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Digital identity services manage identity risk, authentication credentials, and individual user database. It allows to manage access of the confidential data of partners, employee, customers, digital document, connected devices data among others. The digital identity services plays an important role in an organization where information is kept confidential and secured, organization such as BFSI, government, education sector, defense among others. The rising identity and authentication frauds are forcing organizations to adopt digital identity solutions. Increasing focus to enhance end-to-end customer experience is also one of the key factors supporting the growth of thee global market
Over the years, digital identity management solutions have developed from conventional password solutions to biometric authentication, such as fingerprint, facial recognition, and voice recognition. Biometric solutions are becoming popular each day, as the biometric features are unique for every individual. The biometric solution follows lock patterns and captures the mechanism for verifying the individual and allow access. The security and convenience offered by the biometric solutions drive the significant demand for digital identity services. The multifactor authentication facility provided by the biometric identity solutions would likely bolster market growth during the forecast period. The market growth is also driven by the increased focus on improving endwise customer experience.
The developments in digital identity solutions owing to innovative technologies such as artificial intelligence, machine learning would be likely to contribute significantly to the market growth.
Key Market Driver -
• Work from home policy will be driving the market growth • Rising of identity frauds support in the growth of the market
Key Market Restraint -
• Identity theft and misuse of data and privacy will restraint market growth
The key players operating in the global digital identity service market are adopting various business strategies to expand their business and customer base across the globe. The significant players offer advanced digital identity solutions to satisfy the dynamic needs and demands of the consumers. Partnerships, collaborations, and strategic agreements are the Key business growth strategies adopted by the vendors. New product launches and enhancements in the existing product portfolio help market players improve their position in a global marketplace.
The key players operating the global digital identity service market include NEC Corporation, Samsung Electronics, Thales Group, Ubisecure, Inc., OneLogin, Inc., Telus, Atos SE, IDEMIA, Tessi, ForgeRock, Okta, Refinitiv, Imageware Systems, Verisec, Centrify, and among others.
North America is expected to show higher market share in digital identity service market. Rapid growth in digitalization has encouraged organization in North America to adopt identity management services. In 2018, Canada has introduced digital identity scheme named Pan Candaian-Trust Framework introduced by Digital ID Authentacation Canada for login authentaction services called Sign In Canada.
The Asia Pacific encompasses immense developing economies, such as Japan, China, Singapore, India, and South Korea. Factors such as eKYC has been introduced by the Indian government helps in tracking identity related frauds. In 2016, indian nation ID scheme – Adhaar crossed 1 bn users. Further, there were 1,2 bn residents were having Adhaar ID with 99% were adults. The Adhaar can be made based on users demographic and biometric data. The well-known Asian countries such as China, India, Singapore, and Japan have already started deploying digital identity solutions. Increased public awareness about identity authentication, huge investments made by the government for securing citizens' identities, and incorporation of advanced technologies such as machine learning, artificial intelligence, or blockchain would further likely assist market growth across the region.
Initiatives taken by the government of Arab countries to develop electronic or digital identities would likely drive the market growth across the Middle East and Africa. For instance, the official identity management policy by the government of South Africa would affect the global digital identity service market positively.
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