Demand for digital identity solutions is increasing, market projected to reach USD 142.6 billion by 2032.

From GlobeNewswire: 2025-01-24 09:00:00

The Digital Identity Solutions Market was valued at USD 32.4 billion in 2023, projected to reach USD 142.6 billion by 2032 with a CAGR of 17.90%. Demand for secure identity verification is driving growth, especially in e-commerce, healthcare, government, and financial services sectors. Regulatory initiatives like GDPR and KYC regulations are also boosting adoption.

Major players in the market include Microsoft, IBM, Oracle, Ping Identity, Okta, Duo Security, Gemalto, SailPoint Technologies, IDEMIA, Auth0, HYPR, ForgeRock, and OneSpan.

Centralized digital identity solutions accounted for 65% of total revenue in 2023, favored for national ID-type applications and enterprise access management. Decentralized solutions are expected to grow rapidly due to blockchain-based systems offering untamable self-sovereign identities.

Cloud deployment led the market in 2023 with a share of over 52%, offering scalability and cost-effectiveness. On-premise deployment is anticipated to grow fastest, driven by organizations requiring high security, compliance, and data privacy control.

Large enterprises dominated the market in 2023 with over 71% revenue share, due to the need for complex system security and long-lasting identity management. Small and Medium Enterprises (SMEs) are projected to grow rapidly, seeking cost-effective and scalable identity management solutions.

North America led the market in 2023 with 42% revenue share, driven by advanced technology and extensive digital service penetration. Asia-Pacific is expected to grow fastest by 2032, showcasing the increasing adoption of digital identity solutions in the region. The Asia-Pacific region sees the highest CAGR in digital identity solutions due to digitalization and internet growth. Major tech vendors like Microsoft, IBM, and Oracle enhance security and compliance in 2024. Urgency for secure identity verification solutions is high in the region, with a focus on biometric authentication and fraud detection. SNS Insider offers consulting services for market assessment and competitive benchmarking in the digital identity solutions market.



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