The digital identity solutions market is sized at a value of about USD 33,874.9 million in 2023, which will reach USD 117,416.1 million by 2030, growing at a compound annual growth rate of 19.6% by the end of this decade. The major driver of the industry is the increase in the count of fraudulent activities and cybercrimes in the healthcare and BFSI.
The SMEs category has a considerable share, of over 35%, and it will grow at the higher rate in by the end of this decade. SMEs have limited monetary resources; consequently, they choose cloud-based digital identity solutions widely.
They face many IT issues and are progressively encountering cyberattacks because of the less- stringent security measures in place as opposed to large enterprises.
DISs can assist SMEs in saving themselves from these accidents by offering a more-safe way to confirm the customers and employees’ identities. There is a snowballing pressure on the main players to arise with solutions that are lucrative, so that SMEs can attain efficiency and finest performance.
The retail and e-commerce category will have the fastest growth in the digital identity solutions market by the end of this decade, because of the increasing count of cyberthreats and growing online transaction volume. The rising acceptance of online shopping and the extensive obtainability of the internet are bringing about more individuals paying online.
This leads to the requirement for trusted sources for reliable and secure payments and to verify the identities of the users. DIS also helps in improving the experience of the customers and decreasing operational costs and resource expenses.
As the number of people making the use of online platforms for shopping is on the rise, the requirement for secure monetary transactions through Mastercard and VISA is also on the rise.
The North American region produces about 40% of the industry revenue, and it will be the largest market in the future as well. There is a number of major market players, which focus strongly on innovation, for catering to the rising demand for cutting-edge and extremely secure digital identity solutions.
Moreover, the developed IT infra enables people and businesses to employ DISs for protecting their assets and data. Their acceptance is also powered by the increasing number of identity thefts, forcing governments to employ stringent rules regarding creating, maintaining, storing, using, and authenticating digital identities.
It is because of the increasing number of frauds, cybercrimes all over the world, and considerable tech advancements in ID wallets, the demand for digital IT solutions will continue to increase significantly all over the world.
