Canada Digital Identity Management Solution Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Component (Solution and Services), Deployment (On-Premise and Cloud Based), Enterprise Size (SMEs and Large Enterprises), and Industry Vertical (BFSI, Retail & E-commerce, Government & Defense, Healthcare, IT & Telecommunications, and Others)
The Canada digital identity management solution market size is expected to grow from US$ 990.0 million in 2021 to US$ 2,272.6 million by 2028; the Canada digital identity management solution market size is estimated to grow at a CAGR of 12.9% from 2022 to 2028.
Identity and authentication fraud threats continue to challenge several industries, including financial services. Identity theft and synthetic identity continuously escalate fraud cases that target consumers and frustrate anti-financial crime analysts. Identity fraud and synthetic identity methods are growing as consumers adopt digital payment methods and shift the way consumers shop and interact online. Moreover, data breaches, the increasing availability of intelligent technology and computing power, and the volume of personally identifiable information (PII) available through online sources have created a virtual playground for cyberattacks to conduct fraud at a massive scale. Savvy fraudsters or cyber attackers steal PPI through data breaches or appropriating a driver's license and then use the information to commit fraud by posing as the same person to access their credit information. A bad actor also targets a consumer directly by using certain techniques such as phishing emails, skimming, or robocalls to steal sensitive information. Instances of fraud and identity theft have been on the rise during the COVID-19 pandemic. According to a recent survey by Johnson Insurance, in September 2020, more than half (~52%) of Canadians were a victim of identity theft and were unable to identify the warning signs. As per the same survey, 27% of Canadians have noticed increased suspicious COVID-19-related activities on fraudulent websites and online advertisements, 23% rise in suspicious emails, and 20% increase in text messages or phone calls. Thus, identity fraud is rising continuously across Canada.
Due to increasing identity and authentication frauds, digital identity management solutions have been deployed across several organizations in Canada to increase security, reduce fraud, and develop a seamless customer experience. For instance, in May 2021, Employment and Social Development Canada adopted Verified.Me to streamline digital identity verification for Canadians registering with My Service Canada. Through the My Service Canada account, Canadians can apply, view, and update their information for employment insurance, pension, pension plan disability, and old age security. Moreover, as professional cyber attackers adapt to the best fraud detection models, companies must strengthen their fraud and risk management strategies by adopting advanced digital identity management solutions. Canada is making significant progress by creating digital identity frameworks and standards. For instance, in September 2020, The Digital ID & Authentication Council of Canada (DIACC) announced the Pan-Canadian Trust Framework (PCTF) launch, a set of digital ID and authentication industry standards that will define the way digital ID will roll out across Canada. Therefore, the above-mentioned factors reduce identity and authentication fraud growth by boosting the demand for digital identity management solutions.
Impact of COVID-19 Pandemic on Canada Digital Identity Management Solution Market
Before the emergence of the COVID-19 pandemic, the Canada digital identity management solutions market was growing due to rising cybercrimes. For instance, in October 2019, Canadians lost US$ 43 million to cybercrime, as per Ontario Provincial Police (OPP) statistics. Further, based on The Canadian Anti-Fraud Centre (CAFC) report of 2019, the country faced ~10,278 cases of extortion and 7,642 cases of personal information scams (in which someone pretending to represent a business, government agency, bank, or utility company urgently asks victims to verify personal and confidential information). Therefore, with the growing security threats regarding personal information, it became essential to implement digital identity management solutions in Canada, leading to a rise in demand.
In 2020, the COVID-19 pandemic positively influenced the Canada digital identity management solution market growth due to rising government schemes to protect an individual's identity. For instance, in November 2020, the Canadian government proposed the Digital Charter Implementation Act 2020, which will modernize the framework for safeguarding personal information in the private sector. This legislation takes several necessary steps to ensure that a modern and responsive law will protect Canadians and offer benefits to innovative businesses from significant rules, considering technology evolution. This framework has helped adopt digital identity management solutions across the country.
