Dublin, Aug. 24, 2021 (GLOBE NEWSWIRE) -- The "Digital Identity Solutions Market - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
In the post-COVID-19 scenario, the global digital identity solutions market size is projected to grow from USD 23.3 Billion in 2021 to USD 49.5 Billion by 2026, recording a CAGR of 16.2% from 2021 to 2026.
The market's growth in the market can be attributed to the increase in instances of identity-related frauds and data breaches and the need for compliance with various upcoming regulations.
By deployment, the cloud segment is expected to grow at a higher CAGR than the on-premises segment during the forecast period.
The adoption rate of cloud-based digital identity solutions is expected to be on the rise, due to their features, such as ease of use and reduced installation and maintenance costs. The on-premise deployment mode is expected to have a larger market size during the forecast period, as large enterprises have the required infrastructure for deploying their solutions on-premises. On-premise deployment assures high levels of flexibility and control. At the same time, a cloud-based deployment enables the expansion of the number of end users, as required.
The Asia Pacific market is expected to register the highest growth rate during the forecast period.
Based on region, the digital identity solutions market in Asia Pacific is projected to grow at the highest CAGR during the forecast period. Major factors boosting the growth of the digital identity solutions market in APAC include increasing investments by government and defense sectors as well as increased technological advancements across various sectors.
With rapid digitization, increased use of smartphones, mobile applications, and cloud storages for the smooth functioning of businesses Asian organizations are evolving to a security mindset.
Key players in the global digital identity solutions market include vendors, such as NEC Corporation (NEC), Samsung SDS, Thales Group, GB Group PLC (GBG), TELUS Communication (TELUS), Tessi, Daon, IDEMIA, ForgeRock, and Jumio.
Increasing Number of Identity Thefts Across Verticals to Fuel the Growth of the Market
Single-Factor Authentication to Account for a Higher Market Share During the Forecast Period
On-Premise Deployment to Gain a Higher Market Share During the Forecast Period
Large Enterprises to Have a Greater Market Share During the Forecast Period
BFSI and North America to Account for the Highest Respective Market Shares in 2021
APAC to Emerge as the Best Market for Investment in the Next Five Years
Rise in Identity and Authentication Frauds
Integration of Biometrics in Smartphones
Increased Focus to Enhance End-To-End Customer Experience
Higher Cost Involved in Deploying Digital Identity Solutions
Lack of Information Security of Consumer Data
Integration of Ai, Ml, and Blockchain Technologies to Enhance Digital Identities
Increase in Adoption of the Cloud-Based Digital Identity Solutions
Wide Adoption of Authentication Across Verticals
Threat of Privacy and Data Breach
Lack of Skilled Security Professionals
General Data Protection Regulation
Electronic Identification, Authentication, and Trust Services
Federal Information Processing Standards
Personal Information Protection and Electronic Documents Act
Criminal Justice Information System Security Policy
Ffiec Authentication in an Internet Banking Environment Guidance
Know Your Customer
Fair and Accurate Credit Transaction Act
Identity Theft Red Flags
Built-In Fingerprint Readers
Pricing Model Analysis
Revenue Shift - Yc/Ycc Shift: Market
Good Digital Identity
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