Northbrook, IL 60062 -- (SBWIRE) -- 07/25/2022 -- According to a new market research report "Digital Identity Solutions Market by Component (Solutions and Services), Solution Type (Biometrics and Non-Biometrics), Authentication Type, Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2026" published by MarketsandMarkets™, , the digital identity solutions market size projected to grow from USD 23.3 Billion in 2021 to USD 49.5 Billion by 2026, recording a Compound Annual Growth Rate (CAGR) of 16.2% from 2021 to 2026.

The Digital Identity Solutions Market growth can be attributed to the increase in instances of identity-related frauds and data breaches and the need for compliance with various upcoming regulations.

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Based on solution type, the Biometric segment is estimated to lead the market in 2021.

Based on solution type, the digital identity solutions market has been bifurcated into two segments: biometrics and non-biometrics. These solutions play a vital role in every organization. Most organizations are moving toward digitalization and cloud-based infrastructure, which help them drive businesses forward and strengthen customer relationships. Biometric segments market to hold the largest market share in the digital identity solutions market.

Based on Vertical, Retail and eCommerce segment is estimated to lead the market in 2021.

Retail and eCommerce is growing at an unprecedented rate in North America, Europe, and APAC. This vertical is targeted to extract highly confidential and sensitive data of critical sectors, including government, prime contractors, and suppliers.

North America is expected to hold the largest market share during the forecast period.

North America is considered the most mature market in terms of adopting digital identity solutions, due to factors such as the rise in identity and authentication frauds and the presence of key vendors in the region. Cyber threat is becoming a global issue right from individuals to large enterprises. Companies of all sizes are focused on removing security gaps and vulnerabilities from their critical business applications and network infrastructure. Both SMEs and large enterprises are adopting digital identity solutions to maintain the physical security of infrastructure.

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Market Players

Major players, namely, include NEC (Japan), Samsung SDS (South Korea), Thales Group (France), GBG (UK), TELUS (Canada), Tessi (France), Daon (US), IDEMIA (France), ForgeRock (US), Jumio (US), iProov (UK), ID R&D (US), Refinitiv (UK), ImageWare Systems (US), OneSpan (US), Smartmatic (UK), Verisec (Sweden), Vintegris (Spain), AU10TIX (Cyprus), Signicat (Norway), RaulWalter (Estonia), Duo Security (US), Syntizen (India), HashCash Consultants (US), and Good Digital Identity (Czech Republic).

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