by Digital trust services enable customers and enterprises to securely execute online transactions and interactions by verifying user identities and safeguarding sensitive data. Digital identity verification streamlines Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance processes for financial institutions and fintech providers. Digital signatures eliminate paperwork and expedite approvals for everything from government documents to equipment leasing. Blockchain technologies further bolster transaction security and transparency across supply chains. As more activities shifted online during the pandemic, there was a surge in demand for digital trust solutions to facilitate remote work, education, telehealth and digital commerce.
The global Digital Trust Market is estimated to be valued at US$ 308.34 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the digital trust market is the rise of decentralized digital identity networks. Decentralized digital identity networks allow for self-sovereign identity where users own and control their personal data and digital credentials rather than relying on centralized platforms. This shift will strengthen digital trust by empowering users and reducing vulnerabilities from single points of control over identity data. Adoption of blockchain and distributed ledger technologies facilitate the recording and verification of decentralized identities and transactions in a secure, immutable manner without intermediaries. Decentralized digital identity networks have widespread applications across domains like education certificates, medical records, property records and more.
Porter’s Analysis
Threat of new entrants: The digital trust market has moderate threat of new entrants due high capital requirement for setting up infrastructure like data centers.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes and sensitivity over pricing of digital trust solutions.
Bargaining power of suppliers: Suppliers have low bargaining power in this market due presence of several technology providers and buyers can easily switch between solution providers.
Threat of new substitutes: Threat from substitutes is moderate as digital signatures and identity verification solutions can be replaced with traditional paper-based processes.
Competitive rivalry: The competitive rivalry is high among the existing players to gain higher market share.
Key Takeaways
The Global Digital Trust Market Demand is expected to witness high growth. The global Digital Trust Market is estimated to be valued at US$ 308.34 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.
The North American region dominates the global digital trust market currently due to strict regulations regarding data protection and focus on digital transformation initiatives across industries in the US and Canada. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to increasing digitization and rising internet penetration in developing countries of the region.
Key players operating in the digital trust market are Annandale Distillery, Rocky Mountain Barrel Company, Exotic Barrels, Esty Inc., Midwest Barrel Co., Mystic Barrels, Red Head Barrels, Kentucky Bourbon Barrel (Independent Stave Company), Country Connection, and Kelvin Cooperage. These players are focusing on collaborations and new product launches to expand their market share. For instance, in 2022, Annandale Distillery launched its new portfolio of digital trust solutions to enable secure identity authentication.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
