Digital
Trust Market Growth is Estimated to Witness High Growth Owing to Rising
Cybercrimes



Digital trust enables the verification of digital identities and transactions
across various platforms on the internet, ensuring security and privacy. From
multifactor authentication and risk-based authentication to identity proofing
and credential stuffing protection, digital trust solutions provide ways for
businesses and individuals to securely interact and transact online. The
increasing instances of data breaches, phishing attempts, and other cybercrimes
have accelerated the demand for robust digital trust and verification measures.

The global
Digital Trust Market is estimated to be valued at US$ 308.34 Bn in 2023 and is
expected to exhibit a CAGR of 6.0% over
the forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.



Market Dynamics:

The rising cases of cybercrimes is one of the major drivers propelling the
growth of the digital trust market. Cybercriminals are constantly evolving
their techniques to steal critical data and financial information. For example,
in 2022 there was a 61% year-over-year increase in phishing attempts according
to a report by Cofense. As cyber threats continue to intensify, organizations
are compelled to adopt stringent identity and access management solutions to
minimize security risks. increasing awareness about the importance of online
privacy and data protection is also boosting the demand for digital trust tools
that can help ensure anonymity and consent-based sharing of personal
information over the internet. However, high initial costs of deploying digital
identity platforms and lack of common standards are some of the factors
hindering the market growth.



SWOT Analysis



Strength: The digital trust market has high growth potential due to increasing
digital transactions globally. Digital identities authentication provides
security to various online services. Governments are also supporting digital
identity programs which will boost the adoption of digital trust solutions.



Weakness: High initial investment requirement for deployment of digital trust
infrastructure can restrain small businesses from adopting related solutions.
Lack of global standards for digital identities is also a challenge for the
market.



Opportunity: Growing adoption of blockchain technology solutions provides
opportunities to integrate digital trust platforms with blockchain. Rising
mobile transactions will drive demand for mobile digital identity solutions.
Developing economies represent untapped growth opportunities.



Threats: Cyber threats pose security challenges for digital identities. Strict
regulations around data privacy and security differs across regions and poses
compliance complexities. Technology innovations like artificial intelligence
also threaten existing digital trust platforms.



Key Takeaways



Global
Digital Trust Market Size is expected to witness high growth. The
global Digital Trust Market is estimated to be valued at US$ 308.34 Bn in 2023
and is expected to exhibit a CAGR of
6.0% over the forecast period 2023 to 2030.

Regional analysis related content comprises the Asia Pacific region holds the
largest share of the overall digital trust market currently. China dominates
the Asia Pacific digital trust market owing to advanced digital infrastructure
and supportive government initiatives. Rapid 5G deployment and growing online
transactions are fueling demand for digital identity verification solutions in
the country.



Key players related content comprises Key players operating in the digital
trust market are Identrust, Cisco Systems, Digicert, Gemalto, Trustwave,
Verisign, Entrust Datacard, GoDaddy, Comodo, Among, Wipro, GMO GlobalSign, Zuci

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