Digital Identity Solutions Market

Key players adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the Digital Identity Solutions Market

The global digital identity solutions market size is projected to grow from USD 13.7 billion in 2019 to USD 30.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 17.3% during the forecast period. The major factors driving the market include the rising number of identity and authentication related frauds, increased integration of biometrics into smartphones, and increased focus on enhancing end-to-end customer experience.

Vendors covered in the digital identity solutions market report include NEC (Japan), Samsung SDS (UK), Thales Group (France), GBG (UK), Telus (Canada), IDEMIA (France), Tessi (France), ForgeRock (US), Jumio (US), Refinitiv (UK), Duo Security(Cisco) (US), AU10TIX(Cyprus), Imageware Systems (US), Verisec (Sweden), Vintegris Tech (Spain), Signicat (Norway), Smartmatic (UK), Syntizen (India), Intesa (IBM) (Italy), and RaulWalter (Estonia). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the digital identity solutions market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2017 to 2019 to innovate their offerings and broaden their customer base.

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NEC (Japan) has evolved as a major multinational Information Technology (IT) and electronics company, with offices across the globe, including Asia Pacific (APAC), North America, Europe, and the Middle East. The company has a global employee strength of 110,000 (as of March 31, 2019), with nine state-of-the-art Research and Development (R&D) centers. The company develops digital identity-based NeoFace facial recognition solution that can be customized to fully meet the customers’ demand. NEC provides digital identity solutions, which enable organizations to develop new services. NEC has also started incorporating blockchain-based digital identity, enabling users to have more control over their data. NEC has established a strong foundation in Artificial Intelligence (AI) and biometrics, with the global expansion of AI-based surveillance. NEC substantiates a strong market presence, being the largest non-Chinese supplier of AI surveillance tech to over 14 countries. The company’s robust offerings in adjacent fields/markets, such as analytics, cloud, communication platform, conferencing and recording, contact center, data networking, emergency notification, enterprise software, financial services, and integrated IT infrastructure, further bolster its presence in the digital identity solutions market.

Founded in 2000 and headquartered in La Defense, France, Thales Group is a French multinational company that designs and builds electrical systems and provides services for the aerospace, defense, transportation, and security markets. Thales Group has offices across the globe, including North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Thales Group provides Gemalto Digital ID wallet which enables users to have complete access over their personal data. SafeNet Trusted Access is another service provided by Thales Group which offers trusted access and Smart Single Sign-On to all apps with SafeNet Trusted Access. Thales Group also provides mobile phone and software authentication tokens and on-premises authentication management services. For the purpose of digitalization processes, businesses and governments depend on Thales Group. The identity management and data protection technologies of Thales Group help banks exchange funds, maintain border control, and many other applications. In early 2019, Thales Group acquired Gemalto, the international security company, which resulted in making Thales Group a new leader in digital security. Around the world, every organization is planning to move toward digital transformation, and this acquisition is expected to benefit all those organizations in an even better way.

Related Reports:

Digital Identity Solutions Market by Solution (Biometrics and Non-Biometrics), Authentication Type, Deployment Mode (Cloud and On-Premises), Organization Size (SMEs and Large Enterprises), Vertical, and Region - Global Forecast to 2024

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Report Code
TC 7537
RI Published ON
2/12/2020
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