Digital identity Global Market Report 2024

The global digital identity market size will grow from $23.63 billion in 2022 to $27.19 billion in 2023 at a compound annual growth rate (CAGR) of 15.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the digital identity is expected to grow to $48.51 billion in 2027 at a CAGR of 15.6%.

The rise in instances of identity-related fraud and data breaches is contributing to the expansion of the digital identity market. Industries worldwide are adopting advanced digital identity solutions to combat identity theft and fraud. According to The Consumer Sentinel Network's study, identity theft-related complaints in the United States surged to 1,432,695 in 2021, underscoring the growing need for robust digital identity solutions to counter fraudulent activities.

The rise in ID wallet solutions is poised to drive growth within the digital identity market. With over 66% of Americans anticipating the use of digital identity wallets by 2023 and a notable preference (54%) for bank-issued digital wallets across age groups, the demand for secure identity management solutions is on the rise. This surge in ID wallet solutions contributes to the growth of the digital identity market.

Digital identity market players collaborate to enhance technologies and products, evident from partnerships such as Blinking and IPification or Ontology and Sphericity. These alliances aim to improve platform capabilities and performance in digital identity solutions. For instance, In April 2022, Blinking, a Serbia-based provider of digital identity and onboarding solutions partnered with IPification, a Hong Kong-based provider of mobile IP address-based authentication, user verification, and fraud prevention services to further improve the capabilities and performance of their platform. in May 2020, Ontology, an operator of high-performance enterprise blockchain and distributed collaboration platform partnered with Sphericity, a Germany-based provider of decentralized digital identity solutions for the development of innovative digital identity solutions. The partnership is focused on delivering enterprise solutions for cross-border supply chain and resilience.

Prominent companies operating in the digital identity market are developing innovative technologies such as the Digital Identity Maturity Model and Assessment for Healthcare IT, Security, and Clinical Leadership. The Digital Identity Maturity Model and Assessment is a framework designed to help organizations, particularly in the healthcare sector, assess and improve their digital identity strategies. Imprivata's April 2023 launch of the Digital Identity Maturity Model and Assessment supports healthcare IT, security, and clinical leadership. This tool aids in evaluating and improving digital identity strategies, providing tailored reports to drive enhancements across user outcomes, security, and compliance.

In November 2021, GBG a UK-based company pioneered in identity verification, location intelligence, and fraud prevention company has acquired Acuant for an amount of $736 million. The acquisition strengthens GBG as a market leader in the strategically crucial North American market while also speeding up the global rollout of GBG's identification and fraud solutions. The combined product portfolio of both companies would establish a digital platform that will support both firms' networks of partners and clients, allowing them to manage billions of global transactions across a variety of industries. Acuant is a US-based company pioneered in identity verification, document authentication, and fraud prevention technology services provider.

Major companies operating in the digital identity market report are NEC Corporation, Thales Group, Samsung SDS, Telus Corporation, Okta Inc., RSA Security LLC, Ping Identity Corporation, GB Group PLC, MDClone Ltd., ForgeRock Inc., Centrify Corporation, BioCatch Ltd., Keyfactor Inc., iProov Ltd., OneLogin Inc., Socure Inc., Sum&Substance Ltd., Auth0 Inc., Idaptive LLC, SEON Technologies AG, Usercentrics GmbH, LoginID Inc., Authlete Inc., ID-Pal Limited, DIRO – Internet Original Documents Inc., Xage Security Inc., iDenfy Ltd., Winding Tree Technologies Pte. Ltd., IdRamp Inc., NewBridge Technologies Inc., Entrust Corporation, SecureAuth Corporation, Evernym Inc., Jumio Corporation, Mitek Systems Inc., Acuant Inc., Transmit Security, Signicat AS, HYPR Corporation, Prove Identity Inc.

North America was the largest region in the digital identity market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital identity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the digital identity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The digital identity market includes revenues earned by entities by providing digital identity services such as identification/registration services, digital ID life-cycle management services, identity federation services, strong authentication services, and digital signature services to offer user-centric solutions and streamline citizen on-boarding. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

Digital identity comprises solutions and services deployed via on-premises and cloud platforms. The solution market involves the sale of software or platforms aimed at generating identities, securing digital data transfers, and managing credentials stored in cryptographic devices while prioritizing security, quality, and resilience. These solutions operate through single-factor and multi-factor authentications, finding application across diverse industries including BFSI, retail and ecommerce, government and defense, IT and ITeS, telecommunications, energy and utilities, and other verticals.

The digital identity market research report is one of a series of new reports that provides digital identity market statistics, including digital identity industry global market size, regional shares, competitors with a digital identity market share, detailed digital identity market segments, market trends and opportunities, and any further data you may need to thrive in the digital identity industry. This digital identity market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.