by Digital trust solutions enable organizations to protect sensitive data, authenticate user identities, authorize access to resources, and ensure integrity of transactions across digital landscapes. A digital trust enables businesses to securely leverage distributed applications and Internet of Things (IoT) devices. With growing adoption of cloud computing technologies across industries, the need for digital trust solutions is increasing significantly. Cloud computing provides flexible, scalable, and cost-effective computing resources to organizations. However, it also introduces security and privacy challenges such as unauthorized access, data breaches, and lack of transparency. Digital trust solutions ensure cloud deployments are secure and user identities are authenticated.
The global Digital Trust Market is estimated to be valued at US$ 308.34 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the primary driver for the growth of digital trust market is growing adoption of cloud computing technologies. Cloud computing provides on-demand access to shared configurable computing resources such as networks, servers, storage, applications, and services. It enables flexible access to applications and data from anywhere using any internet connected device. According to Flexera’s 2022 State of the Cloud Report, 94% of organizations are using public cloud and spend an average of $4.5 million on public cloud annually. However, security concerns around unauthorized access, lack of visibility, data breaches, and compliance issues have restricted many organizations from moving completely to the cloud. Digital trust solutions address these challenges and enable secure adoption of cloud technologies. For example, digital identity solutions offered by digital trust providers securely authenticate users and authorize access to cloud applications and services. Growing cloud adoption is therefore expected to significantly drive the demand for digital trust solutions over the forecast period.
Additionally, rapid developments in distributed ledger technologies such as blockchain is also expected to boost the market growth. Blockchain provides a standardized digital trust layer to distributed systems by recording transactions in an immutable and transparent distributed ledger. It ensures integrity of data and transactions without the need for central intermediaries. Blockchain is finding increasing adoption across industries for applications such as supply chain management, digital payments, IoT networking, and more. For example, blockchain ensures authenticity of electronic devices, components, and data exchanged over IoT networks. Growing blockchain adoption will subsequently drive the demand for digital trust solutions during the forecast period.
Segment Analysis
Digital Trust Market is majorly segmented into types, applications and deployment models. Software is dominating the type segment owing to increasing concerns of data theft and breach which have increased the adoption of digital trust software for authentication of digital entities. Authentication segment is dominating the application segment as digital trust solutions are majorly used for authentication of digital identities to access secure networks and data. On-premises model is dominating the deployment model segment as enterprises prefer deploying critical security solutions internally for better control and compliance with internal privacy and security policies.
PEST Analysis
Political: Data privacy regulations like GDPR are driving the adoption of digital trust solutions by organizations globally to comply with rules regarding handling and processing personal user data.
Economic: Growing digital transactions and online businesses are supporting the economic growth of the digital trust market. Organizations are investing in digital trust to protect their digital assets and customer data.
Social: Rising cybercrimes and increasing number of data breaches have increased awareness about importance of digital trust among users which is supporting the market growth.
Technological: Advancements in technologies like blockchain, AI and IoT are creating opportunities for integration of digital trust capabilities for authentication and verification in various applications.
Key Takeaways
The Global Digital Trust Market Growth is expected to witness high driven by increasing investments of organizations in digital transformation initiatives involving technologies like cloud, blockchain, IoT and big data. The global Digital Trust Market is estimated to be valued at US$ 308.34 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.
North America region dominates the market currently due to stringent data privacy regulations and early adoption of digital technologies by organizations in the region. Europe is another major regional market for digital trust solutions driven by GDPR compliance requirements for organizations handling EU users data.
Key players operating in the digital trust market are Annandale Distillery, Rocky Mountain Barrel Company, Exotic Barrels, Esty Inc., Midwest Barrel Co., Mystic Barrels, Red Head Barrels, Kentucky Bourbon Barrel (Independent Stave Company), Country Connection, and Kelvin Cooperage. Key players are focused on developing advanced digital trust capabilities integrated with technologies like blockchain, AI and biometrics to offer customized authentication and verification solutions for various industry verticals. They are also focusing on partnerships with technology companies to expand capabilities and market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
