The Europe Digital Identity Solutions Market would witness Market growth of 15.8% CAGR during the forecast period (2022-2028).
Digital identity management solutions have majorly evolved, moving away from traditional passwords and toward biometric authentication such as facial recognition, voice recognition, and fingerprint. Because biometric traits are unique to each individual, biometric solutions are becoming increasingly popular. The biometric solution analyzes lock patterns that record the process of verifying identity and granting access. The high demand for digital identity services is propelled by the security and simplicity provided by biometric technologies. During the forecasting period, the multifactor authentication capability given by biometric identity solutions along with the increased focus on improving end-to-end customer experience is also driving Market expansion.
The trend of digitization across numerous organizations and businesses has significantly increased the potential development of the digital identity solutions Market . Human errors invalidating and cross-checking an individual's identity can be minimized by using dependable digital identity systems. In addition, digital identity solutions aid in providing a positive customer experience, increasing efficiency, and lowering expenses. All of these factors contribute to the digital identity solutions Market 's increased growth potential.
Recently, digital identification has become increasingly important in a variety of industries. In 2016, schemes such as the Gov.UK Verify project were launched. The government released a revised edition of its digital identity and characteristics trust framework in August 2021. By the end of 2021, German people would be able to save a digital version of identification cards on smartphones and use it as a digital ID with a PIN for authentication.
European people and businesses will be able to use the European Digital Identity to verify their identity or confirm specific personal information. It can be used across the region for both online and physical public and private services. Every person qualified for a national ID card has the right to a digital identity that's also recognized throughout the region. The European Commission has developed an online platform to collect reviews from everyone interested in helping to define new European Digital Identity Wallets.
The Germany Market dominated the Europe Digital Identity Solutions Market by Country 2021, and would continue to be a dominant Market till 2028; thereby, achieving a Market value of $4,140.4 million by 2028. The UK Market is estimated to grow at a CAGR of 14.8% during (2022 - 2028). Additionally, The France Market would witness a CAGR of 16.7% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Digital Identity Solutions Market Size will Hit $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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