Digital identity and security market size to grow by USD 42.07 billion from 2022 to 2027, The increase in digitization with electronic ID cards (eID) and smart infrastructure initiatives to drive the market growth – Technavio

NEW YORK, May 12, 2023 /PRNewswire/ — The global digital identity and security market size is estimated to grow by USD 42.07 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 17.51% during the forecast period. North America is estimated to account for 38% of the global market growth during the forecast period. The region consists of developed countries with cutting-edge technology and advanced infrastructure. The US and Canada are the largest contributors to digital identity solutions revenue in the region owing to their strong economies. Technology is advancing every day, and the expansion of the US and Canadian economies allows heavy investments in new and advanced technologies. Real-time identity verification, end-to-end security, and activation capabilities, which enable a seamless and secure customer experience are priorities for both public and private organizations in the region. Hence, such factors will propel the market growth in this region during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report

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Digital Identity And Security Market – Segmentation Assessment
Segment Overview
This digital identity and security market report extensively covers market segmentation by component (solutions and services), deployment (on-premise and cloud), and geography (North America, APAC, Europe, South America, and Middle East and Africa). 

• The market share growth by the solutions segment will be significant for overall market growth during the forecast period. Factors such as, the growing adoption of digital identity and security solutions are expected to drive the growth of the segment in the global digital identity and security market during the forecast period. The core of the global digital identity and security market is made up of software solutions. It will aid in the evaluation of biometric data for authentication and carry out other necessary tasks such as data encryption. Both biometric identification and verification are supported by biometric software. 

Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021), and forecast market size (2023 to 2027) – Download a Sample Report

Digital Identity And Security Market – Market Dynamics
Key factor driving market growth

• An increase in digitization with electronic ID cards (eID) and smart infrastructure initiatives is one of the key factors that drive the growth of the global digital identity and security market. 
• Digital identification or eID can be authenticated unambiguously through a digital channel, which enables unlocking access to banking, government benefits, education, and many other services.
• A digital ID may be authenticated remotely over digital channels and when well-designed, digital ID enables civic and social empowerment. 
• Furthermore, secure identity verification has become a critical part of online security in these areas due to initiatives such as eID, smart border control that uses facial recognition for identity verification and authentication, and smart cities and smart airports that use video analytics and liveness detection for ID verification.
• Hence, such factors drive the market growth during the forecast period.

Leading trends influencing the market 

• Growing government initiatives that encourage the adoption of digital identity and security solutions is a primary trend in the global digital identity and security market. 
• Governments work to address issues such as security, inaccurate data collection, digital identity fraud, and targeted evasion, as legislation on managing digital identities is enacted.
• The global market grows owing to initiatives taken by governments around the world to encourage the use of these solutions and services.
• The European Commission expressly recommended the creation of a digital ID wallet in its proposal in June 2021 is an example.
• Hence, growing government initiatives encouraging the adoption of digital identity and security solutions is one of the growing trends which is expected to drive the growth of the market during the forecast period.

Major challenges hindering the market growth

• The lack of skilled security professionals is a major challenge impeding the growth of the global digital identity and security market. 
• Governments work to address issues such as security, inaccurate data collection, digital identity fraud, and targeted evasion as legislation on managing digital identities is enacted.
• The global market for digital identity and security solutions grows as a result of the initiatives taken by governments around the world to encourage the use of these solutions and services.
• Hence, a lack of skilled security professionals can become a major challenge to the growth of the market during the forecast period.

Insights on market drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Digital Identity And Security Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the digital identity and security market between 2023 and 2027
• Precise estimation of the size of the digital identity and security market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the digital identity and security market across North America, APAC, Europe, South America, and the Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of the digital identity and security market vendors

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Related Reports:

The identity as a service market size is expected to increase by USD 6.80 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 18.98%. Furthermore, this report extensively covers identity as a service market segmentation by end-user (telecom and IT, BFSI, education, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa). One of the key factors driving growth in the identity as a service market is the growing adoption of cloud security solutions. 

The identity governance and administration (IGA) market is estimated to grow at a CAGR of 12.41% between 2022 and 2027. The size of the market is forecast to increase by USD 3,247.95 million. This report extensively covers market segmentation by deployment (on-premise and cloud), end-user (BFSI, IT and telecom, energy and utilities, government and defense, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The rising organizational focus on complying with regulatory standards is notably driving market growth. 

