In the post-COVID-19 scenario, the global digital identity solutions market size is 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 market’s growth in the market can be attributed to the increase in instances of identity-related frauds and data breaches and the need for compliance with various upcoming regulations.
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.
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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.
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). These players have adopted various growth strategies, such as partnerships, agreements & collaborations, new product launches & product enhancements, and acquisitions to expand their presence in the digital identity solutions market. Partnerships, agreements & collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2021 to innovate their offerings and broaden their customer base.
NEC has expertise in the integration of IT and network technologies. NEC operates through business segments, namely, Public Business, System Platform Business, Global Business, Enterprise Business, and Network Services Business. It evolved as a major multinational IT and electronics company, with offices across the globe, including APAC, North America, Europe, and the Middle East. NEC Facilities (Japan), NEC Display Solutions (Japan), NEC Energy Solutions (US), and NEC Embedded Products (Japan) are a few of its subsidiaries. The company offers integrated solutions, components, and services for computing and communication applications. The company’s product portfolio comprises computers, data storage products, embedded systems, fiber optic devices, integrated infrastructure, network products, and software. The company’s solutions and services portfolio include big data analytics, biometric authentication, cloud, display, digital signage, OEM services, safety, and smart energy. NEC, through its products and solutions, serves various industries, including aerospace, agriculture, government, hospitality, logistics, manufacturing, retail, and transportation.
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GBG is identity management and fraud prevention company. Initially, GBG was established as GB Information Management. In July 1999, GBG was acquired by Phonelink. In 2000, the company changed its name from Phonelink to Telme.com, and in 2004, the company changed its name from Telme.com to GBG. GBG is a global specialist in identity data intelligence. GBG has a presence in 79 countries with 17,000 clients ranging from banking, eCommerce, large enterprises, SMEs, as well as start-ups. Some of GBG’s clients include big brand names, such as Barclays, Aviva, and Bitcoin.
GBG has two divisions: identity proofing and identity solutions. The identity intelligence solutions are provided through these two divisions. The solutions offer ID Registration, ID Verification, ID Trace and Investigate, ID Engage, and ID fraud and risk management software and services. GBG also includes the operations of software provider company, ID Scan Biometrics Ltd, which, by simplifying the identity verification and data capture process, automates customers’ and employees’ onboarding process.
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