Digital Identity Solutions Market | Growing Use of BYOD Trend Worldwide Drives Market Growth

SAN FRANCISCO, CA, US, September 27, 2021 / – Rise in Identity Theft Cases Expected to Help Expand Global Market digital identity solutions market. The increasing use of BYOD trend around the world also boosts the overall growth of the digital identity solutions market in the coming years.

The global digital identity solutions market is categorized on the basis of component, solution type, authentication type, deployment type, verticals, organization size, and geography. In terms of solution type, the market is divided into non-biometrics and biometrics. Based on the type of authentication, the market is divided into Multi-Factor Authentication and Single-Factor Authentication. Regarding the type of deployment, the market is divided into on-premises and cloud. Based on the vertical sector classification, the market is grouped into energy and utilities, telecommunications, IT and ITeS, healthcare, government and defense, BFSI, retail and e-commerce, etc.

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The report is based on a comprehensive overview of the market and its growth parameters including driving, repelling, and challenging factors. It also highlights the impact of the new COVID19 pandemic on this market and how players will gain momentum from it. In addition to this, the report discusses the segmentation table and mentions the list of dominant segments with factors attributing to its strong growth. Additionally, the report lists key trends and innovations that have shaped the revenue rate of this market in the past and likely will continue to do so in the years to come.

Digital Identity Solutions Market: Competitive Landscape

Companies operating in the global market for digital identity solutions engage in collaborative arrangements with each other in order to gain the upper hand in the overall market competition. On top of that, gamers are also investing heavily in geographic expansion to improve their brand presence and attract higher revenue in the years to come.

The major players in the global digital identity solutions market include:

• Good digital identity
• HashCash constants
• Safety duo
• Tuner
• Raul Walter
• Meaning
• Vintegris
• Verisec
• Smartmatic
• OneSpan
• Refinitive
• iProov
• Jumio
• ForgeRock
• Daon
• Thales Group
• Samsung SDS
• Others

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Digital identity solutions market: notable developments

• The Thales Group has established a collaboration with Augentic-INCM to obtain a national identity document contract in Cameroon and Sweden. The main objective of this partnership is to support the Republic of Cameroon in the modernization of the biometric passport and the process of its issuance.

• What3words and GBG have entered into a strategic collaboration to improve location data for logistics and retail companies to easily reach niche markets.

Digital identity solutions market: trends and innovations

With the rapid advancements in mechanics, the number of cell phone customers across the world has grown to a greater extent, and the world is proving to be more associated than at any time in recent memory. Previously, the usual secret key frame was the only secure method of confirmation. Thanks to innovation improvements, these secret word security frameworks are easier to hack. Security based on digital identity, for example, biometric innovation and multi-faceted confirmation, is a superior and secure method of verification than passwords. Most of the cell phones available in the market have a camera and validation alternatives, for example, fingerprint recognition and facial recognition. More and more mobile phone companies are moving towards implementing these unique branding and facial recognition innovations in their mobile phones.

On the contrary, cases of identity theft and cybercrime are likely to pose major challenges for the market in the years to come. In addition, the upfront investments and maintenance costs of implementing digital identity solutions are also high, raising concerns for businesses, dragging the market down in the years to come.

Digital Identity Solutions Market: Geographic Information

Geographically, the digital identity solutions market is dominated by North America due to the increasing adoption of advanced solutions across all industries in developed countries such as Canada and the United States of America. . In addition, the growing number of research and development activities and the growing adoption of digital solutions for safety and security purposes are expected to help this market to generate the most significant revenues in the years to come.

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The 5-point growth formula developed by TMR Research gives stakeholders and CXOs insight into the current market situation. The growth formula makes the report an ideal companion for stakeholders and CXOs.

The 5 point growth formula includes the following points:

• Current and future threats
• Precise trend analysis
• Regional assessment
• Industrial analogy
• Impact of COVID-19

The reports offer answers to the 7 main questions that revolve around the growth of the market

• What are the various growth parameters influencing the market?

• Which regions will largely contribute to the growth of the market?

• What are the recent technological innovations and advances on the market?

• What are the emerging trends in the market?

• How has COVID-19 affected the market?

• What will be the post-pandemic market scenario?

• What are the main threats that will hamper the growth prospects of the market?

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