Digital Trust Market Size, Share & COVID-19 Impact Analysis, By Solution (Fraud Detection and Prevention, Data Encryption and Security, Identity and Access Management, Digital Signatures and Certificate, Endpoint Security, Cloud Security, Risk and Compliance Management, and Others), By Deployment (Cloud and On-premises), By Enterprise Type (Large Enterprises and Small & Medium Enterprises), By End-user (BFSI, Government, Retails, Healthcare, IT & Telecom, Manufacturing, Energy & Utility, and Others), and Regional Forecast, 2023-2030

The global digital trust market size was valued at USD 80.66 billion in 2022 and is projected to grow from USD 88.69 billion in 2023 to USD 188.76 billion by 2030, exhibiting a CAGR of 11.4% during the forecast period.

Digital trust ensures confidence among the users and enterprises regarding privacy, reliability, and security while using digital transaction platforms. In today’s business world, it is not acceptable to lose crucial and sensitive data during random online transactions. Thus, to ensure reliability and growing risk concerns, businesses are investing in robust digital trust solutions. Also, the adoption of emerging technologies, such as artificial intelligence, cloud, blockchain, and others, is expected to boost market growth.

As per the survey of PWC Global Digital Trust Insights 2024, various enterprises across 71 countries are increasing their funds for cybersecurity, considering a rise in the adoption of generative AI. Thus, in this ever-accelerating digital transformation, this solution is expected to gain traction in the market.

COVID-19 IMPACT

Sudden Increase in the Number of Digital Solutions Amid Pandemic Boosted the Market Growth

The outbreak of COVID-19 has highlighted the importance of digital trust for safe and effective data interaction. Cyber risk was at a higher level during the pandemic owing to the sudden increase in the number of digital solutions. As the number of digital platform users grew exponentially, the amount of data generated increased significantly. According to the Deloitte Impact of COVID-19 on Cybersecurity insights, data breaches affected more than half a million people from February 2020 to May 2020. As the digital transformation was at its peak amid the pandemic across industries, concerns regarding personal information security gained traction.

Thus, to build trust and safeguard the vast amount of data, enterprises are prominently investing in data protection solutions. The rising data loss incidents are alerting users and creating awareness of trust solutions amongst enterprises. Thus, the pandemic significantly boosted the market growth with the increasing incidents of cyberattacks and digital transformation.

Digital Trust Market Trends

Rise of Zero Trust Solutions among Enterprises to Propel Market Growth

Zero trust security provides verification capabilities for every access request. The digital identities are continuously verified using authentication methods, such as public key infrastructure (PKI), single sign-on (SSO), multi-factor authentication (MFA), and more. As data breach incidents are on the verge, zero trust solutions mitigate safety risks. For instance, in 2021, the U.S. federal government introduced direct orders for implementing zero trust approaches.

The adoption of a zero trust system is likely to push digital trust security capabilities with centralized control and visibility. Thus, these solutions together are expected to strengthen the connections between users and devices with confidence. Various tech companies are coming together to boost the product offering with strategic partnerships. For instance, DigiCert has collaborated with the National Institute of Standards and Technology (NIST) to offer zero-trust architecture with these services. Thus, the rise in zero trust capabilities boosts market growth.

Digital Trust Market Growth Factors

Growing Demand for Digital Trust for AI Tools to Drive Market Growth

Artificial intelligence applications are growing exponentially across various industries. However, with this, the increase in cybersecurity threats is likely to fuel concerns regarding the adoption of such digital technology. These growing concerns and lack of confidence in advanced technologies are expected to propel the demand for trust solutions.

As cutting-edge solutions offer the potential to enhance different industry operations, companies are looking for innovative and secure solutions. As AI-powered tools are on the onset of more innovation, demand for trusted services has gained traction. For instance, the UK National Standards Body, BSI, introduced new guidelines for developing and building advanced digital trust services for AI tools. Thus, the growing innovation and concerns regarding security are expected to boost the market growth.

RESTRAINING FACTORS

Higher Cost of Implementation of Solutions to Hamper the Market Growth

Trust technology offers various solutions to tackle digital threats across the ecosystem. However, small and medium enterprises are facing challenges in allotting a significant share of IT funds to these solutions. As many enterprises prefer in-house storage, the cost of on-premises trust solution implementation and maintenance increases further. Also, the different specifications and solution requirements further increases the complexity of services. This is expected to hinder the market growth.

