The global digital credential management software market is likely to be valued at USD 1,585.1 million in 2023. With a CAGR of 14.8% from 2023 to 2033, the market is expected to reach a valuation of USD 6,320.4 million by 2033. Digital credential management software deployed On-Premises is expected to be the highest revenue-generating category, projected to register an opportunity of 14.8% CAGR from 2023 to 2033.
| Attributes | Details |
|---|---|
| Global Digital Credential Management Software Market Size (2023) | USD 1,585.1 million |
| Global Digital Credential Management Software Market Size (2033) | USD 6,320.4 million |
| Global Digital Credential Management Software Market CAGR (2023 to 2033) | 14.8% |
| United States Digital Credential Management Software Market Size (2033) | USD 1.9 billion |
| United States Digital Credential Management Software Market CAGR (2023 to 2033) | 14.4% |
| Key Companies Covered | Credly Inc.; Concentric Sky; Badge List; Badge Craft; Be Badges; Nocti Business Solutions; Portfolium Inc. |
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Historically, from 2018 to 2022, the value of the digital credential management software market increased at around 17.5% CAGR. With an absolute dollar opportunity of USD 3.9 billion from 2023 to 2033, the market is projected to reach a valuation of USD 5.3 billion at a CAGR of 14.7%.
The primary drivers of the digital credential management software market are the increasing number of security breaches and identity-related fraud cases, rising compliance management awareness, expanding demand for digital credential management software for IoT, and increased investment in cybersecurity.
Additionally, the cultural transition from traditional digital credential management software to digital credential management software, the proliferation of cloud-based solutions and services, the growing popularity of the hybrid cloud model, and the growing incorporation of technologies like artificial intelligence, machine learning, blockchain, and biometrics into digital credential software would all present lucrative opportunities for digital credential software vendors.
The need for the right skills to reduce cyber risks has significantly increased due to the growing danger of cyber threats. Additionally, organizations are finding it difficult to defend against common cyber threats, which have increased the demand for digital credential management software.
The need for IT security, confidentiality, and product compliance software is also rising because of the organizations' strong requirement for efficient regulatory talent and effective planning for cyber catastrophes. Companies thus anticipate automating the validation process, which will incorporate various means of getting visibility and foretelling compliance in the architecture, with the implementation of cloud and building infrastructure.
By analyzing the dashboards, which become more pertinent and useful with dynamic new technologies, the organizations can also comprehend the security and the process that led to validation.
Principal Consultant
Digital credential management software is becoming widely used due to the expanding cloud market and the growing need to safeguard and manage numerous accounts that employees can access through the cloud. Digital credential management software had to be bought and set up on-premises in the past since enterprises thought of them as capital expenditures.
The successful deployment of digital credential management software projects came at a high cost. It took months of laborious work, but this trend is now changing as cloud use soars, making it simpler to implement and gain access to cloud-based digital credential management software services. Digital credential management software technologies that may be put on-premises and accessed via the cloud can be chosen by end-users with the help of hybrid deployments of digital credential management solutions.
Digital credential management software service providers have the leverage to expand owing to the attractive pricing options, including a subscription service model and pay-as-you-go. Additionally, cloud-based consumer digital credential management software requires less time and money. This aspect is anticipated to encourage the implementation of consumer digital credential management software across enterprises of all sizes, coupled with the expansion of SMEs.
Enterprises are expanding the use of delivering excellent software by integrating automated dashboards for corporate security monitoring architecture. Additionally, the lack of new technology-based platforms in companies due to dynamic legislative updates and changes in workplace culture is impacting the implementation of compliance management systems. The existence of this type of legacy system makes the system useless while emphasizing the regulatory risk and making it more complicated. The market expansion for digital credential management software is hampered by this process, which presents difficulties for compliance management solutions.
