Digital Trust Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of the digital trust market was valued at USD 81.7 billion in 2022, and a CAGR of 12.1% is expected during the forecast period. Digital trust ensures the confidence of normal users and enterprises regarding privacy, integrity, authentication, and confidentiality who are using digital platforms all over the world. It is a big threat to lose sensitive data during online transactions; thus, to ensure reliability and confidentiality about the data shared on online platforms, digital trust plays a significant role. Adoption of digital technologies such as artificial intelligence, machine learning, and natural language processing is driving the growth of the market significantly.

Impact of Covid-19

With lockdowns and social distancing measures in place, there has been a surge in online activities, including remote work, e-commerce, telemedicine, and virtual communication. This increased reliance on digital platforms has heightened the importance of digital trust in ensuring the security, privacy, and reliability of online interactions. Cybercriminals have capitalized on the pandemic by launching various cyberattacks, including phishing scams, ransomware attacks, and data breaches targeting individuals, businesses, and governments. As a result, there has been a growing demand for cyber security solutions to safeguard digital assets and maintain trust in online transactions.

The pandemic has accelerated the pace of digital transformation across organizations, which have adopted remote work arrangements and digital service delivery. Rapid adoption of digital platforms has underscored the need for robust cyber security measures and digital trust frameworks to mitigate risks associated with online activities. With an increasing remote work culture, there has been an increased need for remote identity verification solutions to authenticate users and prevent identity fraud.

Growth Drivers

With the proliferation of cyber-attacks such as phishing, ransomware, and data breaches, organizations are prioritizing digital trust solutions to protect their assets, maintain customer trust, and comply with regulatory requirements. The acceleration of digital technologies across industries, spurred by factors like remote work, e-commerce, and digital service delivery, has created a growing need for robust cyber security and digital trust frameworks to secure online transactions and data.

The shift towards remote work and virtual collaboration tools has heightened the importance of secure communications, identity verification, and access control mechanisms. The rise of zero-trust solutions among enterprises is propelling market growth. Growing concerns about data privacy and compliance with regulations such as GDPR and CCPA are driving organizations to invest in digital trust solutions that safeguard customer data, ensure transparency in data processing, and demonstrate compliance with regulatory frameworks.

Advances in technologies such as artificial intelligence, machine learning, blockchain, and biometrics are shaping the digital trust landscape by enabling more sophisticated cybersecurity measures, identity verification techniques, and tamper-proof authentication mechanisms. Increased consumer awareness about cyber security risks and data privacy issues is driving demand for digital trust solutions that offer transparency.

Segmentation

End-User

·         BFSI

·         Government

·         Retail

·         Healthcare

·         It and Telecom

·         Manufacturing

·         Energy and Utility

·         Others

By Deployment

·         Cloud

·         On-Premise

By Solution Analysis

·         Fraud Detection and Prevention

·         Data Encryption and Security

·         Identity and Access Management

·         Digital Signatures and Certificate

·         End Point Security

·         Cloud Security

·         Risk and Compliance Management

·         Others

By Enterprise Type Analysis

·         Large Enterprise

·         Small and Medium Size Enterprises

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Digital Trust Market End-User Segmentation

On the basis of the end-user, the digital trust market is segmented into BFSI, government, retail, healthcare, IT and telecom, manufacturing, energy and utility, and others. IT and telecom are expected to dominate the market during the forecast period. Early adoption of the digital platform is the main reason behind the growth in the market. The manufacturing segment is expected to show significant growth during the forecast period. Rising security threats in advanced manufacturing technologies are driving the growth of the market. The BFSI segment is also expected to grow at a significant pace because the region manages crucial and private financial data. The increasing cyber security threat is the main concern all over the world, which is acting as a catalyst for the growth of the industry. The healthcare industry is also expected to play a crucial role due to the increasing threat of cyberattacks in the industry.

Regional Outlook

On the basis of the regions, the digital trust market is segmented into 5 parts: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America is the leading segment, and it is expected to dominate the region during the forecast period. The rise in digital transformation is expected to propel market growth during the forecast period. With the growing use of the internet, the threat of cyberattacks is significant in the region. The rise in data breach incidents in the region is responsible for the significant growth in the digital trust market. Asia-Pacific is expected to grow at a significant rate during the forecast period. Increasing population and urbanization are driving the growth of the market significantly.

The increasing number of startups and rapid digital transformations are driving the growth of the market significantly. India, with its rapid digitalization, is expected to grow at the fastest rate during the forecast period in the region. The Asia-Pacific region is home to some of the world’s largest and fastest-growing e-commerce markets. The surge in online shopping and digital payments has led to heightened concerns about cyber security and data privacy, driving demand for digital trust solutions that safeguard customer information and secure e-commerce transactions.

Governments across the Asia-Pacific region are prioritizing cyber security risks and data privacy issues among businesses, governments, and consumers, driving demand for digital trust solutions offering transparency. The Asia Pacific region is a hub for technological innovations, with leading companies and startups developing cutting-edge cyber security technologies, digital identity solutions, and blockchain-based trust frameworks.  Advances in technologies such as artificial intelligence, machine learning, biometrics, and encryption are shaping the digital trust landscape and driving the adoption of more secure and reliable digital trust solutions.

Key Players

·         Microsoft Corporation

·         Amazon Web Services

·         Thales Group

·         ForgeRock Inc

·         Entrust

·         Digicert Inc

·         Oracle Corporation

·         Cisco Systems

·         IBM Corporation

·         RSA Security LLC

·         Other Players