• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

FindBiometrics

FindBiometrics

Global Identity Management

  • Biometrics
    • What are Biometrics?
    • FAQ
    • Biometric Associations
    • Companies
    • Premier Partners
  • News
    • Featured Articles
    • Interviews
    • Thought Leadership
    • Podcasts
    • Webinars
    • Year in Review
  • Applications
    • Biometric Security
    • Border Control and Airport Biometrics
    • Consumer and Residential Biometrics
    • Financial Biometrics
    • Fingerprint & Biometric Locks
    • Healthcare Biometrics
    • Justice and Law Enforcement Biometrics
    • Logical Access Control Biometrics
    • Mobile Biometrics
    • Other Biometric Applications
    • Physical Access Control Biometrics
    • Biometric Time and Attendance
  • Solutions
    • Behavioral Biometrics
    • Biometric Sensors and Detectors
    • Facial Recognition
    • Biometric Fingerprint Readers
    • Hand Readers & Finger Scanners
    • Iris Recognition
    • Biometric Middleware and Software
    • Multimodal Biometrics
    • Physiological Biometrics
    • Smart Cards
    • Vein Recognition
    • Voice and Speech Recognition
  • Stocks
  • Events
  • Companies
  • Podcasts

Digital Identity Solutions Market to Double by 2024: Report

February 17, 2020

Biometrics News - Hitachi, VietCredit Look to AI to Improve Loan Application Process

MarketsandMarkets has released a new report that predicts that the market for Digital Identity Solutions will more than double between 2019 and 2024. The market will display a CAGR of 17.3 percent and climb from $13.7 billion to $30.5 billion in that forecast window.

The firm credited much of that growth to the rising demand for more streamlined customer experiences. It also indicated that technology improvements in the fields of AI, blockchain, and machine learning will make it easier to deploy Digital Identity Solutions, and to do so in a broader range of settings.

On that front, biometric solutions will be particularly popular as they continue to replace passwords as people’s preferred method of identification. Biometric solutions will consequently be the fastest growing type of solution all the way through until 2024.

Many of those solutions will be deployed in the retail and eCommerce vertical during that timeframe. MarketsandMarkets notes that retailers regularly process a high volume of financial transactions, and need to be able to monitor long supply chains and large numbers of employees. Biometric authentication can be used internally to reduce administrative overhead, and with customers to make shopping easier while preventing fraud.

North America is expected to be the largest market for digital identity technology, thanks in large part to the presence of industry leaders like ForgeRock, Jumio, and Imageware Systems. The roster of international digital identity providers listed in the report includes NEC, Thales, IDEMIA, Refinitiv, Signicat, and Syntizen.

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.

[Update 02/19/20: This article has been edited to remove references to a similar market report, to avoid confusion. – ed.]

—

(Originally posted on Mobile ID World)

Related News

  • Daon Provides Biometric Authentication for African Blockchain Identity PlatformDaon Provides Biometric Authentication for African Blockchain Identity Platform
  • ID Tech: Buenos Aires is Building a Digital ID System Based on Blockchain and ‘Human Trust’ TechID Tech: Buenos Aires is Building a Digital ID System Based on Blockchain and ‘Human Trust’ Tech
  • New Partnership Aims to Build Blockchain-Based Identity PlatformNew Partnership Aims to Build Blockchain-Based Identity Platform
  • French Regulator OK’s Biometric Onboarding for Mobile Health Card (For Now)French Regulator OK’s Biometric Onboarding for Mobile Health Card (For Now)
  • Biometric Traveller ID Takes Flight in CanadaBiometric Traveller ID Takes Flight in Canada
  • EU Committee Gives Green Light to Digital ID FrameworkEU Committee Gives Green Light to Digital ID Framework

Filed Under: News Tagged With: AI, Biometric, biometrics, blockchain, digital ID, digital identity, digital identity market, digital identity solutions, industry forecasts, industry reports

Primary Sidebar

Identity is Shaping Air Travel – Time to Invest

Sponsored Links

facetec logo

FaceTec’s patented, industry-leading 3D Face Authentication software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ make trusted, remote identity verification finally possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for Liveness and 3D Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

TECH5 logo

TECH5 is an international technology company founded by experts from the biometrics industry, which focuses on developing disruptive biometric and digital ID solutions through the application of AI and Machine Learning technologies.

TECH5 target markets include both Government and Private sectors with products powering Civil ID, Digital ID, as well as authentication solutions that deliver identity assurance for various use cases. 

Learn more: www.tech5.ai

Mobile ID World Logo

Mobile ID World is here to bring you the latest in mobile authentication solutions and application providers. Our company is dedicated to providing users with the best content and cutting edge information on technology, news, and mobile solutions for your mobile identity management needs.

Recent Posts

  • An ‘Exciting Time’ for IDEMIA: Identity News Digest
  • Facephi’s Rocketship Award Delivers New Opportunities
  • Chips, Guacamole, and Device-Agnostic Identity – Hummingbirds AI CEO Nima Schei at ISC West 2023
  • NECAM Gets a New CEO: Identity News Digest
  • Onfido Delivers 15-second Identity Verification for UK’s Co-operative Bank

Biometric Associations

IBIA and fido

Tweets

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2023 FindBiometrics