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.