Canada Digital Identity Management Solution Market Insights
Growing Integration of Biometric Technology in Smartphones
With the rapid technological advancements, the number of smartphone users across Canada has increased immensely. For instance, according to the article published by the Reviewlution, there were 33 million mobile subscribers in 2019 and 31.88 million smartphone users in 2021 in Canada. Thus, with the growing number of smartphone users across the country, implementing a digital identity management solution is easier.
The conventional password key system was the only secure way of authentication previously. With advancements in technology, password security systems have become easier to hack. Digital identity-based security, including biometric technology and multi-factor authentication, is better and more secure than passwords. Most smartphones available in the Canadian market have camera and authentication options, such as fingerprint recognition and facial recognition. Further, many smartphone companies are implementing these fingerprint and facial recognition technologies in their smartphones. For instance, MiTek Canada focuses on biometrics that provides good defense against fraud activities and accuracy of facial recognition and is easy to capture individual faces from a mobile device. The company relies on facial recognition technology that can be used to match a selfie to the face on a government-issued identity document. These automated linked technologies are combined with forensic expertise to rapidly detect identity fraud and verify customers faster and more accurately. Therefore, using biometric technology in smartphones makes it easier to verify an individual’s identity, which requires the installation of digital identity management solutions on the device.
Consumers are ready to adopt biometric authentication processes because these approaches are more secure as only one person can unlock them on their respective smartphones. Moreover, the use of smartphones has increased with the rise in online shopping due to the booming e-commerce industry in Canada and increased implementation of digital identity-based authentication methods in sectors such as BFSI and retail. Hence, digital identity-based authentication in smartphones will replace traditional password systems because of several advantages, such as convenience and less time consumption. Therefore, the growing integration of biometric technology in smartphones is a driving factor for the Canada digital identity management solution market growth during the forecast period.
Component-Based Canada Digital Identity Management Solution Market Insights
Canada digital identity management solution market analysis by component, the Canada digital identity management solution market is bifurcated into solution and services. The solution segment led the market with a larger Canada digital identity management solution market share in 2021.
Deployment-Based Canada Digital Identity Management Solution Market Insights
Canada digital identity management solution market analysis by deployment, the Canada digital identity management solution market is bifurcated into on-premise and cloud based. The cloud based segment led the market with a larger Canada digital identity management solution market share in 2021.
Enterprise Size-Based Canada Digital Identity Management Solution Market Insights
Based on enterprise size, the Canada digital identity management solution market is bifurcated into SMEs and large enterprises. The large enterprises segment led the Canada digital identity management solution market with a larger market share in 2021.
Industry Vertical-Based Canada Digital Identity Management Solution Market Insights
Based on industry vertical, the Canada digital identity management solution market is segmented into BFSI, retail & e-commerce, government & defense, healthcare, IT & telecommunications, and others. The BFSI segment led the Canada digital identity management solution market with the largest market share in 2021.
Company Profiles
- Avanade
- Akamai Technologies, Inc.
- Daon, Inc.
- DXC Technology
- ForgeRock
- Jumio
- NEC Corporation
- One Identity LLC
- Telos Corporation
- Telus Communications Inc.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Research Methodology
3.1.1 Data Collection:
3.1.2 Primary Interviews:
4. Canada Digital Identity Management Solution Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Canada Digital Identity Management Solution Market – Key Industry Dynamics