Digital Trust Market Segmentation Analysis

By Solution Analysis

Increase in Number of Fraud Incidents Across Industries to Drive Fraud Detection and Prevention Segment Growth

Based on solution, the market is segmented into fraud detection and prevention, data encryption and security, identity and access management, digital signatures and certificate, endpoint security, cloud security, risk and compliance management, and others.

The fraud detection and prevention segment will gain dominant revenue share during the forecast period. Trust solutions offer advanced fraud detection with single purpose capabilities. The increase in cases of payment fraud, insurance fraud, and more is expected to fuel the demand for secured and trusted resources.

The identity and access management segment will witness a rapid growth rate during the forecast period. Its capability to manage and control from a centralized system that enhances its power to reduce cyberattacks.

The endpoint security segment will showcase significant CAGR during the forecast period. The increasing remote work culture and policies, such as bring your own device, are likely to propel the demand for identity and access management.

By Deployment Analysis

More Controlled Data Protection to Fuel On-premises Segment Growth

By deployment, the market is segmented into cloud and on-premises.

The on-premises segment will gain maximum market share during the forecast period. The greater control and minimum reliance on third parties are expected to fuel the adoption of on-premises solutions.

The cloud segment is expected to witness a rapid growth rate during the forecast period. The rapid revolution in cloud infrastructure is expected to boost scalability and flexibility.

By Enterprise Type Analysis

Increase in Number of Cyberattacks to Fuel Large Enterprises Segment Expansion

Based on enterprise type, the market is segmented into large enterprises and small & medium enterprises.

The large enterprises segment will hold the maximum market share during the forecast period. Large enterprises have secured a good share of funds to manage increasing cybersecurity issues. Thus, the demand for trust solutions is likely to gain traction in large enterprises.

The small and medium enterprises segment to gain rapid CAGR during the forecast period. The attackers are significantly targeting small businesses, and thus, it has become essential for SMEs to include safe and trusted solutions for online data transfer.

By End-user Analysis

Rapid Digital Transformation to Propel Trusted Solutions Demand in IT and Telecom

By end-user, the market is categorized into BFSI, government, retails, healthcare, IT & telecom, manufacturing, energy & utility, and others.

The IT and telecom segment will gain maximum revenue share during the forecast period. Early adoption of digital platforms and services increased the demand for reliable solutions in the industry.

Similarly, the manufacturing segment will showcase prominent revenue growth during the forecast period. The rising cyber threats in advanced manufacturing technologies are expected to fuel market growth.

The BFSI segment will grow rapidly depicting the highest growth rate. The industry manages crucial and private financial data, which has raised concerns for its safety over the years. Thus, implementing trusted risk management solutions is likely to boost market growth.

Similarly, the healthcare segment will grow at a significant growth rate owing to increasing cyber-attacks across healthcare providers globally. According to IBM’s Cost of a Data Breach Report, the industry invested USD 10.10 million on average per data breach incident.

REGIONAL INSIGHTS

Based on region, the market is studied across North America, South America, Europe, the Middle East & Africa, and Asia Pacific.

North America will lead the digital trust market share during the forecast period. The rise in digital transformation is expected to propel market growth. Also, with internet penetration, the region has witnessed a rise in the number of cyber-attacks. As per the report of CNB News, U.S. hospitals witnessed 299 ransomware hits in the year 2023. Thus, the rise in such data breach incidents fueled the demand for the solutions.

Asia Pacific will grow at a rapid growth rate during the forecast period. The increasing concerns regarding data privacy, personal data breaches, cyberattacks, and more are expected to boost market growth. With the growing opportunities, various companies, such as DigiCert, are investing significantly in the region. India, with rapid digitalization, is expected to grow with the fastest CAGR during the forecast period.

Europe to gain significant growth rate during the forecast period. The increasing number of start-ups and rapid digital transformation are expected to fuel the demand for the solution. Furthermore, the stringent regulation and compliances of the European Union are likely to drive the market share.

