Digital Trust Market

Digital Trust Market Overview

The Digital Trust market size is projected to grow from USD 346.9 billion in 2024 to USD 767.05 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.00% during the forecast period (2024 - 2032). Additionally, the market size for Digital Trust was valued at USD 309.8 billion in 2023.

Increased cyber security threats, rising digitalization, and regulatory compliance are the key market drivers enhancing the market growth.

Figure1: Digital Trust Market, 2018 - 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Digital Trust Market Trends

Growing cyber security threats are driving the market growth

Market CAGR for digital trust is being driven by the rising number of cyber security threats. The growing incidence and sophistication of data breaches and cyber-attacks increases the necessity for cyber security and privacy. Digital trust solutions are in larger demand from both individuals and organizations in order to secure confidential information and stop illegal access. Additionally, organizations are becoming more vulnerable to cyber-attacks as a consequence of the rise in cyber-attacks and the digitalization of their actions. As a result, there is an increasing necessity for digital trust solutions to assist organizations and companies in safeguarding their systems against intrusions. For example, a Texas-based IT security business, Netwrix, revealed that 60% of organizations of all sizes experience cyber-attacks every year. Netwrix manufacturers’ tools assist organizations in detecting and securing critical data, as well as support compliance auditing.

The need for safe and dependable digital connections has increased due to the continuous digital transformation taking place in a number of areas, including government, retail, healthcare, and finance. The need for digital trust solutions is to form user confidence, and trust is growing as more transactions and services take place online. Stringent data protection and privacy laws, like the CCPA in California and the GDPR in Europe, require businesses to put robust security methods in place and guarantee trust in digital transactions. These rules drive the adoption of digital trust technology. As a result, it is anticipated that throughout the projection period, demand for digital trust will increase due to the rising cyber-security threats. Thus, driving the Digital Trust market revenue.

Digital Trust Market Segment Insights

Digital Trust End User Industry Insights

The Digital Trust market segmentation, based on end user, includes finance and banking, healthcare, government, and others. In 2023, the finance and banking segment dominated the market, accounting for the maximum of market revenue due to it making investments in cutting-edge technologies, putting into practice useful cyber-security norms, and promoting transparency.

Digital Trust Solution Type Insights

The Digital Trust market segmentation, based on solution type, includes data verification, authentication, ID authentication, fraud prevention, compliance, and others. In 2023, the fraud prevention category generated the most income due to its capability to provide advanced fraud detection. The rising number of cases of insurance fraud, payment fraud, and more are anticipated to increase the demand for trusted and secured resources.

Digital Trust Deployment Model Insights

The Digital Trust market segmentation, based on the deployment model, includes on-premises, cloud-based, and hybrid. In 2023, the on-premise segment generated the maximum revenue due to huge control and minimum trust in third parties.

Digital Trust Organization Size Insights

The Digital Trust market segmentation, based on organization size, includes large enterprises, Midmarket, small businesses, and others. In 2023, the large enterprise segment generated the most income due to managing growing cyber-security issues through a secured share of funds.

Digital Trust Digital Identity Type Insights

The Digital Trust market segmentation, based on digital identity type, includes Centralized Identity, Decentralized Identity, and Federated Identity. In 2023, the decentralized identity category generated the most income due to providing people more control over their personal information and digital identities; these technologies increase privacy while reducing the need for centralized identity providers.

Figure 2: Digital Trust Market, by Digital Identity Type, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Digital Trust Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Digital Trust market area will dominate this market, owing to an increase in digital transformation. In addition, the growing number of cyber-attacks with internet penetration will boost market growth in this region.

Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, and South Korea.

Figure 3: Digital Trust Market Share By Region 2023 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Digital Trust market accounts for the second-largest market share due to the rising number of startups and increasing digital transformation. Further, the German Digital Trust market held the largest market share, and the UK Digital Trust market was the fastest-growing market in the European region.