5.1 Market Drivers
5.1.1 Surge in Identity and Authentication Frauds
5.1.2 Growing Integration of Biometric Technology in Smartphones
5.2 Market Restraints
5.2.1 Availability of Open-Source Digital Identity Management Platforms
5.3 Market Opportunities
5.3.1 Wide Adoption of Authentication across Multiple Industry Verticals
5.4 Future Trends
5.4.1 Metaverse and Web 3.0 will Encourage the Adoption of Digital Identity Management Solution Platforms
5.5 Impact Analysis of Drivers and Restraints
6. Canada Digital Identity Management Solution Market Overview
6.1 Market Overview
6.2 Canada Digital Identity Management Solution Market Forecast and Analysis
6.3 Market Positioning – Global Key Players
7. Canada Digital Identity Management Solution Market Analysis – By Component
7.1 Overview
7.2 Canada Digital Identity Management Solution Market, by Component (2021 and 2028)
7.3 Solution
7.3.1 Overview
7.3.2 Solution: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Services
7.4.1 Services: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
8. Canada Digital Identity Management Solution Market Analysis – By Deployment
8.1 Overview
8.2 Canada Digital Identity Management Solution Market, By Deployment (2021 and 2028)
8.3 On Premise
8.3.1 On Premise: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Cloud based
8.4.1 Overview
8.4.2 Cloud based: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
9. Canada Digital Identity Management Solution Market Analysis – By Enterprise Size
9.1 Overview
9.2 Canada Digital Identity Management Solution Market, By Enterprise Size (2021 and 2028)
9.3 SMEs
9.3.1 Overview
9.3.2 SMEs: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
9.4 Large Enterprises.
9.4.1 Large Enterprises: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
10. Canada Digital Identity Management Solution Market Analysis – By Industry Vertical
10.1 Overview
10.2 Canada Digital Identity Management Solution Market, By Industry Vertical (2021 and 2028)
10.3 BFSI
10.3.1 Overview
10.3.2 BFSI: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
10.4 Retail & E-commerce
10.4.1 Retail & E-commerce: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
10.5 Government & Defense
10.5.1 Government & Defense: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
10.6 Healthcare
10.6.1 Healthcare: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
10.7 IT & Telecommunications
10.7.1 IT & Telecommunications: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
10.8 Others
10.8.1 Others: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
11. Impact of COVID-19 Pandemic on Digital Identity Management Solution Market
11.1 Canada
12. Industry Landscape
12.1 Market Initiative
12.2 Merger and Acquisition
12.3 New Development
13. Company Profiles
13.1 OneLogin
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Avanade Inc.
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Akamai Technologies
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 NEC Corporation
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Daon, Inc.
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 DXC Technology Company
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 ForgeRock
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Jumio Corporation
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 TelosID
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 TELUS
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Glossary of Terms
LIST OF TABLES
Table 1. Canada Digital Identity Management Solution Market Revenue and Forecasts to 2028 (US$ Mn)
Table 2. Glossary of Term: Digital Identity Management Solution Market
LIST OF FIGURES
Figure 1. Digital Identity Management Solution Market Segmentation
Figure 2. Canada Digital Identity Management Solution Market Overview
Figure 3. Canada Digital Identity Management Solution Market, by Component
Figure 4. Canada Digital Identity Management Solution Market, by Deployment
Figure 5. Canada Digital Identity Management Solution Market, by Enterprise Size
Figure 6. Canada Digital Identity Management Solution Market, by Industry Vertical
Figure 7. Canada: PEST Analysis
Figure 8. Digital Identity Management Solution Market Ecosystem Analysis
Figure 9. Expert Opinion
Figure 10. Canada Digital Identity Management Solution Market: Impact Analysis of Drivers and Restraints
Figure 11. Canada Digital Identity Management Solution Market Forecast and Analysis, (US$ Mn)
Figure 12. Canada Digital Identity Management Solution Market Revenue Share, by Component (2021 and 2028)
Figure 13. Solution: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. Services: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. Canada Digital Identity Management Solution Market Revenue Share, by Deployment (2021 and 2028)
Figure 16. On-Premise: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. Cloud based: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Canada Digital Identity Management Solution Market Revenue Share, by Enterprise Size (2021 and 2028)
Figure 19. SMEs: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Large Enterprises: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Canada Digital Identity Management Solution Market Revenue Share, by Industry Vertical (2021 and 2028)
Figure 22. BFSI: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Retail & E-commerce: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Government & Defense: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. Healthcare: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. IT & Telecommunications: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Others: Canada Digital Identity Management Solution Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Impact of COVID-19 Pandemic in Canada Country Markets
- OneLogin
- Avanade Inc
- Akamai Technologies
- NEC Corporation
- Daon, Inc.
- DXC Technology Company
- ForgeRock
- Jumio Corporation
- TelosID
- TELUS
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Canada digital identity management solutions market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the Canada digital identity management solutions market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.