Digital Trust Market Size (2024 - 2029)

Digital Trust Market Analysis

The Digital Trust Market is expected to register a CAGR of 13.12% during the forecast period.

• The digital trust market is rapidly evolving, providing organizations with the tools and services they need to build and maintain trust with their online stakeholders, such as customers, employees, and partners who interact with organizations through digital channels.
• With the increasing number of cyberattacks, as more and more organizations move their operations to digital, they are becoming increasingly vulnerable to cyberattacks. This has led to a growing demand for digital trust solutions to help organizations and businesses protect their systems from attack.
• For instance, Netwrix, a Texas-based IT security company that develops software to help organizations identify and secure sensitive data and assist with compliance auditing, found that 60% of enterprise organizations of all sizes suffer from cyberattacks yearly. Moreover, regarding security incidents, it is more common for larger organizations to become targets of ransomware or other malware attacks. Approximately 48% of enterprises encountered such incidents on their premises, whereas the figure stood at 37% for organizations of all sizes.
• With the growing importance of data privacy in recent years, there has been an increasing awareness of the importance of data privacy. This has led to the enactment of the General Data Protection Regulation (GDPR) in Europe, which has placed new requirements on organizations that collect and process personal data.
• Furthermore, due to the growing demand for digital identity solutions, as more and more transactions are conducted online, there is an increasing need for their users' digital identity. This is particularly important in industries such as financial services, with a high risk of fraud.
• However, the high cost of digital trust services and solutions can be expensive to implement and maintain, especially for small and medium-sized businesses. This can make it difficult for some organizations to adopt these solutions. Moreover, such solutions and services often require specialized hardware and software. The development and maintenance of these solutions can be complex and time-consuming and the cost. For instance, the Ponemon Institute estimates that the average price of a data breach is USD 3.86 million. This includes the cost of lost productivity, reputational damage, and legal fees.

Digital Trust Industry Segmentation

The digital trust market refers to a diverse range of services aimed at aiding organizations in establishing and upholding trust with their customers, partners, and employees within the digital realm. The digital trust market focuses on solutions that enhance security, privacy, data protection, identity verification, and overall trustworthiness in digital interactions and transactions. It comprises technologies, platforms, and strategies that assist organizations in fostering confidence and dependability in their digital operations and relationships.

The digital trust market is segmented by component (solution and services), deployment mode (cloud-based and on-premises), organization size (large enterprises and small and medium-sized enterprises (SMEs)), end-user industry (banking, financial services, and insurance, healthcare, it and telecommunications, government and public sector, retail and e-commerce, energy and utilities, other end-user industries) and geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.