According to a market research report "Digital Identity Solutions Market by Solution (Biometrics and Non-Biometrics), Authentication Type, Deployment Mode (Cloud and On-Premises), Organization Size (SMEs and Large Enterprises), Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the digital identity solutions market size is projected to grow from USD 13.7 billion in 2019 and expected to reach USD 30.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 17.3% from 2019 to 2024.The increased focus on enhanced customer experience is anticipated to be a major driver, and the trend is expected to continue for the digital identity solutions industry.
Additionally, the need of multi-purpose single digital identity and technological advancements in terms of Artificial Intelligence (AI), Machine Learning (ML), and blockchain have bolstered the potential use cases across verticals.Browse and in-depth TOC on “Digital Identity Solutions Market” 135 - Tables32 - Figures177 – Pages Download PDF Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=247527694 By solution, biometrics to hold a larger market size during the forecast periodDigital identity management solutions evolved from passwords to biometric authentication, such as fingerprint, facial recognition, retina or eye scan, handprint, and voice recognition.
The biometric features are unique for every individual.
These solutions follow lock and capture mechanism to authenticate the individual and allow access to specific set of services.
In addition, the increasing complexities of supply chain, employees, channel partners, and customers are expected to force retailers to adopt managed authentication services.
Hence, digital identity solutions are gaining traction in the retail and eCommerce vertical to safeguard users from potential critical incidents and enhancing customer experience.Speak To Analyst@ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=247527694 North America to hold the highest market share during the forecast periodNorth America has sustainable and well-established economies, which empower it to invest significantly in Research and Development (R) activities, thereby contributing to the development of new technologies in the digital identity solutions market.