DUBLIN--(BUSINESS WIRE)--The "Canada Digital Identity Management Solution Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Component, Deployment, Enterprise Size, and Industry Vertical" report has been added to ResearchAndMarkets.com's offering.
The Canada digital identity management solution market size is expected to grow from US$ 990.0 million in 2021 to US$ 2,272.6 million by 2028; the Canada digital identity management solution market size is estimated to grow at a CAGR of 12.9% from 2022 to 2028.
Several industries across Canada are adopting digital identity management solution due to its numerous benefits, including short process time, high level of accuracy, upgraded security, lower operational costs, and better customer experience.
In the past, identification and authentication were used in a few industry verticals such as BFSI and government & defense. With increased technological advancements and digitalization across several industries, the identification and authentication processes were implemented in many industries, including retail & e-commerce, healthcare, and telecommunication.
Several industries across Canada are adopting digital identity management solution due to its numerous benefits, including short process time, high level of accuracy, upgraded security, lower operational costs, and better customer experience. For instance, in March 2022, IDENTOS (a digital identity and access control technology company) used the work of Kantara Initiative's UMA 2.0 specification as the major technology in the Ontario trusted account.
The recently launched digital identity service provides patients a convenient, reliable, accessible, and secure way to access health information and services online. Kantara and IDENTOS are committed to putting patients in control of their health data. Similarly, in June 2021, Prodigy Ventures Inc. announced an agreement between IDVerifact Inc. - its subsidiary, and EnStream (a company with direct access to mobile telecom information in Canada), covering over ~90% of Canadians on all major mobile networks.
As part of the agreement, IDVerifact integrates EnStream's identity verification services into the IDVerifact platform, providing the inputs that enable mobile phone owners to allow verification of their identities, mobile numbers, and devices during digital transactions.
In 2021-2022, with the widespread implementation of bring-your-own-device (BYOD), the rising work-from-home (WFH) trend, and the increasing Internet penetration across Canada, individuals are progressively inclined toward the use of digital technologies, such as cloud solution, thereby driving the need for cybersecurity measures for protection against cyberattacks. Thus, the uptake of cloud-based digital identity management solution in several businesses across Canada has increased.
The Canada digital identity management solution market grew from US$ 829.5 million in 2019 to US$ 899.7 million in 2020. Furthermore, in 2021, the market size accounted for US$ 990.0 million. Therefore, the overall impact of the COVID-19 pandemic on the Canada digital identity management solution market growth was positive in 2020.
A few leading players operating in the Canada digital identity management solution market are Avanade Inc.; Akamai Technologies, Inc.; Daon; DXC Technology; ForgeRock; Jumio; NEC Corporation; One Identity LLC; Telco Systems; and TELUS.
Key Industry Dynamics
Market Drivers
- Surge in Identity and Authentication Frauds
- Growing Integration of Biometric Technology in Smartphones
Market Restraints
- Availability of Open-Source Digital Identity Management Platforms
Market Opportunities
- Wide Adoption of Authentication across Multiple Industry Verticals
Future Trends
- Metaverse and Web 3.0 will Encourage the Adoption of Digital Identity Management Solution Platforms
Company Profiles
- OneLogin
- Avanade Inc
- Akamai Technologies
- NEC Corporation
- Daon, Inc.
- DXC Technology Company
- ForgeRock
- Jumio Corporation
- TelosID
- TELUS
For more information about this report visit https://www.researchandmarkets.com/r/1zboi7
