PUBLISHER: The Business Research Company | PRODUCT CODE: 1484773
PUBLISHER: The Business Research Company | PRODUCT CODE: 1484773
Digital trust encompasses the confidence and assurance that individuals, organizations, and other entities place in the security, reliability, privacy, and integrity of digital technologies, systems, platforms, and transactions. It embodies the expectation that digital interactions, communications, and transactions will be conducted securely, transparently, and ethically, thereby cultivating trust among users and stakeholders within the digital ecosystem.
In the realm of digital trust, the main components are categorized into solutions and services. A solution is a comprehensive mix of technologies, processes, and services specifically designed to tackle challenges associated with security, privacy, and reliability in digital interactions and transactions. These solutions encompass various types such as data verification, authentication, ID authentication, fraud prevention, compliance, among others. They can be implemented through on-premises, cloud-based, or hybrid deployment models across different organizational types, including large enterprises and small to medium-sized enterprises (SMEs). These solutions are employed by a range of end-user industries including banking, financial services and insurance (BFSI), healthcare, information technology and telecommunications, government and public sectors, retail and e-commerce, energy and utilities, among others.
The digital trust market research report is one of a series of new reports from The Business Research Company that provides digital trust market statistics, including the digital trust industry global market size, regional shares, competitors with a digital trust market share, detailed digital trust market segments, market trends, and opportunities, and any further data you may need to thrive in the digital trust industry. This digital trust market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The digital trust market size has grown rapidly in recent years. It will grow from $346.02 billion in 2023 to $410.06 billion in 2024 at a compound annual growth rate (CAGR) of 18.5%. The growth observed in the historic period can be attributed to several factors, including increasing incidents of data breaches and heightened privacy concerns, widespread digital transformation initiatives, stringent regulatory requirements, and the growing adoption of digital technologies.
The digital trust market size is expected to see rapid growth in the next few years. It will grow to $813.72 billion in 2028 at a compound annual growth rate (CAGR) of 18.7%. The anticipated growth during the forecast period is expected to be driven by the expansion of the Internet of Things (IoT), widespread adoption of 5G technology, the implementation of zero trust architecture, and rapid migration to cloud-based solutions.
The escalation of cybersecurity threats is anticipated to drive growth in the digital trust market. These threats encompass a variety of risks that undermine the security of digital infrastructures and data. As businesses and organizations increasingly adopt cloud computing, enable remote work, and expand digital services, they face heightened complexities and vulnerabilities in their IT environments. Digital trust plays a vital role in addressing these security challenges by enhancing security measures, fostering transparency, promoting collaboration, ensuring resilience, and maintaining accountability within the digital ecosystem. This, in turn, builds confidence among all stakeholders and bolsters cybersecurity protocols. For example, in January 2024, the Australian Cyber Security Centre reported over 76,000 cybercrime incidents between 2021 and 2022, reflecting a nearly 13% increase from the previous year. This uptick in cybersecurity incidents underscores the growing importance and expanding market for digital trust solutions.
Leading companies are innovating with advanced software solutions to enhance digital security. One such innovation is the GoCertius application, designed to offer robust protection and legal efficacy for digital evidence. This app facilitates the certification of videos, images, and electronic files with a high degree of security. In December 2023, the Spanish legal services firm Garrigues introduced the GoCertius app, a tool that ensures the integrity and legal security of digital files. This launch positions Garrigues as a pivotal player in the digital trust market, providing a legally compliant method for generating secure digital evidence. This development marks a significant achievement in legal innovation, offering Garrigues a competitive edge in secure digital certification services.
In April 2023, OpSec Security, a US company specializing in anti-counterfeiting and brand protection, acquired Zacco Digital Trust, a Denmark-based firm focused on digital brand protection, cybersecurity, and portfolio management. The acquisition merges OpSec's expertise with Zacco's capabilities, creating a comprehensive team of specialists aimed at enhancing brand value and protection across both physical and digital spheres. This strategic integration allows the combined entity to offer a full spectrum of intellectual property and brand optimization, monetization, and protection solutions, catering to globally recognized brands and reinforcing their market position.
Major companies operating in the digital trust market are Microsoft Corporation, International Business Machines Corporation, Cisco Systems Inc., Sophos Group, Oracle Corporation, VMware Inc., Thales Group, Fortinet Inc., Gemalto N.V., Gen Digital Inc., NortonLifeLock, Splunk Inc., Check Point Software Technologies, McAfee LLC, Okta Inc., Trend Micro, Verisign Inc., Proofpoint Inc., Zscaler Inc., Kaspersky Lab, Rapid7 Inc., Akamai Technologies, Entrust Inc., Ping Identity Corporation, Trustwave Holdings Inc., ForgeRock Inc., Trellix Inc
North America was the largest region in the digital trust market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital trust market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the digital trust market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The digital trust market consists of revenues earned by entities by providing services such as cybersecurity solutions, identity and access management, data encryption and privacy protection, and secure communication services, which are used for digital trust by addressing security concerns. The market value includes the value of related goods sold by the service provider or included within the service offering. The digital trust market also includes sales of secure software development tools, secure communication tools, and endpoint security solutions. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Digital Trust Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on digital trust market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for digital trust ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The digital trust market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.