What Is The Scope Of The Global Digital Trust Market?
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.
Digital Trust Global Market Report 2024 provides data on the global digital trust market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The digital trust market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Digital Trust Market?
The digital trust market has grown significantly, increasing from $346.02 billion in 2023 to $410.06 billion in 2024, with a CAGR of 18.5%. Growth has been fueled by rising data breaches and privacy concerns, digital transformation initiatives, and increasing regulatory demands. By 2028, the market is expected to reach $813.72 billion, with a CAGR of 18.7%. Future growth drivers include IoT expansion, adoption of 5G networks, migration to cloud platforms, and widespread implementation of zero-trust architectures. Emerging trends include the adoption of blockchain for trust verification, decentralized identity solutions, quantum-safe cryptography, interoperability standards, and AI-driven threat intelligence.
What Are The Core Factors Supporting Growth In The Digital Trust Market?
The increasing cybersecurity threats are expected to fuel the growth of the digital trust market. Cybersecurity threats refer to various risks that can compromise the security of digital systems and data. With businesses increasingly adopting cloud computing, remote work, and digital services, the complexity and vulnerability of IT environments have grown. Digital trust is crucial in mitigating these cybersecurity threats by promoting security, transparency, collaboration, resilience, and accountability, and by fostering trust among stakeholders. For example, in January 2024, the Australian Cyber Security Centre reported over 76,000 cybercrime incidents between 2021 and 2022, a nearly 13% increase from the previous year. Thus, rising cybersecurity threats are driving the digital trust market.
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What Are The Major Segments Within The Global Digital Trust Market?
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
Which Trends Are Expected To Transform The Digital Trust Market?
Companies in the digital trust market are enhancing digital security with software like the GoCertius app. This app provides digital evidence with secure, legally recognized certification services for files, images, and videos. For example, in December 2023, Garrigues, a Spain-based legal services provider, launched GoCertius, an electronic certification tool that ensures the integrity and legal security of digital files, marking a significant step toward innovation in digital trust.
What Is The Fastest Growing Region In The Digital Trust Market?
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.
