"Smart Strategies, Giving Speed to your Growth Trajectory"

Digital Trust Market Size, Share & COVID-19 Impact Analysis, By Solution (Fraud Detection and Prevention, Data Encryption and Security, Identity and Access Management, Digital Signatures and Certificate, Endpoint Security, Cloud Security, Risk and Compliance Management, and Others), By Deployment (Cloud and On-premises), By Enterprise Type (Large Enterprises and Small & Medium Enterprises), By End-user (BFSI, Government, Retails, Healthcare, IT & Telecom, Manufacturing, Energy & Utility, and Others), and Regional Forecast, 2023 – 2030

Last Updated: June 24, 2024 | Format: PDF | Report ID: FBI108934

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global digital trust market size was valued at USD 80.66 billion in 2022 and is projected to grow from USD 88.69 billion in 2023 to USD 188.76 billion by 2030, exhibiting a CAGR of 11.4% during the forecast period.


Digital trust ensures confidence among the users and enterprises regarding privacy, reliability, and security while using digital transaction platforms. In today’s business world, it is not acceptable to lose crucial and sensitive data during random online transactions. Thus, to ensure reliability and growing risk concerns, businesses are investing in robust digital trust solutions. Also, the adoption of emerging technologies, such as artificial intelligence, cloud, blockchain, and others, is expected to boost market growth.


As per the survey of PWC Global Digital Trust Insights 2024, various enterprises across 71 countries are increasing their funds for cybersecurity, considering a rise in the adoption of generative AI. Thus, in this ever-accelerating digital transformation, this solution is expected to gain traction in the market.


COVID-19 IMPACT


Sudden Increase in the Number of Digital Solutions Amid Pandemic Boosted the Market Growth


The outbreak of COVID-19 has highlighted the importance of digital trust for safe and effective data interaction. Cyber risk was at a higher level during the pandemic owing to the sudden increase in the number of digital solutions. As the number of digital platform users grew exponentially, the amount of data generated increased significantly. According to the Deloitte Impact of COVID-19 on Cybersecurity insights, data breaches affected more than half a million people from February 2020 to May 2020. As the digital transformation was at its peak amid the pandemic across industries, concerns regarding personal information security gained traction.


Thus, to build trust and safeguard the vast amount of data, enterprises are prominently investing in data protection solutions. The rising data loss incidents are alerting users and creating awareness of trust solutions amongst enterprises. Thus, the pandemic significantly boosted the market growth with the increasing incidents of cyberattacks and digital transformation.


Digital Trust Market Trends


Rise of Zero Trust Solutions among Enterprises to Propel Market Growth


Zero trust security provides verification capabilities for every access request. The digital identities are continuously verified using authentication methods, such as public key infrastructure (PKI), single sign-on (SSO), multi-factor authentication (MFA), and more. As data breach incidents are on the verge, zero trust solutions mitigate safety risks. For instance, in 2021, the U.S. federal government introduced direct orders for implementing zero trust approaches.


The adoption of a zero trust system is likely to push digital trust security capabilities with centralized control and visibility. Thus, these solutions together are expected to strengthen the connections between users and devices with confidence. Various tech companies are coming together to boost the product offering with strategic partnerships. For instance, DigiCert has collaborated with the National Institute of Standards and Technology (NIST) to offer zero-trust architecture with these services. Thus, the rise in zero trust capabilities boosts market growth.


Request a Free sample to learn more about this report.


Digital Trust Market Growth Factors


Growing Demand for Digital Trust for AI Tools to Drive Market Growth


Artificial intelligence applications are growing exponentially across various industries. However, with this, the increase in cybersecurity threats is likely to fuel concerns regarding the adoption of such digital technology. These growing concerns and lack of confidence in advanced technologies are expected to propel the demand for trust solutions.


As cutting-edge solutions offer the potential to enhance different industry operations, companies are looking for innovative and secure solutions. As AI-powered tools are on the onset of more innovation, demand for trusted services has gained traction. For instance, the UK National Standards Body, BSI, introduced new guidelines for developing and building advanced digital trust services for AI tools. Thus, the growing innovation and concerns regarding security are expected to boost the market growth.


RESTRAINING FACTORS


Higher Cost of Implementation of Solutions to Hamper the Market Growth


Trust technology offers various solutions to tackle digital threats across the ecosystem. However, small and medium enterprises are facing challenges in allotting a significant share of IT funds to these solutions. As many enterprises prefer in-house storage, the cost of on-premises trust solution implementation and maintenance increases further. Also, the different specifications and solution requirements further increases the complexity of services. This is expected to hinder the market growth.


