Digital Identity Solutions Market Size is projected to

New York, United States, Oct. 24, 2022 (GLOBE NEWSWIRE) — The digital identity solutions market is expected to witness significant growth on account of escalating security threats and data vulnerabilities across industries. Leading companies are working on Blockchain-based digital identity verification, record attestation, and record sharing system to replace traditional identity systems. The global pandemic has alerted all businesses and citizens to practice social distancing and contactless activities, further driving the market growth.

Identity verification requires the user or customer to provide personal identity data. All sizes of organizations, such as BFSI, government, defense, and retail, are implementing their choice of deployment, further accelerating the market growth. Stringent regulations, need for Know Your Customer (KYC) compliance, and establishment of Anti-Money Laundering (AML) regulations drive the market growth.

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Impact of Covid-19

Businesses may now function contactlessly thanks to the advancement of digital identity solutions from passwords to biometric authentication methods like voice, handprint, retina, and fingerprint scanning. Digital solutions are now more important than ever thanks to the COVID-19 epidemic. To stop the spread of the infection, businesses everywhere are converting to contactless digital and scanning solutions.

Emerging Contactless Business Strategies and Social Distancing Techniques

For the companies in the market for digital identity solutions, the future promises a potential prospect for growth. The active players, on the other hand, are fervently creating innovative methods to assist clients and create improved risk profiles. Future scientific advancements are anticipated to open up new avenues for organisations that don’t now have access to…