Digital Identity Solutions Industry is Led by North America

The digital identity solutions market revenue was USD 33,874.9 million in 2023, which will touch USD 117,416.1 million, with a 19.6% CAGR, by 2030.

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The progression in this industry is because of the surging number of fraudulent activities and cybercrime in the banking and healthcare sectors. Also, there has been a significant advancement in ID wallet solutions, which give attackers more info to steal or attack.

Therefore, actions are being taken to incorporate blockchain, AI, and ML into digital identity solutions, to improve user security.

The biometric category, based on identity type, is leading the industry, with a 65% share, and it will remain leading in the coming years. This will be because of the significant security offered by the biometric parameters to users. 

Generally, passwords were employed extensively for identity verification, however, they are more likely to be shared, hacked, or forgotten.

The retail and e-commerce category, based on vertical, will propel at the fastest rate in the years to come. This is mainly because of the increasing count of cyber threats as well as the rising acceptance of online transactions.

North America is leading the industry, with approximately 40% share, and it will remain leading throughout this decade. This continent is home to numerous key companies, which strongly focus on innovation, to meet the surging need for advanced as well as highly protected digital identity solutions.

With the increasing incidence of cybercrimes & frauds, the digital identity solutions industry will grow continuously in the coming years.

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Rising Acceptance of AR/VR Products Boosts Volumetric Video Industry

The volumetric video market was USD 2,377.4 million in 2023, which will touch USD 13,939.6 million, growing at a 28.8% compound annual growth rate, by 2030. 

The growth of this industry is because of the increasing rate of technological advancement, mounting use of AR/VR products, and rising expenses on the development of sports technologies.

Moreover, the arrival of 5G brings the advantages of low latency with high bandwidth and speed, allowing the incorporated provision of such video content. With this, the rising uses of this technology in holograms, gaming, brand experiences, training, and metaverse assist the industry expansion.

In 2023, North America was the largest contributor to the industry, with a 55% share, and it is likely to remain the largest in the years to come. This is because of the high pace of acceptance of developed technologies like VR, MR, and AR; the growing requirement for attractive signage and advertisements, and the existence of many companies.

APAC is likely to advance at the highest compound annual growth rate in the years to come. This is because of the large customer base for all sectors, the increasing standard of living of people with disposable salaries, quick urbanization, the growing need for enhanced sports-watching experiences, and the surging volume of specific image-guided surgical measures.

With the increase in the acceptance of AR or VR, the volumetric video industry will continue to progress in the years to come.

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Surging Aging Population Boosts Medical Exoskeleton Industry

The medical exoskeleton market was USD 485.8 million in 2023, which will increase to USD 6,336.8 million, powering at a 44.8% CAGR, by 2030.

This growth is because of the surging number of individuals with physical disabilities, the rising number of orthopedic surgeries, and the mounting elderly populace. For example, as per the WHO, 1 in 6 individuals globally, or around 1.3 billion individuals, experience substantial disability.

Furthermore, the mounting number of serious injuries, strokes, and road accidents is assisting the industry expansion. Around 1.3 million individuals die every year due to road traffic accidents, according to the WHO. Therefore, the rising acceptance of medical exoskeletons to heal injuries is further boosting this expansion.

In 2023, the hardware category, based on component, led the industry, with a 60% share, and it will propel at a 45.0% CAGR, during this decade. This can be because exoskeletons are produced with different pieces of hardware like sensors, actuators, control systems, and powered systems.

The powered category is the larger type, primarily owing to the new developments in them. For example, with investment from the National Institutes of Health, Stanford University has created an exoskeleton that rapidly adapts to users’ motions while they walk naturally.

Moreover, the passive category is a significant contributor to the industry. Passive exoskeletons are mainly accepted in low-income and developing nations, particularly by those who can’t buy the powered ones.

North America led the industry in 2023, with a 55% share, and it will further advance at a significant rate, in the years to come. This will be because of the mounting aging populace, rising government support for exoskeletons, and the high occurrence of neurological illnesses.

APAC is the fastest-growing region. This can be primarily ascribed to the increasing funding in healthcare, the growing patient pool requiring mobility support and rehabilitation, and the latest product approvals.

With the surge in the elderly populace across the globe, the medical exoskeleton industry will continue to progress in the years to come.

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North America Is Dominating AI In Medical Diagnostics Industry

The value of the AI in medical diagnostics market stood at USD 1,297.6 million in 2023, and this number is projected to reach USD 5,541.7 million by 2030, advancing at a CAGR of 23.1% during the projection period.

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This is mainly because of the growing government steps for the acceptance of AI-based tech, the increasing use of AI solutions by radiotherapists to reduce workload, the obtainability of funds to start AI-based startups, the arrival of big data, and the rising cost of cross-market partnerships & collaborations.

The acceptance of big data is being influenced by the increasing digitalization and the growth of enhanced information systems in the medicinal market, producing huge and complex data at several stages of care delivery procedures.

Big data in the medicinal diagnostics area includes information generated from clickstream and social media interactions; readings from therapeutic instruments like billing records, ECG systems, sensors, X-rays, biometric data; and other healthcare claims, among other sources.

In 2023, software emerged as the largest component category in the industry, with approximately USD 0.5 billion. and it is also projected to hold its leading position during the projection period. This is mainly because of the rising need for AI solutions based on software in the medicinal diagnostics industry for providing precise results in a short span of time and the increasing count of IT firms providing the same.

The North American region dominates AI in the medical diagnostics industry, with a revenue share of 45% in 2023. This is mainly because of the high research and development investments, the rising acceptance of technically progressive solutions, and the existence of global players and their hard work to come up with pioneering medical diagnostics technologies, in the continent.

Increasing use of machine algorithms and IT software to imitate human analysis and understand complex medical data, increasing government initiatives to adopt AI technologies, and increasing use of AI solutions by radiologists to reduce workload are major drivers of the market for AI in medical diagnostics.

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Growth of the Patient Engagement Solutions Market in North America

The patient engagement solutions market in North America is generated $3.9 billion in 2017 and is expected to witness a CAGR of 15.8% during the forecast period 2018–2023. Patient engagement refers to the process of establishing communication between patients and their healthcare providers online.

With smooth connectivity, the sharing of medical history, treatment schedule, medication prescriptions, and lab reports has become extremely easy. Patients are more concerned about their personal information and comfort today compared to the past, and therefore demand technologies that can consolidate all their medical information in one place and help them access and share it whenever and from wherever they want. This is why the patient engagement solutions market in North America is progressing.

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On segmenting by component, hardware, services, and software are the three resulting market categories, among which the software category accounted for the largest share (57.2%) in 2017. While this category will still lead the market during the forecast period, the services category will witness the fastest growth (18.1% CAGR). Similarly, the North American patient engagement solutions market can be segmented by delivery mode. Among the three categories under this segment, viz. web-based, on-premises, and cloud-based, the web-based category dominated the market in 2017 with 62.3% revenue contribution.

There is no doubt that elderly people need extensive care, as they are more prone to chronic diseases, such as cancer and diabetes. According to the American Cancer Society (ACS), around 1,688,780 new cases of cancer were diagnosed in the U.S. in 2017. Similarly, the Foundation for AIDS Research (amfAR) reported that in 2016, almost 1.1 million people in North America were suffering from AIDS. With the increasing number of elderly or even comparatively young people prone to such chronic diseases, who are demanding patient engagement solutions, the patient engagement solutions market in North America is predicted to advance in the future.

Thus, we see that owing to conducive government policies and increasing incidents of chronic diseases in the elderly, the North American patient engagement solutions market is predicted to witness steady progress.

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