Strategic Collaborations Drive The Digital Identity Market: A Defining Factor in the Digital identity Market’s Growth Trajectory

 

The digital identity market size has grown rapidly in recent years. It will grow from $29.52 billion in 2024 to $33.36 billion in 2025 at a compound annual growth rate (CAGR) of 13.0%.  The growth in the historic period can be attributed to increasing cybersecurity concerns, regulatory compliance requirements, rise in online transactions, identity theft and fraud prevention, user convenience and experience.

The digital identity market size is expected to see rapid growth in the next few years. It will grow to $65.61 billion in 2029 at a compound annual growth rate (CAGR) of 18.4%.  The growth in the forecast period can be attributed to emergence of decentralized identity, biometric authentication adoption, expansion of digital services, health and safety use cases. Major trends in the forecast period include biometric data privacy regulations, AI-powered identity verification, identity-as-a-service (IDaaS), multi-factor authentication (MFA) evolution, cross-industry collaboration on digital identity standards.

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How has the digital identity market evolved, and what factors have shaped its growth?
An increase in instances of identity-related fraud and data breaches is contributing to the growth of the digital identity market. Identity fraud is a crime in which someone wrongfully obtains and uses other individuals’ data in some way that involves fraud and deception for economical gain. Industries across the globe are adopting advanced digital identity solutions to effectively mitigate identity-related fraud and thefts. For instance, in January 2024, according to the Identity Theft Resource Center (ITRC), an US-based nonprofit organization, in 2023, the number of data compromises reached 3,205, reflecting a 78% increase from 1,801 in 2022. Thus, the rise in identity-related fraud and data breaches is expected to boost the digital identity market during the forecast period.

What are the major segments of the digital identity market?
The digital identity market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Type: Single-factor Authentication, Multi-factor Authentication
3) By Deployment Type: Cloud, On-Premises
4) By Organization Size: Large Enterprises, SMEs
5) By Vertical: BFSI, Retail And E-Commerce, Government And Defense, Healthcare, IT And ITeS, Telecommunications, Energy And Utilities, Other Verticals

Subsegments:
1) By Solutions: Identity Verification Solutions, Access Management Solutions, Authentication Solutions, Digital Identity Platforms
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Managed Services

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Which companies dominate the digital identity market?

Major companies operating in the digital identity market include  NEC Corporation, Thales Group, Samsung SDS, Okta Inc., RSA Security LLC, Ping Identity Corporation, GB Group plc, ForgeRock Inc., Centrify Corporation, BioCatch Ltd., Keyfactor Inc., iProov Ltd., OneLogin Inc., Socure Inc., Sum&Substance Ltd., Auth0 Inc., Idaptive LLC, SEON Technologies AG, LoginID Inc., Authlete Inc., ID-Pal Limited, DIRO – Internet Original Documents Inc., iDenfy Ltd., IdRamp Inc., Entrust Corporation, SecureAuth Corporation, Evernym Inc., Jumio Corporation, Mitek Systems Inc., Acuant Inc., Transmit Security, Signicat AS, HYPR Corporation, Prove Identity Inc.

How will evolving trends contribute to the growth of the digital identity market?
The partnership among the companies is a key trend gaining popularity in the digital identity market. The companies operating in the digital identity market are focusing on partnering with a technology-based player for the development of innovative technologies and enhancement of existing products to increase customer experience and performance. For instance, in April 2022, Blinking, a Serbia-based provider of digital identity and onboarding solutions partnered with IPification, a Hong Kong-based provider of mobile IP address-based authentication, user verification, and fraud prevention services to further improve the capabilities and performance of their platform. in May 2020, Ontology, an operator of high-performance enterprise blockchain and distributed collaboration platform partnered with Sphericity, a Germany-based provider of decentralized digital identity solutions for the development of innovative digital identity solutions. The partnership is focused on delivering enterprise solutions for cross-border supply chain and resilience.

What are the key regional dynamics of the digital identity market, and which region leads in market share?
The countries covered in the digital identity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

What Does The Digital identity Market Report 2025 Offer?
The digital identity market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.

The digital identity refers to a set of digital qualities and credentials that are validated in the digital realm, analogous to a person's real-world identity. It is used for various purposes such as a unique identity number, social security number, immunization code, name, location, date of birth, citizenship, biometrics, and others. It has a high level of accuracy and compliance, as well as minimal operational costs, a better client experience, and improved security.

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