ID will be a $30 billion market by 2024, analyst predicts

The global Digital Identity solutions market is set to boom from today’s $13.7 billion to $30.5 billion inside the next four years, says a new study.

If true, that would be driven by a rather amazing compound annual growth rate of 17.3% between 2019 and 2024 – with growth driven by the rise of Identity and authentication fraud efforts, the increasing inclusion of biometrics on smartphones, and the growing focus on enhanced end-to-end customer experience.

At the same time, expect MFA (multi-factor authentication) is expected to grow at a higher CAGR than the industry as a whole according to the source of all this optimism – number-crunchers Markets and Markets.

Why? Because, its new in-depth study into the Identity market predicts, MFA will be turned to for its promise to provide more than one layer of protection for users, making it more difficult for unauthorised users to gain access to your network, database, account, or system.

The study states that delivery of ID solutions by cloud-will also be grow more than the on-prem, due to reduced cost in terms of maintenance of infrastructure and technical staff.

Small and Medium-sized Enterprises (SMEs) are also said, meanwhile, to be more likely to deploy cloud-based ID due to their more constrained security budgets and the lower cost of such systems.

In terms of geographical uptake of ID, we can expect Asia Pacific to register the highest growth rate during the forecast period – due, says Markets and Markets, to “a large amount of investments from governments in the APAC region in securing the identity of citizens through national biometric programs|. 

The region is also experiencing a sharp uptick of use of AI, ML (Machine Learning) and Blockchain with their ID roll-outs.