The Asia-Pacific Digital Trust Market is expected to grow at the fastest CAGR from 2024 to 2032 due to rising concern about personal data breaches, data privacy, and cyber-attacks. Moreover, China's Digital Trust market held the largest market share, and the Indian Digital Trust market was the fastest-growing market in the Asia-Pacific region.

Digital Trust Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Digital Trust market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Digital Trust industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Digital Trust industry to benefit clients and increase the market sector. In recent years, the Digital Trust industry has offered some of the most significant advantages to technology. Major players in the Digital Trust market, including 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, OneSpan Inc., Okta, Inc., Nok Labs, Inc., Signicat AS, Jumio Corporation, and others, are attempting to increase market demand by investing in research and development operations.

Jumio is an identity verification and online mobile payment provider. They offer solutions under the name "Netverify" Trusted Identity as a Service" that scans and validates cards and IDs for use in mobile and online transactions. In today's digital economy, fraudsters and money launderers have no place. Businesses operating online must be certain that their clients are who they say they are and will remain trustworthy in order to guard against fraud and financial crime. Jumio uses artificial intelligence, machine learning, biometrics, and state-of-the-art liveness detection to help you swiftly convert more customers, keep frauds out of your online environment, and adhere to KYC/AML standards. In October 2023, an advisory company, NextWealth, and Jumio, a top supplier of AI-powered end-to-end identity verification and eKYC solutions, made a strategic alliance. The partnership sought to increase customer satisfaction and financial institutions' client onboarding processes.

DigiCert, Inc. is a digital security business based in Lehi, Utah. As a certificate authority (CA) and reliable third party, DigiCert offers the public key infrastructure and validation required to issue digital or TLS/SSL certificates. Initially, frustration led to the founding of DigiCert. Cybersecurity should not be challenging. Worry should be relieved, not increased. However, even something as basic as purchasing a certificate was frequently an excruciating, time-consuming, and infuriating trek through phone trees and technical jargon. In April 2023, A new unified partner program was launched by DigiCert, a top supplier of digital trust solutions, with the goal of offering partners a wide range of services to establish digital trust in real-world situations. This improved program offers comprehensive training, support, and tools to simplify and expedite the implementation of digital trust solutions.

Key Companies 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

• OneSpan Inc.

• Okta, Inc.

• Nok Labs, Inc.

• Signicat AS

• Jumio Corporation

Digital Trust Industry Developments

June 2023: Sift, a worldwide leader in digital trust and safety, revealed at Money 20/20 Europe, an Amsterdam-based event, a major update to its partner program. The modernized Sift partner program seeks to create strategic alliances with businesses all over the world in order to increase the reach of Sift's state-of-the-art fraud detection technology. This growth includes a wide range of partner categories that can utilize Sift Connect's vast library of open APIs, such as Technology Integration Partners, Managed Services Providers (MSPs), Payment Service Providers, Payment Orchestration Platforms, and Solution Partners.

May 2023: IBM purchased Polar Security, a technological pioneer that tackles the rising shadow data issue and assists businesses in identifying, continually monitoring, and securing cloud and software-as-a-service (SaaS) application data.

Digital Trust Market Segmentation

Digital Trust End User Outlook

• Finance and Banking

• Healthcare

• Government

• Others

Digital Trust Solution Type Outlook

• Data Verification

• Authentication

• ID Authentication

• Fraud Prevention

• Compliance

• Others

Digital Trust Deployment Model Outlook

• On-Premises

• Cloud-Based

• Hybrid

Digital Trust Organization Size Outlook

• Large Enterprise

• Midmarket

• Small Business

• Others

Digital Trust Digital Identity Type Outlook

• Centralized Identity

• Decentralized Identity

• Federated Identity

Digital Trust Regional Outlook

• North America

  • US

  • Canada

• Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Rest of Asia-Pacific

• Rest of the World

  • Middle East

  • Africa

  • Latin America

Market Segmentation Tab

Digital Trust End User Outlook (USD Billion, 2019-2032)

• Finance & Banking

• Healthcare

• Government

• Others

Digital Trust Solution Type Outlook (USD Billion, 2019-2032)

