Digital Identity in BFSI Market is Estimated to Register a CAGR of 20.5% During the Forecast Period of 2023 to 2032

Market Research Future (MRFR) has published a cooked research report on the “Global Digital Identity in BFSI Market” that contains information from 2018 to 2032. The Digital Identity in BFSI market is estimated to register a CAGR of 20.5% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Digital Identity in BFSI market— NEC, Samsung SDS, Thales, Telus, IDEMIA, GBG, Tessi, Daon, ForgeRock, ImageWare, Jumio, iProov, ID R&D, Refinitiv, OneSpan, Smartmatic, Freja EID Group, Vintegris, AU10TIX, Signicat, Duo Security, Syntizen, Hashcash Consultant and Good Digital Identity.

Digital Identity in BFSI Market Scenario

The global Digital Identity in BFSI market is accounted to register a CAGR of 20.5% during the forecast period and is estimated to reach USD 197.9 Billion by 2032.

The demand for safe online transactions and regulatory compliance is propelling a rapid expansion of the digital identity market in the BFSI (Banking, Financial Services, and Insurance) sector. Identity checking, biometric authentication, and KYC (Know Your Customer) systems are all included. The shift to digital banking and growing cybersecurity concerns are key drivers of industry expansion.

Segment Analysis

The global digital identity in BFSI market has been segmented based on offering, solution type, identity type, and organization size.

On the basis of offering, the market is segmented into solutions and services. Solutions segment dominated the global market in 2022. Digital identity systems aim to raise security, lower costs, and automate company procedures while also increasing customer happiness.

Based on solution type, the global digital identity in BFSI market has been segmented into identity verification, authentication, identity lifecycle management, and other solution types. Authentication segment dominated the global Digital Identity in BFSI market in 2022. The adoption of cloud-based digital identity solutions is a recent development in the digital industry.

Based on identity type, the global digital identity in BFSI market has been segmented into biometric and non-biometric. Biometric segment dominated the global Digital Identity in BFSI market in 2022. Between biometric devices, computers, and networks to which they are connected, communication and operation are made possible by biometric software.

Based on organization size, the global digital identity in BFSI market has been segmented into large organization and SMEs. Large organization segment dominated the global market in 2022. In order to protect critical assets from various cyber-attacks, many organizations are rethinking their security policies and architecture to embrace digital identity solutions.

Regional Analysis

The global digital identity in BFSI market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe digital identity in BFSI market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The digital identity in BFSI market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World digital identity in BFSI market comprises of Middle East, Africa, and Latin America.

The North America digital identity in BFSI market dominated this market in 2022. There are numerous large market players operating in the North American region that provide cutting-edge solutions to all of the region's industry verticals. Therefore, strategic investments, partnerships, and sizeable R&D activities are aiding in the widespread use of digital identification solutions in addition to physical presence.

Moreover, In Europe digital identity in BFSI held a sizable market share in 2022. Due to variables including the rise in identification and authentication frauds and the presence of significant providers in the area, Europe is recognized as the market that has adopted digital identity solutions the fastest.

Additionally, from 2023 to 2032, it's anticipated that the Asia Pacific digital identity in BFSI market will experience significant expansion. This is due to a growing adoption of cutting-edge solutions across the majority of business sectors by emerging economies in the region like China and India. Increasing smart device use and internet penetration are also predicted to promote regional market growth throughout the forecast period. The expanding government initiatives and investments to support smart solutions are also projected to contribute in the spread of digital identity solutions in this region.

Furthermore, the region's financial sector's digitalization and regulatory requirements have fueled the growth of the Latin American digital identity in BFSI market. It includes KYC solutions, biometric authentication, and identity verification. The use of secure digital identity solutions is being fueled by the rise in online financial services and escalating cybersecurity risks.

Key Findings of the Study

• The global digital identity in BFSI market is expected to reach USD 197.9 Billion by 2032, at a CAGR of 20.5% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the emerging economies in the area like China and India are increasingly adopting cutting-edge solutions across the majority of business verticals.


• Based on organization size, the large organization segment was attributed to holding the largest market in 2022.


• NEC, Samsung SDS, Thales, Telus, IDEMIA, GBG, Tessi, Daon, ForgeRock, ImageWare, Jumio, iProov, ID R&D, Refinitiv, OneSpan, Smartmatic, Freja EID Group, Vintegris, AU10TIX, Signicat, Duo Security, Syntizen, Hashcash Consultant and Good Digital Identity are key market players.