Growing Adoption of Digital Technologies with Advent of Connected Devices/Technologies is Expected to Drive the Market Growth

A digital identity solution is an extensive structure and set of technologies that represent individuals, organizations, or technology in the digital world securely and uniquely. It is a collection of digital traits, credentials and authentication mechanisms used to establish and verify the identity of the online users or businesses. Digital identity solutions are critical for assuring security, privacy and convenience in digital interactions by enabling user authentication, access control, and identity verification across a wide range of online services and applications. These solutions are essential to the modern digital environment because they protect personal information, reduce fraud and enable secure access to digital resources.

The practical implementation of a safe and verifiable digital identification system includes the use of digital attributes, authentication techniques, and identity verification processes. They are also used in various industries such as finance, healthcare, government, e-commerce and many others to improve security, streamline user experiences and enable trustworthy digital interactions.

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Data Bridge Market Research analyses that the Global Digital Identity Solution Market is expected to grow at a CAGR of 19.8% in the forecast period of 2023 to 2030 and is expected to reach USD 117,428.81 million by 2030. The advancement in biometrics and artificial intelligence (AI) are a major opportunity for the global digital identity solution market.

Key Findings of the Study

Rising Adoption of Decentralized ID in New Applications is Expected to Drive the Market Growth

The rising adoption of decentralized identity (DID) in new applications is indeed a significant driver for the global digital identity solutions market. Decentralized identity solutions offer users greater control and ownership over their personal information, enhancing security and privacy. This trend is likely to continue driving the growth of the global digital identity solutions market as organizations seek innovative and secure ways to manage and verify user identities in an increasingly digital world.

Report Scope and Market Segmentation

Segment Analysis:

The global digital identity solution market is segmented into nine notable segments which are identity framework, web type, end-user, offering, solution type, identity type, deployment type, organization size, and vertical.

• On the basis of identity framework, the global digital identity solution market is segmented into centralized and decentralized.

In 2023, centralized segment is expected to dominate the global digital identity solution market

In 2023, centralized segment is expected to dominate the global digital identity solution market with a 98.65% share, due to their ability to provide standardized and scalable identity management, decreasing complexity and boosting connectivity across varied systems and services.

• On the basis of web type, the global digital identity solution market is segmented into web 2 and web 3.

In 2023, web 2 segment is expected to dominate the global digital identity solution market

In 2023, web 2 segment is expected to dominate the global digital identity solution market with a 98.81% share due to its established infrastructure, widespread acceptance, and interconnection with existing systems and services.

• On the basis of end-user, the global digital identity solution market is segmented into enterprise and individual. In 2023, enterprise segment is expected to dominate the global digital identity solution market with a 62.80% share

•  On the basis of offering, the global digital identity solution market is segmented into solution and services. In 2023, solution segment is expected to dominate the global digital identity solution market with a 75.51% share
• On the basis of solution type, the global digital identity solution market is segmented into authentication, identity verification, identity lifecycle management, and others. In 2023, authentication segment is expected to dominate the global digital identity solution market with a 51.27% share.
• On the basis of identity type, the global digital identity solution market is segmented into biometric and non-biometric. In 2023, biometric segment is expected to dominate the global digital identity solution market with a 66.25% share
• On the basis of deployment mode, the global digital identity solution market is segmented into on-premise, cloud. In 2023, on–premise segment is expected to dominate the global digital identity solution market with a 62.70% share
• On the basis of organization size, the global digital identity solution market is segmented into large enterprises, small & medium enterprise. In 2023, on – large enterprise segment is expected to dominate the global digital identity solution market with a 62.76% share
• On the basis of vertical, the global digital identity solution market is segmented into banking, financial services, and insurance, it & telecommunication, government & defense, retail & e-commerce, healthcare, energy & utilities, media & entertainment, travel & hospitality, gaming, others. In 2023, banking, financial services, and insurance segment is expected to dominate the global digital identity solution market with a 27.79% share

Major Players

Data Bridge Market Research recognizes the following companies as the major key players in the \ global digital identity solution market including NEC Corporation (Japan), Thales (France), Okta (U.S.), Cisco Systems, Inc. (U.S.), and IDEMIA (France) among others.    

