by The digital trust market comprises authentication, access management, and use of digital signatures to verify the identity of users and authorize access to online services. Technological developments have enabled digital signature solutions to provide secure means of identification, authentication and authorization on digital platforms, smartphones and IoT devices. Digital signatures aid in securely delivering authenticated digital documents and credentials over private and public networks. The growing need for establishing trust in digital transactions is a key driver for the digital trust market.
The Global Digital Trust Market size is estimated at US$ 308.34 Billion in 2023 and is expected to reach US$ 781.07 billion by 2030, growing at a compound annual growth rate (CAGR) of 14.2% from 2023 to 2030.
Key Takeaways
Key players operating in the Digital Trust 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.
The increasing instances of cyber threats such as data breaches and phishing scams have increased the need for establishing digital trust. Digital trust solutions help organizations secure digital identities, transactions and interactions over the internet.
Major technology providers are expanding their Digital Trust Market Demand offerings globally to cater to the growing demand from organizations across industries and geographical locations. For instance, key players have partnered with local firms to offer digital trust platforms compliant with various country-specific regulations.
Market Key Trends
One of the key trends shaping the digital trust market is the growing adoption of blockchain technology. The distributed ledger technology underlying blockchains helps secure digital transactions and records without central oversight. Blockchain platforms offer high levels of transparency and authentication which is increasing their uptake for various digital trust applications such as digital identities, secure document exchanges and supply chain traceability. Overall, technological advancement in authentication and security protocols will continue to drive growth opportunities in the digital trust market.
Porter’s Analysis
Threat of new entrants: It is moderate as it requires substantial capital investment and technical expertise to establish a business in this market.
Bargaining power of buyers: It is high as buyers can easily switch between providers as the products are largely similar and price transparency is high on online marketplaces and comparison websites.
Bargaining power of suppliers: It is moderate as there are many raw material suppliers for digital trust products and services such as hardware and software solution providers.
Threat of new substitutes: It is low as digital signatures, digital IDs, and certificates offer a unique proposition for authenticating digital identities and transactions that cannot be easily substituted.
Competitive rivalry: Competition is intense among the established vendors as they rapidly innovate to integrate advanced technologies such as blockchain, AI and IoT to gain market share.
The geographical region where the digital trust market in terms of value is currently concentrated is North America. The region accounts for more than 40% of the global market value due to stringent data privacy regulations, increasing digitization of transactions, and widespread adoption of advanced technologies among enterprises.
The Asia Pacific region is expected to be the fastest growing geographical region in the digital trust market during the forecast period from 2024 to 2031. This can be attributed to large-scale digital transformation initiatives by governments and businesses, growing e-commerce industry, increasing internet and smartphone adoption, and rising awareness about data privacy and security across countries such as China, India, Japan and South Korea.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn
