Global Digital Identity Solutions Market to Reach USD 117.42 Billion by 2030

NEW YORK - Sept. 29, 2024 - PRLog -- The global digital identity solutions market generated an estimated revenue of USD 40.1 billion in 2024 and is expected to reach USD 117.42 billion by 2030, growing at a CAGR of 19.6% from 2024 to 2030.

The market's growth is driven by the rising instances of fraud and cybercrime in the banking and healthcare sectors. In addition, advancements in ID wallet solutions have created new vulnerabilities, prompting the integration of blockchain, artificial intelligence (AI), and machine learning (ML) into digital identity solutions to bolster security.

Biometric solutions, accounting for 65% of the identity type segment, dominate the market and are expected to maintain their lead due to the enhanced security they provide. Unlike traditional passwords, which are prone to being shared, hacked, or forgotten, biometric identifiers are unique to individuals and difficult to replicate. For example, features like face unlock on devices allow for quick and secure access compared to entering a password.

The solutions segment, comprising various software applications such as IAM systems, SSO platforms, biometric technologies, and decentralized identity frameworks, holds a 75% market share and will continue to grow significantly. These solutions offer comprehensive security and control over digital identity infrastructure for both government and private entities.

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Small and medium-sized enterprises (SMEs), representing over 35% of the organization type segment, are projected to grow at a higher rate due to their reliance on cost-effective, cloud-based digital identity solutions. These organizations face numerous IT challenges and are increasingly vulnerable to cyberattacks due to weaker security measures compared to larger enterprises.

The retail and e-commerce segment is expected to grow the fastest among industry verticals, driven by rising cyber threats and the growing adoption of online transactions.

North America, holding around 40% of the market, will continue to lead the industry due to the presence of numerous key players focused on developing advanced and secure digital identity solutions to meet the rising demand.

The digital identity solutions market is set to expand significantly in the coming years, spurred by the growing frequency of cybercrimes and fraudulent activities.