Digital Identity Solutions Market: Snapshot
The digital identity solutions market is estimated to observe considerable growth opportunities during the forecast period of 2021-2031. Inclination of various organizations and firms toward digitization has improved the growth prospects across digital identity solutions market to a substantial extent.
The utilization of reliable digital identity solutions can minimize human errors in verifying and cross-checking the identity of an individual. Further, digital identity solutions help deliver excellent customer experience, boost efficiency, and decrease costs. All these factors help in improving the growth opportunities across the digital identity solutions market.
Digital identity solutions are developed for governmental and non-governmental organizations to collect biographical data of individuals such as gender, name, address, and age electronically. It also collects biometric data. Precisely, it is the compilation of information about an individual in a digital form.
The wave of digitalization has influenced advancements in numerous sectors and applications. As technologies flourish, the need for digital identity solutions increases. The accelerating need to include all the individuals on the planet under the purview of digital identification systems boosts growth prospects. Under the ID4D initiative of the World Bank, it aims to achieve the objective of providing everyone on the planet with a legal digital identity by 2030. Such initiatives add value to the digital identity solutions market growth trajectory.
The benefits derived from digital identity solutions are immense. These solutions automate process to make them seamless and more streamlined. They are helping in bridging the gap between security threats and digital presence. In addition, the solutions assure smooth transition from physical identification to digital identification. These factors bode well for the growth of digital identity solutions market.
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Digital Identity Solutions Market: Competitive Prospects
Vendors in the digital identity solutions market are capitalizing on the expanding demand for digital identity solutions from large corporate companies and government bodies as well. The players are researching and developing novel systems for upgrading their solutions and making them more user-friendly.
Strategic collaborations are crucial for the vendors to expand their services and penetrate a larger consumer base. The collaborations help in strengthening the influence of the players. The alliance between Saviynt, one of the leading providers of enterprise cloud identity solutions and Deloitte is a classic instance. The digital identity solutions of Saviynt will now be available as a managed service with Deloitte.
Some well-established players in the digital identity solutions market are Samsung SDS, Tessi, ImageWare Systems, Vintegris, Duo Security, Good Digital Identity, Thales Group, and Smartmatic.
Digital Identity Solutions Market: Recent Trends
Growing Need for Good Digital Governance Accelerates Growth Opportunities across Digital Identity Solutions Market
Digital governance is gaining prominence across many regions across the world. Many countries are strengthening their digital infrastructure to make the citizens eligible for reaping benefits from various government schemes and initiatives. The use of digital identities helps in verifying the identity and makes sure that the scheme has reached to the concerned citizen without any hindrance.
Integration of biometric digital ID ‘Aadhaar’ into various schemes and policies of the Indian Government is a classic instance of digital governance. Developed countries like the U.K. are also concentrating extensively on strengthening digital identity. It is planning to launch another digital identity scheme. Such developments help in strengthening the growth structure of the digital identity solutions market.
Biometric Integration in Smartphones Present Extensive Growth Opportunities
With the rising use of smartphones around the globe, technological advancements also continue to increase. Earlier, mobile phones were only protected by a simple password. With the changes in technology, smartphone manufacturers are integrating identity solutions across their devices to provide enhanced security to the consumers. These factors will have a positive impact on the growth of the identity solutions market.
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Identity Solutions Market: Regional Landscape
North America’s identity solutions market is prognosticated to have a dominant growth-share between 2021 and 2031. The presence of numerous market players in the region and an increase in research and development activities across identity solutions will serve as prominent growth contributors. Identity solutions market in Asia Pacific will also observe rapid growth due to rising awareness.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.