Table of Contents: 

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Component
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Deployment
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global digital identity and security market 2017 – 2021 
• Exhibit 18: Historic Market Size – Data Table on Global digital identity and security market 2017 – 2021 ($ billion)

• 4.2 By Component Segment Analysis 2017 – 2021
• Exhibit 19: Historic Market Size – By Component Segment 2017 – 2021 ($ billion)

• 4.3 By Deployment Segment Analysis 2017 – 2021
• Exhibit 20: Historic Market Size – By Deployment Segment 2017 – 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 – 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 – 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Component

• 6.1 Market segments 
• Exhibit 30: Chart on Component – Market share 2022-2027 (%)
• Exhibit 31: Data Table on Component – Market share 2022-2027 (%)

• 6.2 Comparison by Component 
• Exhibit 32: Chart on Comparison by Component
• Exhibit 33: Data Table on Comparison by Component

• 6.3 Solutions – Market size and forecast 2022-2027
• Exhibit 34: Chart on Solutions – Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Solutions – Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Solutions – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Solutions – Year-over-year growth 2022-2027 (%)

• 6.4 Services – Market size and forecast 2022-2027
• Exhibit 38: Chart on Services – Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Services – Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Services – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Services – Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Component 
• Exhibit 42: Market opportunity by Component ($ billion)
• Exhibit 43: Data Table on Market opportunity by Component ($ billion)

7 Market Segmentation by Deployment

• 7.1 Market segments 
• Exhibit 44: Chart on Deployment – Market share 2022-2027 (%)
• Exhibit 45: Data Table on Deployment – Market share 2022-2027 (%)

• 7.2 Comparison by Deployment 
• Exhibit 46: Chart on Comparison by Deployment
• Exhibit 47: Data Table on Comparison by Deployment

• 7.3 On-premise – Market size and forecast 2022-2027
• Exhibit 48: Chart on On-premise – Market size and forecast 2022-2027 ($ billion)
• Exhibit 49: Data Table on On-premise – Market size and forecast 2022-2027 ($ billion)
• Exhibit 50: Chart on On-premise – Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on On-premise – Year-over-year growth 2022-2027 (%)

• 7.4 Cloud – Market size and forecast 2022-2027
• Exhibit 52: Chart on Cloud – Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Data Table on Cloud – Market size and forecast 2022-2027 ($ billion)
• Exhibit 54: Chart on Cloud – Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Cloud – Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Deployment 
• Exhibit 56: Market opportunity by Deployment ($ billion)
• Exhibit 57: Data Table on Market opportunity by Deployment ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 59: Chart on Market share by geography 2022-2027 (%)
• Exhibit 60: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 61: Chart on Geographic comparison
• Exhibit 62: Data Table on Geographic comparison

• 9.3 North America – Market size and forecast 2022-2027
• Exhibit 63: Chart on North America – Market size and forecast 2022-2027 ($ billion)
• Exhibit 64: Data Table on North America – Market size and forecast 2022-2027 ($ billion)
• Exhibit 65: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.4 APAC – Market size and forecast 2022-2027
• Exhibit 67: Chart on APAC – Market size and forecast 2022-2027 ($ billion)
• Exhibit 68: Data Table on APAC – Market size and forecast 2022-2027 ($ billion)
• Exhibit 69: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.5 Europe – Market size and forecast 2022-2027
• Exhibit 71: Chart on Europe – Market size and forecast 2022-2027 ($ billion)
• Exhibit 72: Data Table on Europe – Market size and forecast 2022-2027 ($ billion)
• Exhibit 73: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.6 South America – Market size and forecast 2022-2027
• Exhibit 75: Chart on South America – Market size and forecast 2022-2027 ($ billion)
• Exhibit 76: Data Table on South America – Market size and forecast 2022-2027 ($ billion)
• Exhibit 77: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.8 US – Market size and forecast 2022-2027
• Exhibit 83: Chart on US – Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on US – Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.9 UK – Market size and forecast 2022-2027
• Exhibit 87: Chart on UK – Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on UK – Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on UK – Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on UK – Year-over-year growth 2022-2027 (%)

• 9.10 Germany – Market size and forecast 2022-2027
• Exhibit 91: Chart on Germany – Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on Germany – Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on Germany – Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on Germany – Year-over-year growth 2022-2027 (%)

• 9.11 China – Market size and forecast 2022-2027
• Exhibit 95: Chart on China – Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on China – Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on China – Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on China – Year-over-year growth 2022-2027 (%)

