Digital Trust Market Size is Expected to Reach USD 767.05 Billion, Recording a CAGR of 12.00% from 2024 to 2032

Rising cyber security threats and privacy concerns due to the increasing frequency and sophistication of cyber-attacks and data breaches are expected to drive market expansion in the near future at a CAGR of 12.00% during the forecast period 2024 to 2032.m

Market Research Future (MRFR) has published a cooked research report on the "Global Digital Trust Market" that contains information from 2019 to 2032. The Digital Trust market is estimated to register a CAGR of 73.50% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global Digital Trust market— 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., Nok Labs, Inc., Signicat AS, Jumio Corporation.

Market Highlights

The global Digital Trust market is accounted for in registering a CAGR of 12.00% during the forecast period. It is estimated to reach USD 767.05 billion by 2032.

The number of cyber security threats has increased due to the increasing frequency and sophistication of data breaches, and cyber-attacks are anticipated to drive the digital trust market growth. The lack of understanding and cost constraints have restrained the market's growth. Additionally, digital identity solutions and the expansion of E-commerce are anticipated to promote the growth of the global Digital Trust market.

Segment Analysis

The global Digital Trust market has been segmented based on end user, solution type, deployment model, organization size, and digital identity type.

Based on end users, the market is segmented into finance and banking, healthcare, government, and others. The finance and banking segment was attributed to holding the largest market share in 2023 due to it making investments in cutting-edge technologies, putting into practice useful cyber-security norms, and promoting transparency.

Based on solution type, the market is segmented into data verification, authentication, ID authentication, fraud prevention, compliance, and others. The fraud and prevention category was expected to hold the largest market share in 2023 due to its capability to provide advanced fraud detection.

Based on the deployment model, the global Digital Trust market is segmented into on-premises, cloud premises, and hybrid. The on-premises segment was expected to hold the maximum market share in 2023 due to huge control and minimum trust in third parties.

Based on organization size, the market is segmented into large enterprises, small businesses, and others. The large enterprises segment was expected to hold the maximum share in 2023 due to cyber-security issues through a secured share of funds.

Based on digital identity type, the global Digital Trust market has been segmented into centralized identity, decentralized identity, and federated identity. The decentralized segment was expected to hold the largest market share in 2023 due to giving people more control over their digital identities and personal information.

Regional Analysis

The global Digital Trust market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Digital Trust market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Digital Trust 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 Trust market comprises the Middle East, Africa, and Latin America.

The largest market share for Digital Trust was maintained by the North American regional sector. This increase is attributed to an increase in digital transformation. Additional factors promoting market growth include increased investor investments, government support, and the viability of the technology in the area. The implementation of stringent rules, the growing number of cyber-attacks, and the considerable presence of significant technology providers and major production companies all have an impact on the US market.

Moreover, the Europe market has been persistently growing over the forecast period. The demand for Digital Trust is driven by a rising number of startups and increasing digital transformation. The market expansion is supported by an increase in the deployment of on-premises as a result of a rise in consumer preference for using digital trust products.

Additionally, due to the increasing emphasis placed on personal data breaches, data privacy, and cyber-attacks by government bodies through policies and initiatives, Asia Pacific is anticipated to experience the quickest growth over the forecast period.

Furthermore, the rest of the world's Digital Trust market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's rising use of cyber security. Government support, a rise in investor interest, and the viability of the technology in the sector are all contributing factors to the market expansion.

Key Findings of the Study

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  The global Digital Trust market is expected to reach USD 767.05 billion by 2032, at a CAGR of 12.00% during the forecast period.

  
  


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  The Asia-Pacific region accounted for the fastest-growing global market due to the increasing emphasis placed on rising concerns about personal data breaches and data privacy.

  
  


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  Based on organization size, the large organization segment was attributed to holding the largest market in 2023.

  
  


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  IBM Corporation, Microsoft Corporation, NASDAQ, Oracle Corporation, Symantec Corporation, Thales Group, DigiCert, Inc., Entrust Datacard Corporations, Verizon Communications, Inc., Trustwave Holdings, Inc., ForgeRock, Ping Identity Corporation, Cisco Systems, Inc., RSA Security LLC, OneSpan Inc., Nok Labs, Inc., Siginicat AS, and Jumio Corporation are the key market players.