The global Digital Identity Solutions Market size is projected to grow from USD 13.7 billion in 2019 to USD 30.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 17.3% during the forecast period. The major factors driving the market include the rising number of identity and authentication related frauds, increased integration of biometrics into smartphones, and increased focus on enhancing end-to-end customer experience.
By solution, biometrics to hold a larger market size during the forecast period
Digital identity management solutions evolved from passwords to biometric authentication, such as fingerprint, facial recognition, retina or eye scan, handprint, and voice recognition. The biometric features are unique for every individual. These solutions follow lock and capture mechanism to authenticate the individual and allow access to specific set of services. Biometric solutions are more secure than conventional passwords systems. These solutions also use multi-factor authentication to add an extra layer of protection. Hence, the biometrics segment is expected to be the fastest-growing segment during the forecast period.
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Retail and eCommerce vertical to be the fastest-growing vertical during the forecast period
The retail sector is rapidly implementing digital identity solutions to support business stability and improve the level of competitiveness. Retail is one of the top cost-conscious verticals and is the most targeted one for cyberattacks due to potential payouts and a huge number of monetary transactions Offered by credit card providers, such as Visa and MasterCard. In addition, the increasing complexities of supply chain, employees, channel partners, and customers are expected to force retailers to adopt managed authentication services. Retailers need stronger and faster authentication technologies for seamless flow of working. Digital identity solutions help improve customer experience and reduce cost and resource expenditure. Digital identities, such as face recognition help retailers proactively prevent organized retail crimes. Hence, digital identity solutions are gaining traction in the retail and eCommerce vertical to safeguard users from potential critical incidents and enhancing customer experience.
Vendors covered in the digital identity solutions market report include NEC (Japan), Samsung SDS (UK), Thales Group (France), GBG (UK), Telus (Canada), IDEMIA (France), Tessi (France), ForgeRock (US), Jumio (US), Refinitiv (UK), Duo Security(Cisco) (US), AU10TIX(Cyprus), Imageware Systems (US), Verisec (Sweden), Vintegris Tech (Spain), Signicat (Norway), Smartmatic (UK), Syntizen (India), Intesa (IBM) (Italy), and RaulWalter (Estonia). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the digital identity solutions market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2017 to 2019 to innovate their offerings and broaden their customer base.
NEC (Japan) has evolved as a major multinational Information Technology (IT) and electronics company, with offices across the globe, including Asia Pacific (APAC), North America, Europe, and the Middle East. The company has a global employee strength of 110,000 (as of March 31, 2019), with nine state-of-the-art Research and Development (R&D) centers. The company develops digital identity-based NeoFace facial recognition solution that can be customized to fully meet the customers’ demand. NEC provides digital identity solutions, which enable organizations to develop new services. NEC has also started incorporating blockchain-based digital identity, enabling users to have more control over their data. NEC has established a strong foundation in Artificial Intelligence (AI) and biometrics, with the global expansion of AI-based surveillance. NEC substantiates a strong market presence, being the largest non-Chinese supplier of AI surveillance tech to over 14 countries. The company’s robust offerings in adjacent fields/markets, such as analytics, cloud, communication platform, conferencing and recording, contact center, data networking, emergency notification, enterprise software, financial services, and integrated IT infrastructure, further bolster its presence in the digital identity solutions market.
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Founded in 2000 and headquartered in La Defense, France, Thales Group is a French multinational company that designs and builds electrical systems and provides services for the aerospace, defense, transportation, and security markets. Thales Group has offices across the globe, including North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Thales Group provides Gemalto Digital ID wallet which enables users to have complete access over their personal data. SafeNet Trusted Access is another service provided by Thales Group which offers trusted access and Smart Single Sign-On to all apps with SafeNet Trusted Access. Thales Group also provides mobile phone and software authentication tokens and on-premises authentication management services. For the purpose of digitalization processes, businesses and governments depend on Thales Group. The identity management and data protection technologies of Thales Group help banks exchange funds, maintain border control, and many other applications. In early 2019, Thales Group acquired Gemalto, the international security company, which resulted in making Thales Group a new leader in digital security. Around the world, every organization is planning to move toward digital transformation, and this acquisition is expected to benefit all those organizations in an even better way.
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