Recruiters and government officials are seeking answers to the skills deficit as the need for skilled cybersecurity workers continues to rise. Additionally, users may log into essential business apps from any location, at any time, and on any device, owing to the rise in distributed cloud-based services. On the other hand, managing user identities has become more difficult due to these widespread cloud-based apps. Customers are fast downloading various applications to take advantage of the services offered by businesses; as a result, they are using numerous applications and thus find it challenging to remember passwords for various accounts.
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North America dominates the cyber security market and is regarded as having the most developed infrastructure for the adoption of cyber technologies. Also, it is the region with the greatest number of cybercrime incidents worldwide. The region's administration has designated cyber security as its most pressing economic and national threat. Organizations in North America are using digital credential management software because of the changing demands of the workforce, the introduction of cloud applications, the consolidation of BYOD trends, and the requirement to maintain regulatory compliance.
Numerous businesses are working to explore and develop concepts for improved digital credential management software as business knowledge of digital credential management software grows. Digital credential management software enables American firms to manage their infrastructure, adhere to regulations, manage compliance, analyze risk and fraud, and integrate SIEM. North America is anticipated to be the most profitable region for various types of vendors due to specific budgetary allocation and required identity management policies. The safety of personnel and customer data is the organization's top priority at several large corporations and quickly expanding SMEs in the region.
Due to the growing threat of authentication and authorization breaches, Asia Pacific is anticipated to invest more in security. The region includes developing nations, including Australia, China, Japan, and India. Over 70% of the workforce in these nations is employed by numerous SMEs. The need for large investments prevents SMEs from implementing significant digital credential management software projects on their premises. However, the key drivers of this acceptance are reasons including rising internet usage, compliance regulations, and smartphone adoption.
The United States is expected to account for the largest market share of USD 1.9 billion by the end of 2033. The widespread usage of smart mobile platforms and the country's booming e-commerce industry are key factors driving the market's expansion.
The on-premises deployment of digital credential management software is expected to account for a CAGR of 14.5% by the end of 2033. The automated user provisioning process helps large businesses save money while also improving audibility and compliance across their entire SaaS application portfolio, including Yammer, Google Apps, WebEx, and Box.net.
The cloud segment is expected to increase at the highest pace throughout the forecast. One of the key factors influencing segment growth is the growing acceptance of the cloud model by various organizations due to its low cost and economies of scale. Moreover, IT, sales, and business departments are migrating to the cloud to take advantage of its benefits. With no software or hardware deployment, cloud-based digital credential management tools and services offer several advantages, like streamlined administration and lower expenses.
In 2023, the revenue through large companies held the largest share among the application types. It is expected to account for 14% CAGR during the forecast period. Large businesses are investing in cutting-edge technology solutions to provide their clients with cutting-edge identity protection. Large corporations are likely to be potential users of digital credential management software since they offer solutions across numerous categories and industries. Small and medium-sized businesses are expected to witness the highest CAGR across all categories and industries during the projection period, making them likely candidates to use digital credential management software.
The key strategies participants in the digital credential management industry use are solution launches, acquisitions, and collaborations. Some key digital credential management software companies include Credly Inc., Concentric Sky, Badge List, Badge Craft, Be Badges, Nocti Business Solutions and Portfolium Inc.
Some of the recent developments in the digital credential management software market are :
The United States, the United Kingdom, and India dominate the global market.
The market is forecast to register a CAGR of 14.8% through 2033.
From 2018 to 2022, the market grew at a CAGR of 17.5%.
The growing focus on cyber crime disrupts the current market trends.
The global market size is to reach USD 6,320.4 million by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. On Premises 5.2. Cloud-based 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Large Companies 6.2. Small and Medium-Sized Companies 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Credly Inc. 17.2. Concentric Sky 17.3. Badge List 17.4. Badge Craft 17.5. Be Badges 17.6. Nocti Business Solutions 17.7. Portfolium Inc. 17.8. Accredible 17.9. Vottun 17.10. Digitalme 18. Assumptions & Acronyms Used 19. Research Methodology
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Digital Credential Management Software Market
