The Asia Pacific Digital Identity Solutions Market would witness Market growth of 18.5% CAGR during the forecast period (2022-2028).
Digital identity systems offer an extensive range of advantages. These solutions streamline and simplify operations by automating them. It strengthens the bridge between the security threat and digital presence gap. Further, these solutions also ensure that the transition from physical to digital identification is seamless. These considerations suggest that the Market for digital identity solutions will continue to expand.
Governmental and non-governmental enterprises can use digital identity systems to acquire biographical and biometric data of individuals. It also gathers biometric information. It is, precisely, the computerized collection of personal information. Digitalization has influenced developments in a wide range of industries and applications. Digital identity solutions are becoming more important as technology advances. The growing requirement to encourage people all over the world to leverage digital identification systems promises well for future developments across these solutions.
Rising cyber frauds, followed by an increased requirement for authentication, have led to the adoption of such solutions in the region,. Furthermore, the individual governments are focusing on safeguarding the identities of national citizens, which has resulted in significant expenditure on such solutions. This contributes to the Market 's expansion.
Japan, China, Singapore, India, and South Korea are among the Asia Pacific's largest developing economies. The Indian government has implemented measures such as KYC to aid in the detection of identity fraud. Adhaar, India's national ID scheme, reached one billion users in 2016. Furthermore, Adhaar ID was used by 1.2 billion people, with 99 percent of them being adults. In addition, the Indian government's integration of the biometric digital ID 'Aadhaar' into different initiatives and policies is a prime example of digital governance. Under this initiative, Adhaar card can be created using the user's demographic and biometric information. Digital identity systems have already been deployed in well-known Asian countries such as China, India, Singapore, and Japan, which is increasing the utilization of digital identity solutions across the region.
The China Market dominated the Asia Pacific Digital Identity Solutions Market by Country 2021, and would continue to be a dominant Market till 2028; thereby, achieving a Market value of $5,552.1 million by 2028. The Japan Market is experiencing a CAGR of 17.9% during (2022 - 2028). Additionally, The India Market would showcase a CAGR of 19.3% during (2022 - 2028).
Based on Component, the Market is segmented into Solution (Without Services), (Biometrics and Non-Biometrics) and Services. Based on Authentication Type, the Market is segmented into Single-factor Authentication and Multi-factor Authentication. Based on Organization size, the Market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). Based on Deployment Mode, the Market is segmented into On-premise and Cloud. Based on Vertical, the Market is segmented into BFSI, IT, ITeS & Telecom, Government & Defense, Healthcare, Energy & Utilities, Retail & eCommerce, and Others. Based on countries, the Market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Digital Identity Solutions Market is Projected to reach USD 65 Billion by 2028, at a CAGR of 16.6%
The Market research report covers the analysis of key stake holders of the Market . Key companies profiled in the report include TELUS International, Inc., Samsung SDS Co., Ltd., GB Group PLC, NEC Corporation, Thales Group S.A., OneSpan, Inc., ForgeRock, Inc., ImageWare Systems, Inc., IDEMIA SAS, and Jumio Corporation
By Component
By Authentication Type
By Organization size
By Deployment Mode
By Vertical
By Country
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