• Data Verification

• Authentication

• ID Authentication

• Fraud Prevention

• Compliance

• Others

Digital Trust Deployment Model Outlook (USD Billion, 2019-2032)

• On-Premises

• Cloud-Based

• Hybrid

Digital Trust Organization Size Outlook (USD Billion, 2019-2032)

• Large Enterprise

• Midmarket

• Small Business

• Others

Digital Trust Digital Identity Type Outlook (USD Billion, 2019-2032)

• Centralized Identity

• Decentralized Identity

• Federated Identity

Digital Trust Regional Outlook (USD Billion, 2019-2032)

• North America Outlook (USD Billion, 2019-2032)

  • North America Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • North America Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • North America Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • North America Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • North America Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity

  • US Outlook (USD Billion, 2019-2032)

  • US Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • US Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • US Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • US Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity

  • CANADA Outlook (USD Billion, 2019-2032)

  • CANADA Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • CANADA Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • CANADA Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • CANADA Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • CANADA Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity

• Europe Outlook (USD Billion, 2019-2032)

  • Europe Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • Europe Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • Europe Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • Europe Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • Europe Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity

  • Germany Outlook (USD Billion, 2019-2032)

  • Germany Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • Germany Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • Germany Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • Germany Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • Germany Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity

  • France Outlook (USD Billion, 2019-2032)

  • France Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • France Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • France Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • France Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • France Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity

  • UK Outlook (USD Billion, 2019-2032)

  • UK Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • UK Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • UK Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • UK Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • UK Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity

  • ITALY Outlook (USD Billion, 2019-2032)

  • ITALY Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • ITALY Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • ITALY Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • ITALY Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • ITALY Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity

  • SPAIN Outlook (USD Billion, 2019-2032)

  • Spain Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • Spain Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • Spain Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • Spain Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • Spain Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity

  • Rest Of Europe Outlook (USD Billion, 2019-2032)

  • Rest Of Europe Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • Rest of Europe Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • Rest of Europe Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • REST OF EUROPE Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • Rest of Europe Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity

• Asia-Pacific Outlook (USD Billion, 2019-2032)

  • Asia-Pacific Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • Asia-Pacific Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • Asia-Pacific Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • Asia-Pacific Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • Asia-Pacific Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity

  • China Outlook (USD Billion, 2019-2032)

  • China Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • China Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • China Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • China Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • China Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity

  • Japan Outlook (USD Billion, 2019-2032)

  • Japan Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • Japan Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • Japan Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • Japan Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • Japan Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity

  • India Outlook (USD Billion, 2019-2032)

  • India Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • India Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • India Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • India Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • India Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity

  • Australia Outlook (USD Billion, 2019-2032)

  • Australia Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • Australia Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • Australia Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • Australia Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • Australia Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity

  • Rest of Asia-Pacific Outlook (USD Billion, 2019-2032)

  • Rest of Asia-Pacific Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • Rest of Asia-Pacific Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • Rest of Asia-Pacific Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • Rest of Asia-Pacific Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • Rest of Asia-Pacific Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity

• Rest of the World Outlook (USD Billion, 2019-2032)

  • Rest of the World Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • Rest of the World Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • Rest of the World Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • Rest of the World Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • Rest of the World Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity

  • Middle East Outlook (USD Billion, 2019-2032)

  • Middle East Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • Middle East Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • Middle East Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • Middle East Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • Middle East Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity

  • Africa Outlook (USD Billion, 2019-2032)

  • Africa Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • Africa Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • Africa Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • Africa Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • Africa Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity

  • Latin America Outlook (USD Billion, 2019-2032)

  • Latin America Digital Trust by End User

    • Finance & Banking

    • Healthcare

    • Government

    • Others

  • Latin America Digital Trust By Solution Type

    • Data Verification

    • Authentication

    • ID Authentication

    • Fraud Prevention

    • Compliance

    • Others

  • Latin America Digital Trust By Deployment Model

    • On-Premises

    • Cloud-Based

    • Hybrid

  • Latin America Digital Trust by Organization Size

    • Large Enterprise

    • Midmarket

    • Small Business

    • Others

  • Latin America Digital Trust By Digital Identity Type

    • Centralized Identity

    • Decentralized Identity

    • Federated Identity