Digital trust solutions aid in authenticating users and detecting fraudulent activities in digital transactions. They provide multifactor authentication mechanisms along with risk-based authentication. With the growing trend of digital transactions and online commerce, there is an increasing need for solutions that can authenticate users and protect systems from cyber threats.
Market key trends:
One of the major trends fueling the growth of the digital trust market is the increasing need for authentication. As online transactions are growing exponentially, the risks of cybercrimes, data breaches, and identity thefts have also increased. Hackers and cybercriminals continuously work on developing sophisticated techniques to steal critical data. Thus, there is a need for advanced authentication methods that can verify users and detect malicious activities. Digital trust solutions provide identity proofing, multifactor authentication and continuous monitoring to prevent unauthorized access and secure digital transactions. The implementation of digital identity solutions is expected to accelerate in the coming years with the increasing authentication needs across various online platforms.
Segment Analysis
The global digital trust market is segmented by verification type and organization size. The digital signature sub-segment within the verification type segment dominated the market in 2023 as it provides document security and authentication. The large enterprises sub-segment within the organization size segment accounted for the largest revenue share in 2023 due to increased investments in digital trust services by large enterprises.
Key Takeaways
Global Digital Trust Market Size is expected to witness high growth. The global Digital Trust Market is estimated to be valued at US$ 308.34 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.
The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period owing to rising digitalization and increasing online transactions in countries like China, India. North America dominated the market in 2023 due to presence of key players and high adoption of digital trust solutions across various industries in the US and Canada.
Key players related content comprises
Key players operating in the digital trust market are IdenTrust, SSL, Digicert, Trustwave, Gemalto, Symantec,SSL, SecureTrust, Entrust Datacard, Sectigo Limited, Equifax, Adobe, Rakuten, Meeco.
Key players related content
Key players operating in the digital trust market are focusing on new product launches and strategic collaborations to gain competitive advantage in the market. For instance, IdenTrust partnered with PayPal in 2023 to provide authentication and digital signature for merchant and customer transactions. Digicert collaborated with Microsoft in 2023 to provide TLS/SSL certificates for Microsoft Azure applications.
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