Emerging Technologies Pushing Digital Trust Market to New Heights
The global digital trust market is estimated to be valued at US$ 781.07 Bn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the digital trust market include IBM Corporation, Microsoft Corporation, NASDAQ, Oracle Corporation, Symantec Corporation, Thales Group, DigiCert, Inc., Entrust Datacard Corporation, Verizon Communications Inc., Trustwave Holdings, Inc., ForgeRock, Ping Identity Corporation, Cisco Systems, Inc., RSA Security LLC (a subsidiary of Dell Technologies), OneSpan Inc., Okta, Inc., Nok Labs, Inc., Signicat AS, and Jumio Corporation. These players are focusing on developing innovative identity and access management solutions to help enterprises address growing security threats and compliance needs.
The digital trust market provides numerous opportunities for enterprises to enhance trust with customers, partners and employees. Technologies like blockchain, AI and IoT are giving rise to new use cases that require advanced digital identity verification and transaction security solutions. There is also a growing need for digital trust platforms that can help secure hybrid work models and the expanding digital economy.
Emerging technologies continue to shape the Digital Trust Market Size landscape. Solutions leveraging blockchain, machine learning and biometrics are helping organizations combat cybercrime and protect critical digital assets & infrastructure. Technologies like zero-trust security and decentralized identifiers are becoming integral to supporting privacy-centric innovation across industries.
Market Drivers
The increasing instances of cybercrimes like data breaches and ransomware attacks have emphasized the need for robust identity and access management. Digital trust platforms provide multi-layered protection from both internal and external threats which is driving their adoption. Furthermore, stringent data privacy regulations like GDPR have compelled organizations to implement digital trust solutions for compliance. The rapid digital transformation across sectors amid pandemic has also expanded the market scope for identity as a service and security-as-a-service offerings. Rise of remote work culture and digital-first business models are acting as high impact drivers for the digital trust industry.
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