New York, USA, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Digital Identity Market Analysis:
According to a Comprehensive Report by MRFR/Market Research Future (MRFR), The global Digital Identity Market will touch USD 173.3 billion at a 19.80% CAGR by 2032, as per the recent Market Research Future report.
The online depiction of a person, group, or other entity which exist in the digital realm is referred to as their "digital identity." It is a collection of distinctive qualities, traits, and credentials connected to an individual or an organization that are used to verify their identity and allow them to conduct safe online transactions. Online interactions, transactions, and security all depend on digital identity, which is essential with regards to the internet & digital services. It has wide applications ranging from airports to healthcare and more.
Market Key Players:
Key market players profiled in the digital identity market report include:
- NEC (Japan)
- Samsung SDS (South Korea)
- Thales (France)
- Telus (Canada)
- IDEMIA (France)
- GBG (UK)
- Tessi (France)
- Daon (US)
- ForgeRock (US)
- ImageWare (US)
- Jumio (US)
- iProov (UK)
- ID R&D (US)
- Refinitiv (UK)
- OneSpan (US)
- Smartmatic (UK)
- Freja EID Group (Sweden)
- Vintegris (Spain)
- AU10TIX (Israel)
- Signicat (Norway)
- Duo Security (US)
- Syntizen (India)
- Hashcash Consultant (US)
- Good Digital Identity (Czech Republic)
- Among others.
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Digital Identity Market Segmentation:
The global digital identity market is bifurcated based on vertical, organization size, identity type, solution type, and offerings.
- By offerings, solutions will lead the market over the forecast period.
- By solution type, identity verification will domineer the market over the forecast period.
- By identity type, biometric will spearhead the market over the forecast period.
- By organization size, SMEs will spur the market over the forecast period.
- By vertical, retail and e-commerce will head the market over the forecast period.
Scope of the Report – Digital Identity Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 173.3 Billion |
| CAGR during 2023-2032 | 19.80% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Digital Wallets and Payment Systems. |
| Key Market Dynamics | Increased Awareness of Privacy. |
In airports, the term "digital identity" refers to the usage of technology to manage and verify the identities of both passengers and airport staff. With the help of this technology, airports should operate more efficiently & securely while also streamlining the passenger experience. At different airport check-in, security, & boarding locations, travelers’ identities can be confirmed using biometric information such as fingerprints, face recognition, and iris scans. In order to improve convenience and security, biometric authentication might take the place of or augment established procedures like using passports and boarding cards. Without the need for actual documents, travelers may check in & drop off their bags at self-service kiosks featuring biometric technology. Paper boarding cards are not required because passengers may board their planes using biometric verification. Blockchain technology may be used by some airports to handle and distribute digital identification data in a safe manner. Digital wallets and mobile applications may be very important for storing and displaying digital identities.
In education digital identity refers to a person's online persona as it relates to their academic endeavors. It includes a student's, a teachers, or an educational institution's digital qualities, online presence, and digital footprint. Basic personal data like name, age, & contact information serve as the foundation of a digital identity. This data is used for the registration, communication, & administrative tasks in educational contexts. Online profiles for students and teachers are common on sites like LinkedIn, the academic social networks, and personal websites. Their educational accomplishments, abilities, and hobbies may be highlighted in these profiles, helping to define their digital identity. Digital badges and awards are being issued by educational institutions more often to acknowledge accomplishments and competences.
In the BFSI industry, "digital identity" refers to the verification and authentication of people or entities online. It is essential for both facilitating safe and practical transactions and adhering to legal obligations. When opening new accounts, applying for loans, and conducting other financial operations, BFSI banks employ digital identification systems to confirm the identity of the clients. The usage of biometric technology for authentication is growing, including iris scanning, face recognition, and fingerprinting. These procedures are thought to be more convenient and secure than standard PINs or passwords. Digital identities may be made safe and impenetrable using blockchain and DLT. By offering a decentralized and irreversible ledger for storing identifying data, these technologies lower the danger of fraud.
