May 22, 2024
Digital Trust Market
Ict

Digital Trust Market to Propelled by increasing demand for data privacy and information security

The digital trust market comprises digital certificates, signature verification solutions, authentication solutions, password management solutions, and public key infrastructure. These solutions help verify the authenticity of digital identities and transactions in digital platforms. The need for digital trust solutions is rising as businesses increasingly adopt digital technologies for communication and transactions.

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 key trends:

Increasing demand for data privacy and information security is driving the growth of the digital trust market. With growing cyber threats and security breaches, organizations are focusing on implementing robust authentication and authorization solutions to validate user identities and secure sensitive data and information from unauthorized access. Moreover, stringent data privacy regulations such as Europe’s General Data Protection Regulation (GDPR) have mandates organizations to gain user consent before collecting and processing personal data, thereby fueling the need for digital trust solutions. Digital certificate solutions help comply with privacy regulations by authenticating digital identities and encrypting data transmission channels. The market players are also launching innovative solutions such as passwordless authentication and blockchain-based digital identity management platforms to further enhance data security and privacy. Such innovations are expected to boost the demand for digital trust solutions over the forecast period.

SWOT Analysis

Strength: Data security features such as authentication, authorization, access control and privacy protection are the core strength of digital trust solutions. This enables organizations to securely share and access information.

Weakness: High upfront costs associated with implementation and maintenance of digital trust solutions is a major weakness. Changes in technological landscape may also require frequent updates.

Opportunity: Increasing usage of digital technologies, mobility solutions and internet of things is providing opportunities for growth of digital trust market. Growing concerns around data breaches and cyberattacks is also driving the demand.

Threats: Changing regulatory environment around data privacy and security poses threats. Vulnerabilities in existing solutions and emergence of advanced threats also threaten market growth.

Key Takeaways

Global Digital Trust Market Size  is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 308.34 billion  by 2023, growing at an estimated CAGR of 6%.

Regional analysis indicates that North America currently dominates the market due to extensive tech adoption and stringent data privacy regulations. However, Asia Pacific is projected to be the fastest growing region owing to the rapid digital transformation of industries in countries like China and India.

Key players operating in the digital trust market are Adobe, AWS, Digicert, Entrust, Gemalto, IBM, Microsoft, SSL, Symantec, and Verisign. The market is consolidated with top players holding majority market share. Companies are focusing on enhancing their solutions with advances features to drive authentication, access management and data privacy capabilities. Partnerships and collaborations are also shaping the competitive landscape.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it