According to a market research report “Digital Identity Solutions Market, the Digital Identity Solutions Market size is projected to grow from USD 13.7 billion in 2019 and expected to reach USD 30.5 billion by from 2019 to 2024.
The increased focus on enhanced customer experience is anticipated to be a major driver, and the trend is expected to continue for the digital identity solutions industry. Additionally, the need of multi-purpose single digital identity and technological advancements in terms of Artificial Intelligence (AI), Machine Learning (ML), and blockchain have bolstered the potential use cases across verticals.
Digital identity management solutions evolved from passwords to biometric authentication, such as fingerprint, facial recognition, retina or eye scan, handprint, and voice recognition. The biometric features are unique for every individual.
These solutions follow lock and capture mechanism to authenticate the individual and allow access to specific set of services. Biometric solutions are more secure than conventional passwords systems. These solutions also use multi-factor authentication to add an extra layer of protection. Hence, the biometrics segment is expected to be the fastest-growing segment during the forecast period.
The retail sector is rapidly implementing digital identity solutions to support business stability and improve the level of competitiveness.
Retail is one of the top cost-conscious verticals and is the most targeted one for cyberattacks due to potential payouts and a huge number of monetary transactions Offered by credit card providers, such as Visa and MasterCard. In addition, the increasing complexities of supply chain, employees, channel partners, and customers are expected to force retailers to adopt managed authentication services.
Retailers need stronger and faster authentication technologies for seamless flow of working. Digital identity solutions help improve customer experience and reduce cost and resource expenditure.
Digital identities, such as face recognition help retailers proactively prevent organized retail crimes. Hence, digital identity solutions are gaining traction in the retail and eCommerce vertical to safeguard users from potential critical incidents and enhancing customer experience.
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