Digital Identity solutions are flexible and scalable which can help organizations in reducing costs as well as complex Identity solutions. A digital Identity solution comprises biometrics and non-biometric solutions which provides extra layer of security to systems, devices, and data. It is widely used in various industries such as BFSI, IT & Telecomm, Retail, Government & Defense, Healthcare, and Others.
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Increase in Identity and authentication fraud is the key driving factor which is expected to boost the global digital Identity solutions market growth. Furthermore, integration of biometrics in smartphones will positively contribute the market growth. Moreover, rise in technological advancements and product launch activities by key players will propel the market growth during this forecast period. For instance, September 2019, in Refinitiv had launched new “Qual -ID” integrating digital Identity Technology to Identity fraud and financial services. Qual-ID technology combines digital ID verification and document proofing. Also, in July 2020, Accertify had launched its new solution (Accertify Digital Identity) to help enterprises address the significant increase in account opening and account takeover frauds. This is a sophisticated API-based solution which empowers enterprises to trust and verify who is on the other side of digital interaction.
However, high cost involved in deploying digital Identity solution is the major challenging factor which is expected to hinder the global digital Identity solutions market growth. Also, lack of information security of consumer data will affect the market growth during this analysis period.
To understand the potential of market in a precise manner, the global market has been analyzed according to the Porter’s Five Force Model structure. Also, the Digital Identity solutions market has been studied using SWOT analysis, and it highlights various strengths and opportunities, threats, and weaknesses that are associated with the industry.
Market Key Players
Various key players are discussed in this report such as
By Authentication Type
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