Digital Identity Industry Statistics

In this post, we will explore the dynamic landscape of the digital identity industry through a series of compelling statistics and projections. From the exponential growth of market values to the pivotal role of emerging technologies like AI and biometrics, these data points paint a vivid picture of the evolving challenges and opportunities in the realm of digital identity management. Let’s dive into the numbers that are shaping the future of this critical sector.

Statistic 1

"By 2024, the worldwide Global Digital Identity market is expected to reach $37.86 billion, growing at a CAGR of 17.3% from 2021 to 2024."

Statistic 2

"By 2025, the Digital Identity Solutions market in the Asia Pacific region is expected to grow at the highest CAGR of 19.1%."

Statistic 3

"According to the global self-sovereign identity market research report, Europe covers about 34% of the total global market."

Statistic 4

"As of 2021, 45% of organizations are investing in solutions allowing for digital identity verification."

Statistic 5

"By 2027, the digital identity solutions market worldwide is projected to reach USD 49.5 billion, expanding at a CAGR of 16.2% from 2020 to 2027."

Statistic 6

"As per Thales Digital Identity and Security, more than 480 million mobile facial recognition checks will be completed by 2020."

Statistic 7

"63% of businesses see AI and biometrics playing a huge part in solving fraud related issues within the digital identity sector."

Statistic 8

"By 2024, global IoT identity access management market is expected to reach $8.9 billion, growing at a CAGR of 17.3% between 2020 and 2024."

Statistic 9

"The demand for digital identity solutions in the finance sector, which was worth USD 663.6 million in 2019, is expected to continue expanding at a compound annual growth rate (CAGR) of 15.6% from 2020 to 2027."

Statistic 10

"By 2026, the digital identity verification market is projected to reach USD 12.46 billion, growing at a CAGR of 13.4% between 2019 and 2026."

Statistic 11

"In 2019, digital identity market leaders invested over 6 billion dollars in developing advanced authentication and identification systems."

Statistic 12

"Blockchain technology-based digital identity solutions are expected to grow at a CAGR of 84.6% from 2019 to 2025."

Statistic 13

"Digital identity verification costs businesses an average of $1 per transaction."

Statistic 14

"61% surveyed banks say it would take 2-3 years (as of 2017) to replace traditional passwords with biometrics."

Statistic 15

"By 2023, 6 billion people are expected to have a digital ID, which will become the core method of identification."

Statistic 16

"The public sector will account for nearly 40% of the digital identity solutions market revenue by 2027."

Statistic 17

"Approximately 60% of banking customers would be ready to switch banks if the other bank provided a better digital customer experience."

Statistic 18

"73% of businesses feel that the complexity of their current solutions is impeding their ability to do fraud prevention."

In conclusion, the digital identity industry is experiencing significant growth and investment, with various regions and sectors adapting to the evolving landscape. The statistics highlight a strong push towards advanced authentication methods, such as biometrics and AI, to combat fraud and enhance customer experiences. The market is projected to expand rapidly, with substantial investments in innovative technologies like blockchain-based solutions. As the demand for digital identity solutions continues to rise, organizations will need to navigate challenges such as complexity and cost to ensure efficient and secure identity verification processes.