Market Development

• In January 2023, CyberArk Software Ltd. launched its locally-hosted CyberArk Identity Security Platform in Indonesia, enhancing data sovereignty compliance and strengthening cybersecurity for Indonesian organizations. This initiative facilitated compliance with government regulations and supported the country's digital transformation goals, demonstrating CyberArk's commitment to the Indonesian market amidst growing cybersecurity challenges in the region
•  In October 2022, Refinitiv, Inc. introduced a secure and customizable global digital on boarding solution to streamline customer on boarding for businesses, particularly in the wealth, financial technology, and crypto digital assets sectors. This solution offered a low-code/no-code approach, enabling rapid integration and deployment, real-time identity verification, biometric checks, and compliance with regulatory requirements. It was designed to enhance the customer experience while addressing complex regulatory and financial crime risks, ultimately strengthening Refinitiv's position as a provider of risk management services for KYC, due diligence, and digital identity verification
• In October 2022, iProov collaborated with Microblink to provide a comprehensive identity verification solution that combines biometric face verification from iProov with Microblink's expertise in AI-powered identity document scanning. This partnership allowed organizations to efficiently onboard new customers with an easy-to-use process while maintaining robust fraud protection measures. This partnership was particularly significant as it addressed the growing demand for digital identity services and the need to stay ahead of evolving online verification threats. Together, iProov and Microblink provided an integrated solution that protected organizations against online fraud while safeguarding consumers' digital identities. This collaboration initially served Ignition-Innovation's digital identity service, TruMeID, in Trinidad & Tobago
• In March 2021, Metadium announced its plans to launch a decentralized exchange (DEX) on top of the Metadium Blockchain, aimed at enabling the swapping of virtual assets like Bitcoin (BTC) and Ether (ETH) into payment points for affiliated services. This initiative was scheduled to begin on June 1st, with the goal of enhancing the payment functionality within the THEPOL app and extending the ability to make in-app payments with more options. Metadium also intended to offer this swap platform to the 120+ members of the MYKEEPiN Alliance, facilitating payment functions with Bitcoin and Ether. This strategic move represented Metadium's commitment to expanding its blockchain technology into various services and industries, including decentralized finance (DeFi)
• In October 2019, Bitfury made a strategic acquisition in Shyft Network to enhance its digital identity solutions and government-facing identity products. This partnership enabled the development of blockchain-based compliance solutions, particularly addressing the Financial Action Task Force (FATF) travel compliance requirements for crypto exchanges. Shyft expanded its partnerships and teams throughout 2019, with Bitfury subsidiaries Exonum and Crystal joining the effort. This collaboration strengthened Shyft's position in providing digital identity solutions and compliance tools, attracting potential government contracts and furthering its mission in the digital identity sector

Regional Analysis

Geographically, the countries covered in the global digital identity solution market report are U.S., Canada, Mexico, Germany, U.K, France, Italy, Spain, Netherlands, Belgium, Russia, Switzerland, Denmark, Sweden, Finland, Turkey, Poland, Norway, rest of Europe, China, Japan, South Korea, India, Taiwan, Australia, Indonesia, Thailand, Malaysia, Singapore, New Zealand, Philippines, Vietnam, rest of Asia-Pacific, Brazil, Argentina, rest of South America, Saudi Arabia, U.A.E., Iran, South Africa, Egypt, Iraq, Israel, Qatar, Kuwait, Jordan, and rest of Middle East and Africa.

As per Data Bridge Market Research analysis:

North America is expected to dominate the global digital identity solution market.

North America region is expected to dominate the global digital identity solution market due to its early adoption of advanced technology, robust regulatory frameworks and presence of significant tech businesses which contributes to the increase in dominance in the global digital identity solution market.

Europe is estimated to be the fastest-growing region in the global digital identity solution market in the forecast period 2023 - 2030.

Europe is expected to grow during the forecast period due to the rising cybersecurity threats and awareness of identity solutions in protecting sensitive data, resulting in high market growth in Europe region.

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