Overview and Scope
Digital trust refers to the confidence and assurance that individuals, organizations, and entities have in the security, reliability, privacy, and integrity of digital technologies, systems, platforms, and transactions. It encompasses the belief that digital interactions, communications, and transactions will occur securely, transparently, and ethically, fostering trust among users and stakeholders in the digital ecosystem.
Sizing and Forecast
The digital trust market size has grown rapidly in recent years. It will grow from $346.02 billion in 2023 to $410.06 billion in 2024 at a compound annual growth rate (CAGR) of 18.5%. The growth in the historic period can be attributed to increasing data breaches and privacy concerns, digital transformation initiatives, stringent regulatory requirements, growing adoption of digital transformation.
The digital trust market size is expected to see rapid growth in the next few years. It will grow to $813.72 billion in 2028 at a compound annual growth rate (CAGR) of 18.7%. The growth in the forecast period can be attributed to IoT expansion, 5G adoption, zero trust architecture adoption, rapid cloud migration. Major trends in the forecast period include blockchain for trust verification, decentralized identity solutions, quantum-safe cryptography, interoperability standards, AI-powered threat intelligence.
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Segmentation & Regional Insights
The digital trust market covered in this report is segmented –
1) By Component: Solution, Services
2) By Solution Type: Data Verification, Authentication, ID Authentication, Fraud Prevention, Compliance, Other Solutions
3) By Deployment Model: On-Premises, Cloud-Based, Hybrid
4) By Organization Size: Large Enterprise, Small And Medium-Sized Enterprises
5) By End-User Industry: Banking, Financial Services, And Insurance, Healthcare, Information Technology And Telecommunications, Government And Public Sector, Retail And E-Commerce, Energy And Utilities, Other End-User Industries
North America was the largest region in the digital trust market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital trust market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing cybersecurity threats are expected to propel the growth of the digital trust market going forward. Cybersecurity threats refer to various risks and dangers that can compromise the security of digital systems and data. The digital transformation of businesses and organizations has accelerated the adoption of cloud computing, remote work, and digital services, introducing new complexities and vulnerabilities into IT environments. Digital trust is critical in curbing cybersecurity threats by promoting security, transparency, collaboration, resilience, and accountability in the digital ecosystem by fostering trust among stakeholders and implementing robust cybersecurity practices. For instance, in January 2024, according to an annual cyber threat report published by the Australian Cyber Security Centre, an Australian-based government agency, over 76,000 cybercrime reports were made between 2021 and 2022, marking a nearly 13% increase compared to the previous year. Therefore, the growing cybersecurity threats are driving the growth of the digital trust market.
Key Industry Players
Major companies operating in the digital trust market are Microsoft Corporation, International Business Machines Corporation, Cisco Systems Inc., Sophos Group, Oracle Corporation, VMware Inc., Thales Group, Fortinet Inc., Gemalto N.V., Gen Digital Inc., NortonLifeLock, Splunk Inc., Check Point Software Technologies, McAfee LLC, Okta Inc., Trend Micro, Verisign Inc., Proofpoint Inc., Zscaler Inc., Kaspersky Lab, Rapid7 Inc., Akamai Technologies, Entrust Inc., Ping Identity Corporation, Trustwave Holdings Inc., ForgeRock Inc., Trellix Inc
The digital trust market report table of contents includes:
1. Executive Summary
2. Digital Trust Market Characteristics
3. Digital Trust Market Trends And Strategies
4. Digital Trust Market – Macro Economic Scenario
5. Global Digital Trust Market Size and Growth
….
32. Global Digital Trust Market Competitive Benchmarking
33. Global Digital Trust Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Digital Trust Market
35. Digital Trust Market Future Outlook and Potential Analysis
36. Appendix
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