Digital trust has become an integral part of the online world with increasing cyber threats. Digital trust solutions help provide identity, trust services and risk management across devices, platforms, applications and services. Key elements associated with digital trust include digital identity, digital signature, authentication, blockchain, non-fungible tokens (NFT), among others. The growing digitization across industries has been a major driver of the digital trust market.
Global Digital Trust Market is estimated to be valued at US$ 129.26 Mn in 2024 and is expected to exhibit a CAGR of 8.40% over the forecast period 2024 T 2031.
Key Takeaways
Key players operating in the digital trust market are ABB Ltd, Toshiba International Corporation, Hitachi Ltd, Emerson Electric Company, Robert Bosch GmbH, Panasonic Corporation, Omron Corporation, Honeywell International Inc., Siemens AG, Rockwell Automation, Schneider Electric SE, and Mitsubishi Electric Corporation. Key players like ABB Ltd and Siemens AG have been investing heavily in security protocols and digital identity solutions to strengthen their market position in the digital trust space.
The Digital Trust Market Trends adoption of internet of things (IoT) devices, cloud computing services and blockchain technology across industries has driven the demand for digital trust solutions. According to recent reports, the number of connected IoT devices is expected to surpass 25 billion globally by 2030. This exponential growth in connected devices and services is translating into increasing demand for digital identity, authentication, and access control solutions from the digital trust market.
Technological advancements in areas such as artificial intelligence, machine learning and 5G network are also fueling innovation in the digital trust landscape. Solutions providers are leveraging technologies to develop robust, scalable and intelligent platforms for applications such as smart contracts, digital payments and supply chain transparency.
Market Trends
One of the key trends in the digital trust market is the rising focus on cloud-based digital identity platforms. Several industries are embracing cloud infrastructure which has increased the demand for cloud-native identity and access management solutions. Another major trend is the increasing deployment of blockchain technology for decentralized identity, document verification and digital rights management. Blockchain enables higher transparency, security and traceability of digital assets and transactions.
Market Opportunities
The growing need for cybersecurity among SMEs and startups remains a major opportunity for vendors in the digital trust space. With the spread of remote and hybrid work models, there is a rising need for authentication and access control mechanisms across small and mid-sized enterprises. Another key opportunity lies in leveraging technologies like AI and IoT for innovative use cases around trustworthy autonomous systems and connected infrastructure. This could open up new revenue streams for market participants.
Impact of COVID-19 on Digital Trust Market
The COVID-19 pandemic has significantly impacted the growth of the digital trust market. During the initial lockdown phases implemented across various countries, businesses faced serious disruption in their operations due to remote working setups. This increased the need for digital trust and security solutions to facilitate secure collaboration and ensure the authenticity and integrity of digital interactions. As the remote working culture became a new norm, companies aggressively adopted digital ID verification, digital certificates and digital signature solutions to establish trusted digital identities of remote employees and customers. Healthcare organizations also extensively used digital trust services for telemedicine, remote patient monitoring and clinical trials. The pandemic accelerated the digital transformation of various industries and drove greater demand for establishing trust in online transactions. However, supply chain disruptions and economic uncertainties posed challenges for market players during the early stages of the pandemic. Moving forward, as businesses adapt to the new distributed work models, further investments in digital identity management, digital compliance, blockchain technologies and authentication tools are expected to propel the growth of digital trust market post pandemic. Firms need to focus on enabling simple, secure and seamless digital experiences for customers and workforce to build resilience against future crises.
Europe is currently the largest regional market for digital trust accounting for more than 30% of the global value share. The region is an early adopter of digital transformation initiatives and has stringent data privacy and security compliance protocols like GDPR which drives the need for trust services across sectors. Germany, UK and France contribute majority of the European digital trust revenues. The Asia Pacific region is poised to be the fastest growing market during the forecast period propelled by increasing digitization, mobile connectivity and adoption of emerging technologies across China, India, Japan and other developing countries. Strategic partnerships between global and regional solution providers are helping expand the reach of digital trust solutions to more geographical locations.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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