Canada Digital Identity Management Solutions Market Forecast

New York, June 30, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Canada Digital Identity Management Solution Market Forecast to 2028 – COVID-19 Impact and Country Analysis By Component, Deployment, Enterprise Size, and Industry Vertical” – https://www.reportlinker.com/p06289893/?utm_source=GNW
9% from 2022 to 2028.

Several industries across Canada are adopting a digital identity management solution because of its many benefits, including short processing time, high level of accuracy, improved security, lower operating costs and better user experience. customer.

In the past, identification and authentication was used in a few verticals such as BFSI and government and defense. health and telecommunications.

Several industries across Canada are adopting a digital identity management solution because of its many benefits, including short processing time, high level of accuracy, improved security, lower operating costs and better user experience. customer. For example, in March 2022, IDENTOS (a digital identity and access control technology company) used Kantara Initiative’s UMA 2.0 specification work as the core technology for Ontario’s trust account. The recently launched digital identity service offers patients a convenient, reliable, accessible and secure way to access health information and services online. Kantara and IDENTOS are committed to giving patients 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 telecommunications information in Canada), covering more than approximately 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 allow mobile phone owners to authorize verification of their identities, mobile numbers and devices during digital transactions.

In October 2019, according to the Digital ID and Authentication Council of Canada (DIACC) survey, Canadians were comfortable using a digital ID to authenticate their online engagement with everyday service providers in industries such as government agencies (76%), financial institutions (75%), healthcare providers (74%), telecommunications (63%) and e-commerce (63%). Hence, increasing adoption of digital identity management solutions across several industries is expected to create lucrative opportunities for several market players to expand their businesses across Canada.

In 2021-2022, with the widespread implementation of Bring Your Own Device (BYOD), the growing trend of working from home (WFH) and increasing internet penetration across Canada, individuals are gradually inclined to use digital. technologies, such as the cloud solution, which requires cybersecurity measures to protect against cyberattacks. Thus, the adoption of a cloud-based digital identity management solution in several companies across Canada has increased.

The Canadian Digital Identity Management Solutions Market grew from US$829.5 million in 2019 to US$899.7 million in 2020. Additionally, in 2021, the market size accounted to US$990.0 million US dollars. Therefore, the overall impact of the COVID-19 pandemic on the growth of the Canadian digital identity management solutions market was positive in 2020.

Canada Digital Identity Management Solutions Market Analysis by component, the market is split into solutions and services. The solutions segment dominated the digital identity management solutions market in Canada with a larger digital identity management solutions market share in 2021.

The digital identity management solution consists of biometric authentication including facial recognition, handprint, fingerprint, voice recognition and retina or eye scan. These biometric characteristics or digital identities are unique for each person.

It follows lock and capture mechanisms to authenticate personal information and provide access to the digital solution. The digital identity management solution is more secure than the traditional identity verification solution, which depends on static certifications.

Identity verification is performed through direct human interaction and physical proof of documents issued by the government authority. In addition, the digital identity management solution provides multiple benefits such as high level of accuracy, short processing time, lower operational costs, improved security and better customer experience to drive the growth of the solution segment. Additionally, the solution segment consists of biometric and non-biometric solutions. Hence, the solution segment is gaining popularity by providing multiple benefits to organizations. Market analysis of digital identity management solutions in Canada by deployment, the market is split into on-premises and cloud-based. The cloud-based segment dominated the Canadian digital identity management solutions market with a larger digital identity management solutions market share in 2021. Based on enterprise size, the Canadian market digital identity management solutions is divided into SMEs and large enterprises. The large enterprise segment dominated the Canadian digital identity management solutions market with a larger market share in 2021. Based on the industry vertical, the Canadian digital identity management solutions market is segmented into BFSI, Retail & e-Commerce, Government & Defense, Healthcare, IT & Telecom, and Others. The BFSI segment dominated the Canadian digital identity management solutions market with the largest market share in 2021.

The overall market size of digital identity management solutions in Canada has been derived using primary and secondary sources. Extensive secondary research was conducted using internal and external sources to obtain qualitative and quantitative insights related to the Canada Digital Identity Management Solutions market.

The process also serves to obtain insight and forecasts for Canada’s digital identity management solution regarding all segments. Additionally, primary interviews were conducted with industry participants and commentators to validate the data and obtain more analytical information on the subject.

This process includes industry experts, such as vice presidents, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts and key opinion leaders specializing in the Canadian market for digital identity management solutions.

A few major players operating in the Canadian digital identity management solutions market are Avanade Inc.; Akamai Technologies, Inc.; Daon; DXC technology; ForgeRock; Jumio; NEC Corporation; An LLC Identity; Telecommunications systems; and TELUS.
Read the full report: https://www.reportlinker.com/p06289893/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.

__________________________


        

Comments are closed.