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Digital Identity Solutions Market worth $83.2 billion by 2028 - Exclusive Report by MarketsandMarkets™
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The adoption of digital identity solutions is driven by enhanced security needs for secure authentication and access control in large enterprises. Large enterprises were the early adopters of digital identity solutios to their employees. Additionally, there are no budget constraints in large organizations; therefore, these organizations can adopt the on-premises-based digital identity solution. Organizations are increasingly enhancing their businesses' productivity across regions by adopting digital identity solutions. Additionally, the solution can detect access risk, excess risk, and risk outliers. Hence, large enterprises are expected to increasingly adopt digital identity solutions that comply with various standards and regulations.
The need for biometric solutions is driven by the demand for a seamless experience for the customer. Digital identity solutions traditionally evolved from passwords to biometric authentication, such as fingerprint, facial recognition, retina or eye scan, handprint, and voice recognition. Lock and capture mechanisms are followed by biometric solutions to authenticate the individuals and enable access to a specific set of services. Compared to conventional keys (or keycards) and password systems, biometric solutions are more secure. These solutions also use multi-factor authentication to add an extra layer of protection. Increasing demand for digital identity solutions, identity authentication, ID verification, and others, including compliance management and fraud prevention, is driving the growth of the biometric solutions segment.
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Asia Pacific includes big developing economies, such as Australia , China , Japan , India , Singapore , and South Korea . With the increase in technological innovations, the Digital Identity Solutions Market is witnessing high growth opportunities in this region. Developing countries, such as India , use digital identities to authenticate their citizens, whereas developed countries use digital identities for more advanced applications, including accessing government services and identification. Various vendors are trying to fulfill the demand for digital identity in the Asia Pacific . For example, ForgeRock, a global digital identification provider, continues its development throughout Asia and the local availability of its ForgeRock identification Cloud from two additional data centers in Hong Kong and Indonesia . With this expansion, ForgeRock's Identity cloud is now available in 17 countries globally. Such expansions are strengthening the growth of digital identity solutions in the Asia Pacific .
The widespread technology implementation across verticals, such as BFSI, retail and eCommerce, and healthcare, in terms of mobility and cloud computing, has led to the increase in customer base and internet users, compliance regulations, and mobile usage, eventually leading to the need to deploy digital identity solutions.
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 ) are the key players and other players in the DIS market.
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