Canada Digital Identity Management Solutions Market Analysis Report 2022: Metaverse and Web 3.0 Will Drive Adoption of Digital Identity Management Solutions Platforms – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–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” has been added to from ResearchAndMarkets.com offer.

The Canadian digital identity management solutions market size is expected to grow from US$990.0 million in 2021 to US$2,272.6 million by 2028; The Canadian digital identity management solutions market size is expected to grow at a CAGR of 12.9% from 2022 to 2028.

Several industries across Canada are adopting a digital identity management solution due to 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. With the increase in technological advancements and digitization in several industries, identification and authentication processes have been implemented in many industries including retail and e-commerce, healthcare, and telecommunications.

Several industries across Canada are adopting a digital identity management solution due to 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 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 allow mobile phone owners to authorize 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 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.

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.

Key industry dynamics

Market factors

  • Increase in identity and authentication fraud

  • Increasing integration of biometric technology in smartphones

Market constraints

  • Availability of open source digital identity management platforms

Market opportunities

  • Broad Authentication Adoption Across Multiple Verticals

Future trends

  • Metaverse and Web 3.0 will drive adoption of digital identity management solution platforms

Company Profiles

  • OneLogin

  • Avanade Inc.

  • Akamai Technologies

  • NEC Corporation

  • Daon, Inc.

  • DXC Technology Company

  • ForgeRock

  • Jumio Corporation

  • Telos ID

  • TELUS

For more information about this report visit https://www.researchandmarkets.com/r/1zboi7

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