How Has the Digital Credential Management Software Market Size Evolved in Recent Years?
The digital credential management software market has seen considerable growth due to a variety of factors.
• Over the past few years, the market of digital credential management software has expanded rapidly. The market size is projected to increase from $2.29 billion in 2024 to $2.6 billion in 2025, registering a compound annual growth rate (CAGR) of 13.5%.
The past market growth has been driven by factors such as regulatory compliance obligations, adoption of cloud computing, the emergence of IoT devices, industry specific needs, and escalating data security issues.
What Is The Forecast For The Digital Credential Management Software Market Size?
The digital credential management software market is expected to maintain its strong growth trajectory in upcoming years.
• Over the coming years, the market for digital credential management software is predicted to experience a significant surge in growth. The market is projected to reach a worth of $4.26 billion in 2029, growing at a compound annual growth rate (CAGR) of 13.1%.
This forecasted growth can be linked to various factors, such as the adoption of the zero trust security model, decentralized identity management, mobile-oriented solutions, an ongoing focus on regulatory compliance, and the use of privacy preserving technologies. Key trends to watch during the forecast period include advancements in biometric authentication, an increase in risk based authentication, the development of self-sovereign identity, a focus on credential lifecycle management, and enhanced user experience solutions.
What Are The Essential Drivers Behind The Growth Of The Digital Credential Management Software Market?
The continuous increase in the use of cloud services is anticipated to spur the expansion of the digital credential management software market. Cloud services encompass a vast range of applications and computing resources which are available over the internet on a subscription basis. They are becoming increasingly prevalent due to their ability to enable remote work, facilitate digital transformation, and cater to the scalability and agility requirements of contemporary businesses. Cloud services are employed in digital credential management software to offer secure, scalable storage, access, and management of digital identities and certificates in a variety of environments. For example, AAG IT, a UK-based IT services company, reported that in February 2024, the revenue from Infrastructure as a Service (IaaS) public cloud service rose from $343 billion in 2021 to $415 billion in 2022. As such, the escalating usage of cloud services is fuelling the growth of the digital credential management software market.
How Is The Global Digital Credential Management Software Market Divided Into Key Segments?
The digital credential management software market covered in this report is segmented –
1) By Component: Software, Service
2) By Deployment Mode: Cloud Based, On Premises
3) By Application: Large Enterprises, Small And Medium Sized Enterprises
4) By End Use Industry: Education, Healthcare, Banking Financial Services And Insurance (BFSI), Government, Information Technology And Telecommunication, Other End-Use Industries
Subsegments:
1) By Software: Credential Issuance And Verification Solutions, Identity And Access Management (Iam) Software, Digital Wallet Solutions, Certificate Management Software, Multi-Factor Authentication (Mfa) Software, Single Sign-On (Sso) Solutions, Biometric Authentication Software, Public Key Infrastructure (Pki) Software, Password Management Software, Blockchain-Based Credential Solutions
2) By Service: Consulting Services, Implementation And Integration Services, Managed Services, Support And Maintenance Services, Credential Lifecycle Management Services, Identity Verification Services, Security Auditing And Compliance Services, Training And Education Services, Cloud Migration And Data Management Services
Pre-Book The Digital Credential Management Software Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Trends Are Reshaping The Future Of The Digital Credential Management Software Market?
Prominent firms in the digital credential management software sector are adopting advanced technologies, like the Decentralized Identity and Credential Exchange (DICE) system, to escalate their profits in this market. The aim of DICE is to streamline the safe and effective trading of digital identities and credentials among various units or businesses. For example, in February 2023, Wipro Limited, a corporation in India specializing in information technology, initiated the Decentralized Identity and Credential Exchange (DICE) platform. This platform utilises blockchain technology for the purpose of issuing and authenticating integrity-protected digital credentials. It provides a mode for users to share personal data online safely and adeptly without having to reach out to the issuing body for validation. By deploying blockchain, DICE ID securely houses credential configurations, maintaining confidentiality while facilitating swift authentication. The system intends to transform the exchange of credentials, supplying a reliable solution for sectors like healthcare, education, and freelancers.
Who Are the Key Players In The Digital Credential Management Software Market?
Major companies operating in the digital credential management software market are:
• Microsoft Corporation
• International Business Machines Corporation
• Oracle Corporation
• Salesforce Inc.
• Thales Group
• Symantec Corporation
• Atlassian Corporation Plc
• Okta Inc.
• HID Global Corporation
• RSA Security LLC
• Entrust Corporation
• CyberArk Software Ltd.
• SailPoint Technologies Holdings Inc.
• Ping Identity Corporation
• Centrify Corporation
• OneLogin Inc.
• Vottun
• SimpleCert
• Portfolium Inc.
• Sertifier
• Concentric Sky
• MyKnowledgeMap
• Auth0 Inc.
What Are The Regional Insights Into The Digital Credential Management Software Market?
North America was the largest region in the digital credential management software market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the digital credential management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