Digital Trust Market Segmentation Analysis


By Solution Analysis


Increase in Number of Fraud Incidents Across Industries to Drive Fraud Detection and Prevention Segment Growth


Based on solution, the market is segmented into fraud detection and prevention, data encryption and security, identity and access management, digital signatures and certificate, endpoint security, cloud security, risk and compliance management, and others.


The fraud detection and prevention segment will gain dominant revenue share during the forecast period. Trust solutions offer advanced fraud detection with single purpose capabilities. The increase in cases of payment fraud, insurance fraud, and more is expected to fuel the demand for secured and trusted resources.


The identity and access management segment will witness a rapid growth rate during the forecast period. Its capability to manage and control from a centralized system that enhances its power to reduce cyberattacks.


The endpoint security segment will showcase significant CAGR during the forecast period. The increasing remote work culture and policies, such as bring your own device, are likely to propel the demand for identity and access management.


By Deployment Analysis


More Controlled Data Protection to Fuel On-premises Segment Growth


By deployment, the market is segmented into cloud and on-premises.


The on-premises segment will gain maximum market share during the forecast period. The greater control and minimum reliance on third parties are expected to fuel the adoption of on-premises solutions.


The cloud segment is expected to witness a rapid growth rate during the forecast period. The rapid revolution in cloud infrastructure is expected to boost scalability and flexibility.


By Enterprise Type Analysis


Increase in Number of Cyberattacks to Fuel Large Enterprises Segment Expansion


Based on enterprise type, the market is segmented into large enterprises and small & medium enterprises.


The large enterprises segment will hold the maximum market share during the forecast period. Large enterprises have secured a good share of funds to manage increasing cybersecurity issues. Thus, the demand for trust solutions is likely to gain traction in large enterprises.


The small and medium enterprises segment to gain rapid CAGR during the forecast period. The attackers are significantly targeting small businesses, and thus, it has become essential for SMEs to include safe and trusted solutions for online data transfer.


By End-user Analysis


To know how our report can help streamline your business, Speak to Analyst


Rapid Digital Transformation to Propel Trusted Solutions Demand in IT and Telecom


By end-user, the market is categorized into BFSI, government, retails, healthcare, IT & telecom, manufacturing, energy & utility, and others.


The IT and telecom segment will gain maximum revenue share during the forecast period. Early adoption of digital platforms and services increased the demand for reliable solutions in the industry.


Similarly, the manufacturing segment will showcase prominent revenue growth during the forecast period. The rising cyber threats in advanced manufacturing technologies are expected to fuel market growth.


The BFSI segment will grow rapidly depicting the highest growth rate. The industry manages crucial and private financial data, which has raised concerns for its safety over the years. Thus, implementing trusted risk management solutions is likely to boost market growth.


Similarly, the healthcare segment will grow at a significant growth rate owing to increasing cyber-attacks across healthcare providers globally. According to IBM’s Cost of a Data Breach Report, the industry invested USD 10.10 million on average per data breach incident.


REGIONAL INSIGHTS


Based on region, the market is studied across North America, South America, Europe, the Middle East & Africa, and Asia Pacific.


North America Digital Trust Market Size, 2022 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


North America will lead the digital trust market share during the forecast period. The rise in digital transformation is expected to propel market growth. Also, with internet penetration, the region has witnessed a rise in the number of cyber-attacks. As per the report of CNB News, U.S. hospitals witnessed 299 ransomware hits in the year 2023. Thus, the rise in such data breach incidents fueled the demand for the solutions.


To know how our report can help streamline your business, Speak to Analyst


Asia Pacific will grow at a rapid growth rate during the forecast period. The increasing concerns regarding data privacy, personal data breaches, cyberattacks, and more are expected to boost market growth. With the growing opportunities, various companies, such as DigiCert, are investing significantly in the region. India, with rapid digitalization, is expected to grow with the fastest CAGR during the forecast period.


Europe to gain significant growth rate during the forecast period. The increasing number of start-ups and rapid digital transformation are expected to fuel the demand for the solution. Furthermore, the stringent regulation and compliances of the European Union are likely to drive the market share.


The Middle East & Africa to gain significant growth rate during the forecast period owing to the rise in the adoption of digital solutions. The rising concerns of data theft are propelling the market growth in the region.


Similarly, South America is to showcase steady growth with the rise in digital services and technology.


KEY INDUSTRY PLAYERS


Growing Collaboration and Partnership Strategies to Boost Key Players’ Market Share


Key market players are keen on expanding their global presence through strategic partnerships and collaboration. The key players are steadily growing their business across countries with innovative solutions and services. Also, the growing adoption of digital transformation is expanding the growth opportunities for the market players. Thus, these players are providing various authentic and safer services to access digital data.