• 9.12 Japan – Market size and forecast 2022-2027
• Exhibit 99: Chart on Japan – Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on Japan – Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on Japan – Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Japan – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 103: Market opportunity by geography ($ billion)
• Exhibit 104: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 108: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 109: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 110: Matrix on vendor position and classification

• 12.3 Au10tix Ltd. 
• Exhibit 111: Au10tix Ltd. – Overview
• Exhibit 112: Au10tix Ltd. – Product / Service
• Exhibit 113: Au10tix Ltd. – Key offerings

• 12.4 Daon Inc. 
• Exhibit 114: Daon Inc. – Overview
• Exhibit 115: Daon Inc. – Product / Service
• Exhibit 116: Daon Inc. – Key offerings

• 12.5 ForgeRock Inc. 
• Exhibit 117: ForgeRock Inc. – Overview
• Exhibit 118: ForgeRock Inc. – Product / Service
• Exhibit 119: ForgeRock Inc. – Key news
• Exhibit 120: ForgeRock Inc. – Key offerings

• 12.6 GB Group plc 
• Exhibit 121: GB Group plc – Overview
• Exhibit 122: GB Group plc – Business segments
• Exhibit 123: GB Group plc – Key news
• Exhibit 124: GB Group plc – Key offerings
• Exhibit 125: GB Group plc – Segment focus

• 12.7 IDEMIA France SAS 
• Exhibit 126: IDEMIA France SAS – Overview
• Exhibit 127: IDEMIA France SAS – Product / Service
• Exhibit 128: IDEMIA France SAS – Key offerings

• 12.8 Imageware Systems Inc. 
• Exhibit 129: Imageware Systems Inc. – Overview
• Exhibit 130: Imageware Systems Inc. – Product / Service
• Exhibit 131: Imageware Systems Inc. – Key offerings

• 12.9 iProov Ltd. 
• Exhibit 132: iProov Ltd. – Overview
• Exhibit 133: iProov Ltd. – Product / Service
• Exhibit 134: iProov Ltd. – Key offerings

• 12.10 Jumio Corp. 
• Exhibit 135: Jumio Corp. – Overview
• Exhibit 136: Jumio Corp. – Product / Service
• Exhibit 137: Jumio Corp. – Key news
• Exhibit 138: Jumio Corp. – Key offerings

• 12.11 London Stock Exchange Group plc 
• Exhibit 139: London Stock Exchange Group plc – Overview
• Exhibit 140: London Stock Exchange Group plc – Business segments
• Exhibit 141: London Stock Exchange Group plc – Key offerings
• Exhibit 142: London Stock Exchange Group plc – Segment focus

• 12.12 NEC Corp. 
• Exhibit 143: NEC Corp. – Overview
• Exhibit 144: NEC Corp. – Business segments
• Exhibit 145: NEC Corp. – Key news
• Exhibit 146: NEC Corp. – Key offerings
• Exhibit 147: NEC Corp. – Segment focus

• 12.13 OneSpan Inc. 
• Exhibit 148: OneSpan Inc. – Overview
• Exhibit 149: OneSpan Inc. – Product / Service
• Exhibit 150: OneSpan Inc. – Key offerings

• 12.14 Samsung Electronics Co. Ltd. 
• Exhibit 151: Samsung Electronics Co. Ltd. – Overview
• Exhibit 152: Samsung Electronics Co. Ltd. – Business segments
• Exhibit 153: Samsung Electronics Co. Ltd. – Key news
• Exhibit 154: Samsung Electronics Co. Ltd. – Key offerings
• Exhibit 155: Samsung Electronics Co. Ltd. – Segment focus

• 12.15 TELUS Corp. 
• Exhibit 156: TELUS Corp. – Overview
• Exhibit 157: TELUS Corp. – Business segments
• Exhibit 158: TELUS Corp. – Key offerings
• Exhibit 159: TELUS Corp. – Segment focus

• 12.16 TESSI 
• Exhibit 160: TESSI – Overview
• Exhibit 161: TESSI – Product / Service
• Exhibit 162: TESSI – Key offerings

• 12.17 Thales Group 
• Exhibit 163: Thales Group – Overview
• Exhibit 164: Thales Group – Business segments
• Exhibit 165: Thales Group – Key news
• Exhibit 166: Thales Group – Key offerings
• Exhibit 167: Thales Group – Segment focus

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 168: Inclusions checklist
• Exhibit 169: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 170: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 171: Research methodology
• Exhibit 172: Validation techniques employed for market sizing
• Exhibit 173: Information sources

• 13.5 List of abbreviations 
• Exhibit 174: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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