The Middle East & Africa to gain significant growth rate during the forecast period owing to the rise in the adoption of digital solutions. The rising concerns of data theft are propelling the market growth in the region.

Similarly, South America is to showcase steady growth with the rise in digital services and technology.

KEY INDUSTRY PLAYERS

Growing Collaboration and Partnership Strategies to Boost Key Players’ Market Share

Key market players are keen on expanding their global presence through strategic partnerships and collaboration. The key players are steadily growing their business across countries with innovative solutions and services. Also, the growing adoption of digital transformation is expanding the growth opportunities for the market players. Thus, these players are providing various authentic and safer services to access digital data.

List of Key Companies Profiled in Digital Trust Market:

• Microsoft Corporation (U.S.)


• Amazon Web Services, Inc. (U.S.)


• IBM Corporation (U.S.)


• Cisco Systems, Inc. (U.S.)


• Oracle Corporation (U.S.)


• Thales Group (France)


• DigiCert, Inc. (U.S.)


• ForgeRock, Inc. (U.S.)


• RSA Security LLC (U.S.)


• Entrust (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• October 2023: California-based Jumio, an AI solution provider, announced a collaboration with NextWealth to introduce a digital trust solution catering to identity verification services. The companies are focused on offering reliable and safer internet.


• September 2023: DigiCert launched a new digital trust management solution in India to boost corporate infrastructure and enhance customer data security. The DigiCert ONE platform helps secure users, devices, servers, and others.


• May 2023: Garrigues announced the acquisition of 51% of EAD Trust stakes, a Spain-based digital trust service provider, to establish itself in upcoming regulations of European Unions. EAD Trust offers electronic identification and trust services, and with its acquisition, Garrigues aims to enhance decision-making capabilities.


• January 2023: Italy-based Tinexta’s InfoCert acquired 65% of U.K.-based Ascertia to offer secured communication and authentication in compliance with ETSI standards and eIDAS regulations. The company aims to expand through global partnerships and digital transformation.


• November 2022: Amazon Web Services, Inc. announced a partnership with Atos Group to boost digital transformation for easy cloud migration. With the expedition of cloud adoption, the companies aim to offer secure, flexible and sustainable solutions.

REPORT COVERAGE

The market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product/service types, and leading applications of the product. Besides, the report offers insights into the market trends and highlights key end-user developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.

Report Scope & Segmentation

ATTRIBUTE	DETAILS
Study Period	2017-2030
Base Year	2022
Estimated Year	2023
Forecast Period	2023-2030
Historical Period	2017-2021
Growth Rate	CAGR of 11.4% from 2023 to 2030
Unit	Value (USD Billion)
Segmentation	By Solution Fraud Detection and Prevention Data Encryption and Security Identity and Access Management Digital Signatures and Certificate Endpoint Security Cloud Security Risk and Compliance Management Others (Secured Communication, Application Security, and others) By Deployment On-premises Cloud By Enterprise Type Large Enterprises Small and Medium Enterprises By End-user BFSI Government Retails Healthcare IT & Telecom Manufacturing Energy & Utility Others (Education, Automotive, and others) By Region North America (By Solution, By Deployment, By Enterprise Type, By End-user, and By Country) U.S. (By End-user) Canada (By End-user) Mexico (By End-user) South America (By Solution, By Deployment, By Enterprise Type, By End-user, and By Country) Brazil (By End-user) Argentina (By End-user) Rest of South America Europe (By Solution, By Deployment, By Enterprise Type, By End-user, and By Country) U.K. (By End-user) Germany (By End-user) France (By End-user) Italy (By End-user) Spain (By End-user) Russia (By End-user) Benelux (By End-user) Nordics (By End-user) Rest of Europe Middle East and Africa (By Solution, By Deployment, By Enterprise Type, By End-user, and By Country) Turkey (By End-user) Israel (By End-user) GCC (By End-user) North Africa (By End-user) South Africa (By End-user) Rest of MEA Asia Pacific (By Solution, By Deployment, By Enterprise Type, By End-user, and By Country) China (By End-user) Japan (By End-user) India (By End-user) South Korea (By End-user) ASEAN (By End-user) Oceania (By End-user) Rest of Asia Pacific