Digital Identity in Healthcare
To reliably identify and verify patients, digital identity solutions are employed in healthcare. This assists in avoiding mistakes that might happen when patient identities in fact are not adequately validated, such as incorrect diagnosis, improper treatment, or data breaches. Electronic health records and digital identity are closely related, ensuring that patient healthcare data is safe and readily available. No matter where they seek treatment, patients can access their medical information and get consistent care thanks to digital identity. For remote healthcare service like telemedicine & remote patient monitoring, digital identification is essential. To improve security & control over digital identities, certain healthcare institutions are looking into blockchain technology and decentralized identity solutions. Digital identification systems can aid healthcare workers in swiftly accessing crucial medical data, allergies, and past treatments in emergency situations or when the patients are asleep.
Digital Identity in Government Sector Market
When people engage with government services and systems, their identities are established and verified using digital technology & authentication procedures. This is known as "digital identity" in the government sector. Many nations provide their citizens with electronic IDs, or eIDs. These digital IDs may be used to sign papers online, vote, and access government services, among other things. By forcing users to submit several pieces of identification before being granted access to critical government services, MFA implementation improves security. Cyberattackers find the government digital identity system to be appealing targets. To prevent data breaches & identity theft, effective cybersecurity measures are crucial. In the public sector, digital identification may greatly simplify administrative procedures while also reducing fraud, boosting security, and enhancing citizen convenience.
Market Drivers:
Increase in Online Activities to Boost Market Growth
The need for convenient and secure digital identities has increased in tandem with the growth of online transactions, the social media use, and digital services. People want to use these services without risking the security of their personal data.
Market Opportunities:
Integration of Biometrics to offer Robust Opportunities
Digital identification solutions' use of biometrics, such as iris scanning, face recognition, and fingerprint recognition, has increased security & user convenience while spurring market expansion.
Restraints and Challenges:
Privacy Concerns to act as Market Restraint
Data security and privacy, interoperability issues, security risks, technological challenges, and high cost may act as market restraints over the forecast period.
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COVID-19 Analysis:
Numerous companies and organizations were compelled by COVID-19 to quicken their attempts at digital transformation. The need for digital services such as online banking, telemedicine, e-commerce, and remote work collaboration technologies has increased as a result. To validate and safeguard user identities, these services frequently need reliable digital identity solutions. The epidemic caused remote work to become widely used. In order to handle access control and make sure that employees could safely access business resources from remote locations, this transition generated a demand for secure and practical digital identification solutions. The idea of digital health passport or immunization certificates was introduced by COVID-19. In order to enable safer travel & access to public areas, these digital papers are used to confirm a person's COVID-19 immunization status or test results. Such solutions have been developed and put into use in part thanks to the digital identification industry. Because they are contactless, biometric identification techniques like fingerprint and face recognition have grown in popularity and are in line with pandemic-related health and safety concerns.
Browse In-depth Market Research Report (128 Pages, Charts, Tables, Figures) Digital Identity Market
https://www.marketresearchfuture.com/reports/digital-identity-market-12149
Regional Analysis:
North America to Head Digital Identity Market
In 2022, this market was dominated by the North American digital identity market (45.80%). North America, including the United States and Canada, has implemented stringent data privacy laws like the CCPA & the General Data privacy Regulation (GDPR). The legislation's need that businesses build robust digital identification solutions to protect data privacy and security has stimulated the adoption of IAM systems, the biometric authentication, & other identity verification techniques. Additionally, the North American digital identity markets with the greatest market shares were those in the United States and Canada, respectively.
Europe to Have Admirable Growth in Digital Identity Market
The second-biggest market share belongs to the Digital Identity market in Europe. The digital identity environment in Europe has been significantly impacted by the GDPR of the European Union. Businesses from all sectors have been forced to invest in digital identity solutions in order to meet GDPR's strict standards for data protection, especially with regard to permission and data subject rights. Additionally, the UK's digital identity market grew the quickest in the European area, while the German market for digital identity had the biggest market share.
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Industry Updates:
September 2023- Bhutan government recently showed that technological innovation knows no boundaries by adopting self-sovereign national digital IDs for all of its residents. Druk Holding and Investments, the commercial and investment arm of Bhutanese government, which also serves as the project's driving force, developed this ground-breaking national digital identity system. The unique aspect of Bhutan's plan is the utilization of blockchain technology. Because of this, every person preserves the principles of self-sovereignty and has complete control over their digital identity. This provides a previously unheard-of level of privacy and control and is comparable to how cryptocurrencies operate in that solely the individual can choose how their identity is used or revealed.
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