May 22, 2024
Digital Trust Market

The Growing Digital World is projected to Driving the Global Digital Trust Market

The digital world is growing at an exponential rate with increasing digitalization across industries. Digital trust ensures protection and authenticity of digital transactions and interactions in the online world. Digital trust services provide identity and access management, blockchain, public key infrastructure certification and managed security services to allow secure digital interaction. Digital certificates issued by certification authorities using public key infrastructure ensure the authenticity and non-repudiation of entities involved in digital transactions. With the rapid expansion of e-commerce, online banking, digital payments and other digital services, the need for establishing digital trust has increased tremendously.

The global Digital Trust Market is estimated to be valued at US$ 308.34 billion  in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the digital trust market is the increasing adoption of blockchain technology. Blockchain acts as a distributed digital ledger that permanently records transactions in a way that makes them tamper-proof. It helps establish trust in digital environments and facilitate transactions without any centralized authority. Many companies are integrating blockchain with their existing digital trust solutions to provide more secure and transparent services. For instance, few companies offers blockchain-based digital identity solutions that securely store users identity attributes and credentials on decentralized networks. This eliminates the risks of centralized storage of sensitive identity data. The increased focus on digital transformation across industries and growing mobile internet usage are also expected to boost the adoption of blockchain-based digital trust solutions in the coming years.

Porter’s Analysis
– Threat of new entrants: Low-moderate, due to the need for large R&D investments and global presence. Existing partnerships act as a barrier for new players.
– Bargaining power of buyers: High, as buyers have many digital trust providers to choose from. Buyers demand better security protocols and standardized trust frameworks.
– Bargaining power of suppliers: Moderate, as technology companies developing digital trust solutions have their own R&D capabilities. However, collaborations help gain competitive advantage.
– Threat of new substitutes: Low, as digital trust is essential for securing digital interactions and building online reputation. No close substitutes exist for digital identity verification and authentication services.
– Competitive rivalry: High, as key players compete on parameters like security, convenience, compliance and pricing. Integration of AI and blockchain is helping companies gain an edge.

Key Takeaways
The Global Digital Trust Market Size is expected to witness high growth. The global Digital Trust Market is estimated to be valued at US$ 308.34 billion  in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.

Regional analysis related content comprises Regional analysis related content (North America dominates the market currently due to stringent data protection laws and tech adoption. Asia Pacific is expected to grow the fastest due to rising online transactions and digital payments in countries like China and India.)

Key players related content comprises Key players related content Key players operating in the digital trust market are Verisign, SSL, Trustwave, Gemalto, Comodo, Digicert, GoDaddy, Network Solutions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it