The digital identity solution market is segmented on the basis of component, deployment mode, solution, authentication type, enterprise size, industry vertical, and region. By component, it is classified into solutions and services. The solution segment is further bifurcated into biometric & non-biometric. By deployment model, the market is categorized into the cloud and on-premise. By authentication type, it is classified into single-factor authentication and multi-factor authentication. By enterprise size, it is categorized into small & medium size and large size enterprises. By industry vertical, it is classified into BFSI, healthcare, travel & hospitality, government & defense, IT & telecommunication, retail & e-commerce, education, and others.
Numerous benefits provided by digital identity solutions such as short time to process, high level of accuracy, upgraded security, lower operational costs, and better customer experience drive the growth of the digital identity solution market. Moreover, major shift toward digitization and rise in identity and authentication fraudfuel the market growth. However, the cost of devices and software required for installing digital identity solutionsare high which may restrain the adoption of digital identity solutions globally. Furthermore, an increase in the integration of Machine Learning (ML) and Artificial Intelligence (AI) with a digital identity solution system and rise in adoption of cloud-based identity verification system are expected to create lucrative growth opportunities in the market during the forecast period.Â
Major market players – NEC Corporation, Samsung SDS America Inc., Thales Group, TELUS Corporation, Tessi, ForgeRock, Jumio, Duo security, Image ware systems Inc., andSyntizen Technologies Pvt. Ltd.
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Region covered – North America (the U.S., Canada and Mexico), Europe (Germany, France, Italy, Spain, UK and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and the Rest of Asia Pacific), LAMEA (Brazil, Saudi Arabia, South Africa and the Rest of LAMEA)
Key drivers that are propelling the growth of the market are included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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