MarketsandMarkets has released a new report that predicts that the market for Digital Identity Solutions will more than double between 2019 and 2024. The market will display a CAGR of 17.3 percent and climb from $13.7 billion to $30.5 billion in that forecast window.
The firm credited much of that growth to the rising demand for more streamlined customer experiences. It also indicated that technology improvements in the fields of AI, blockchain, and machine learning will make it easier to deploy Digital Identity Solutions, and to do so in a broader range of settings.
On that front, biometric solutions will be particularly popular as they continue to replace passwords as people’s preferred method of identification. Biometric solutions will consequently be the fastest growing type of solution all the way through until 2024.
Many of those solutions will be deployed in the retail and eCommerce vertical during that timeframe. MarketsandMarkets notes that retailers regularly process a high volume of financial transactions, and need to be able to monitor long supply chains and large numbers of employees. Biometric authentication can be used internally to reduce administrative overhead, and with customers to make shopping easier while preventing fraud.
North America is expected to be the largest market for digital identity technology, thanks in large part to the presence of industry leaders like ForgeRock, Jumio, and Imageware Systems. The roster of international digital identity providers listed in the report includes NEC, Thales, IDEMIA, Refinitiv, Signicat, and Syntizen.
MarketsandMarkets has previously predicted that the overall security market will hit $373 billion by 2022 as companies search for new ways to protect their physical and digital assets.
[Update 02/18/20: This article has been edited to remove references to a similar market report, to avoid confusion. – ed.]