The market for Digital Identity Solutions expected to double by 2024

The market for Digital Identity Solutions is predicted to double between 2019 and 2024, as reported by MarketsandMarkets. The market will climb from $13.7 billion to $30.5 billion, displaying a Compound Annual Growth Rate (CAGR) of 17.3 percent. 

ThinkDigitalPartners also mentioned this in a recent tweet:

Digital Identity Solutions Market to Double by 2024: Report https://t.co/lM09SSsfUQ#digitalidentity #security #ID #thinkdigid pic.twitter.com/Gl3UNlPNzt

— ThinkDigitalPartners (@thinkdigicon) February 19, 2020

The firm attributed a major portion of the growth to the increasing demand for more efficient customer experiences. Digital identity solutions will be deployed more easily with technological innovations in the fields of AI, blockchain, and machine learning with an added range of settings.

Biometric solutions will inevitably be the fastest-growing type of verification solution by 2024 due to people’s preferences. They are expected to be placed in the retail and eCommerce industry during that time.

Currently, retailers have to regularly process a large number of financial transactions and they should also be able to effectively manage large supply chains. Biometric authentication can be used to facilitate the shopping experience for customers, reduce administrative costs and prevent fraud at the same time.

The largest market for digital identity technology will be North America, particularly due to the presence of some notable identity verification service providers. 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.