Digital trust refers to the technologies that enable a high level of confidence in digital interactions between individuals, businesses, devices, and applications across the internet. Digital trust services help verify digital identities, encrypt sensitive information, and monitor for security threats. The rising demand for digital transformation across industries has increased the need for digital trust services to securely conduct digital transactions.

The global Digital Trust Market is estimated to be valued at US$ 308.34 Bn 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 Opportunity:

Rising digital transaction volumes across industries is estimated to offer significant growth opportunities to the digital trust market over the forecast period. With the rapid digitalization of services and increasing adoption of e-commerce, online payment services have witnessed exponential growth over the years. For instance, according to UNCTAD estimated that the value of global e-commerce sales increased from $25.6 trillion in 2014 to $29 trillion in 2020. Similarly, the total number of real-time payment transactions globally is expected to grow from 133 billion to 1.1 trillion from 2018 to 2026 according to IBIS World. The large scale digital transactions require robust digital identity verification, encryption services, and cybersecurity solutions to ensure trust in the digital environment, thereby creating demand for digital trust services. The growth in digital transactions volumes thus provides lucrative opportunities for players in the digital trust market.

Porter's Analysis

Threat of new entrants: The digital trust market requires high investments in security technologies and skilled workforce which poses as a barrier for new entrants.

Bargaining power of buyers: Buyers have high bargaining power in this market due to availability of substitutes and less switching costs.

Bargaining power of suppliers: The market comprises few technology giants as suppliers who have considerable influence on pricing and innovation.

Threat of new substitutes: Emerging technologies like blockchain pose a threat of substitution to existing digital trust solutions.

Competitive rivalry: The global market is highly competitive with presence of key players continuously differentiating their offerings.

SWOT Analysis

Strength: Digital trust solutions help enhance online security and privacy. There is growing demand for authentication and verification technologies.

Weakness: High dependence on third party technologies. Lack of awareness among SMEs regarding available solutions.

Opportunity: Increasing mobile transactions and Bring Your Own Device trends offer new growth avenues. Expanding e-commerce sector boosts demand.

Threats: Stricter regulations around data privacy and storage. Vulnerabilities in existing solutions raises security concerns.

Key Takeaways

Global Digital Trust Market Size is expected to witness high growth with a CAGR of 6.0% during the forecast period of 2023 to 2030. The market size for 2023 is projected to reach US$ 308.34 Bn.

North America dominated the market in 2023 with a share of over 35% due to stringent data protection laws and early adoption of advanced technologies by organizations in the region. Asia Pacific is anticipated to witness the fastest growth owing to rapidly expanding e-commerce sector and growing mobile transactions in countries like China and India.

Key players operating in the digital trust market are Adobe, Amazon Web Services, Digicert, Equifax, GeoTrust, IBM, Network Solutions, SSL.com, Trustwave, and Verisign. These players are focusing on partnerships and acquisitions to expand their product portfolios and customer base.

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