeguarding unique identities in the
digital world. Biometrics integration through smartphones and
multi-factor authentication are key trends, with omnichannel
authentication and passwordless login gaining popularity. Digital
identity solutions encompass various technologies like face-based
biometrics, machine learning (ML), and artificial intelligence
(AI), ensuring secure access across desktops, phones, call centers,
and more. Identity governance and access privileges are crucial
components, with Bring-Your-Own-Device policies adding complexity.
Cyber threats, data breaches, and account takeovers are significant
challenges, necessitating proactive security measures and
decentralized identity systems. E-commerce, SMEs, and
commercial businesses are major sectors adopting digital identity
solutions for ID wallet solutions, secure mobile apps, and identity
verification services. Planning, designing, and consulting services
are essential for implementing effective identity management
capabilities and combating cyberattacks, data breaches, and
compromised user privacy. Hidden insights from ML-based analytics
help mitigate the identity attack surface, with pilot programs
exploring digital verifiable credentials and secure source
technologies like blockchain and servers, storage systems,
networking equipment, and security appliances. User awareness and
data security are paramount, with custom interfaces, APIs, and
connectors ensuring seamless integration.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Component
-
- Deployment
-
- Geography
-
- North America
- APAC
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
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With over 500 specialized analysts, Technavio's report library
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Technavio's comprehensive coverage, extensive research, and
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and potential markets and assess their competitive positions within
changing market scenarios.
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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