List of Key Companies Profiled in Digital Trust Market:



  • Microsoft Corporation (U.S.)

  • Amazon Web Services, Inc. (U.S.)

  • IBM Corporation (U.S.)

  • Cisco Systems, Inc. (U.S.)

  • Oracle Corporation (U.S.)

  • Thales Group (France)

  • DigiCert, Inc. (U.S.)

  • ForgeRock, Inc. (U.S.)

  • RSA Security LLC (U.S.)

  • Entrust (U.S.)


KEY INDUSTRY DEVELOPMENTS:



  • October 2023: California-based Jumio, an AI solution provider, announced a collaboration with NextWealth to introduce a digital trust solution catering to identity verification services. The companies are focused on offering reliable and safer internet.

  • September 2023: DigiCert launched a new digital trust management solution in India to boost corporate infrastructure and enhance customer data security. The DigiCert ONE platform helps secure users, devices, servers, and others.

  • May 2023: Garrigues announced the acquisition of 51% of EAD Trust stakes, a Spain-based digital trust service provider, to establish itself in upcoming regulations of European Unions. EAD Trust offers electronic identification and trust services, and with its acquisition, Garrigues aims to enhance decision-making capabilities.

  • January 2023: Italy-based Tinexta’s InfoCert acquired 65% of U.K.-based Ascertia to offer secured communication and authentication in compliance with ETSI standards and eIDAS regulations. The company aims to expand through global partnerships and digital transformation.

  • November 2022: Amazon Web Services, Inc. announced a partnership with Atos Group to boost digital transformation for easy cloud migration. With the expedition of cloud adoption, the companies aim to offer secure, flexible and sustainable solutions.


REPORT COVERAGE


An Infographic Representation of Digital Trust Market

To get information on various segments, share your queries with us



The market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product/service types, and leading applications of the product. Besides, the report offers insights into the market trends and highlights key end-user developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.


Report Scope & Segmentation










































ATTRIBUTE



DETAILS



Study Period



2017-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2017-2021



Growth Rate



CAGR of 11.4% from 2023 to 2030



Unit



Value (USD Billion)



 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


Segmentation



By Solution



  • Fraud Detection and Prevention

  • Data Encryption and Security

  • Identity and Access Management

  • Digital Signatures and Certificate

  • Endpoint Security

  • Cloud Security

  • Risk and Compliance Management

  • Others (Secured Communication, Application Security, and others)


By Deployment



  • On-premises

  • Cloud


By Enterprise Type



  • Large Enterprises

  • Small and Medium Enterprises


By End-user



  • BFSI

  • Government

  • Retails

  • Healthcare

  • IT & Telecom

  • Manufacturing

  • Energy & Utility

  • Others (Education, Automotive, and others)


By Region



  • North America (By Solution, By Deployment, By Enterprise Type, By End-user, and By Country)

    • U.S. (By End-user)

    • Canada (By End-user)

    • Mexico (By End-user)



  • South America (By Solution, By Deployment, By Enterprise Type, By End-user, and By Country)

    • Brazil (By End-user)

    • Argentina (By End-user)

    • Rest of South America



  • Europe (By Solution, By Deployment, By Enterprise Type, By End-user, and By Country)

    • U.K. (By End-user)

    • Germany (By End-user)

    • France (By End-user)

    • Italy (By End-user)

    • Spain (By End-user)

    • Russia (By End-user)

    • Benelux (By End-user)

    • Nordics (By End-user)

    • Rest of Europe



  • Middle East and Africa (By Solution, By Deployment, By Enterprise Type, By End-user, and By Country)

    • Turkey (By End-user)

    • Israel (By End-user)

    • GCC (By End-user)

    • North Africa (By End-user)

    • South Africa (By End-user)

    • Rest of MEA



  • Asia Pacific (By Solution, By Deployment, By Enterprise Type, By End-user, and By Country)

    • China (By End-user)

    • Japan (By End-user)

    • India (By End-user)

    • South Korea (By End-user)

    • ASEAN (By End-user)

    • Oceania (By End-user)

    • Rest of Asia Pacific








Frequently Asked Questions

The market is projected to reach USD 188.6 billion by 2030.

In 2022, the market was valued at USD 80.66 billion.

The market is projected to grow at a CAGR of 11.4% during the forecast period.

The IT & telecom end-user segment is expected to lead the market.

Growing demand for digital trust for AI tools to drive market growth.

Microsoft Corporation, Amazon Web Services, Inc., IBM Corporation, Cisco Systems, Inc., Oracle Corporation, Thales Group, and DigiCert, Inc. are the top players in the market.

North America is expected to hold the highest market share.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2017-2030
  • 2022
  • 2017-2021
  • 160

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X