Digital Identity Solutions Market worth USD 133.19 billion by
2030, at a CAGR of 21.2%

The global Digital
Identity Solutions Market size is projected to grow from USD 42.12
billion in 2024 to USD 133.19 billion by 2030 at a Compound Annual Growth Rate
(CAGR) of 21.2% during the forecast period.

The growth of the digital identity solutions market is
observed due to factors such as the rise in cybercrimes specifically related to
digital authentication and identity related frauds, the need to comply with
stringent regulations such as GDPR, CCPA, and eIDAS, and an increased
innovation in technologies such as biometric authentication and AI which has
brought maximum convenience and security to the users.

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Digital Identity Solutions Market Dynamics

Drivers

·      
Government
initiatives and regulations supporting digital ID transformation

·      
Rise
in ID wallet solutions

Restraints

·      
Privacy
concerns in digital identity solutions adoption

Opportunities

·      
Increased
integration of AI, ML, and blockchain technologies to enhance digital
identities

·      
Adoption
of biometric devices in digital identity solutions

List of Top Key Players

·      
Thales
(France)

·      
NEC
Corporation (Japan)

·      
IDEMIA
(France)

·      
Samsung
SDS (South Korea)

·      
Telus
(Canada)

·      
HID
Global (US)

·      
CrowdStrike
(US)

·      
DXC
Technologies (US)

·      
IBM
(US)

·      
CyberArk
(US)

By Solution, the Hardware segment account for the largest
market size during the forecast period.

The hardware segment dominates the digital identity solutions
market because of the increasing demand for biometric authentication hardware,
such as fingerprint scanners and facial recognition systems, addresses
stringent security requirements against identity fraud and cyber threats,
offering more robust protection compared to software solutions. In addition to
this, the integration of advanced and emerging technologies like IoT and AI
into hardware is fueling the demand, enabling secure identity management across
various applications. Additionally, the rising adoption of biometric techniques
in sectors such as retail and e-commerce boosts the growth potential of the
hardware segment as it enhances secure and seamless identity verification for
fraud prevention and customer convenience.

By deployment mode, the cloud segment is to grow at the
highest CAGR during the forecast period.

The cloud segment provides flexibility, scalability, and
cost-effectiveness, making it an excellent choice for enterprises managing
identity services. The cloud-based model enables seamless integration with
current IT infrastructure and improves accessibility across varios devices,
making it ideal for remote and hybrid work situations. Furthermore, the growing
use of cloud services, along with advances in AI and machine learning for
identity verification and authentication, is accelerating the need for cloud-based
digital identity solutions. Furthermore, legal requirements for safe data
handling, as well as increased cybersecurity concerns, are driving firms to
adopt sophisticated cloud-based identity management.

By region, North America is projected to have the largest
market during the forecast period.

North America is projected to have the largest market size in
the digital identity solutions market because of the presence of a large number
of vendors such as IBM, CrowdStrike, and DXC Technology as well as due to the
region’s advanced technological infrastructure. North America has strict
regulations like HIPAA and CCPA which pushes organizations to maintain a secure
environment by deploying robust cybersecurity solutions and services. In
addition to this, the growing cases of identity-related fraud and cybercrimes
in the region are driving the region’s market growth.

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