Digital Credential Management Software Global Market Report 2024

The digital credential management software market size has grown rapidly in recent years. It will grow from $2.03 billion in 2023 to $2.29 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth observed during the historic period can be attributed to several factors. These include the necessity for regulatory compliance, increased adoption of cloud computing, the emergence of Internet of Things (IoT) devices, industry-specific demands, and heightened concerns regarding data security.

The digital credential management software market size is expected to see rapid growth in the next few years. It will grow to $3.76 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The anticipated growth in the forecast period can be attributed to several key factors. These include the adoption of the zero trust security model, decentralized identity management approaches, the prevalence of mobile-centric solutions, ongoing emphasis on regulatory compliance, and the integration of privacy-preserving technologies. Major trends expected during this period include advancements in biometric authentication methods, the rise of risk-based authentication approaches, the evolution of self-sovereign identity frameworks, a focus on credential lifecycle management strategies, and the development of enhanced user experience solutions.

The expanding adoption of cloud services is poised to drive the growth of the digital credential management software market. Cloud services, encompassing a range of computing resources and applications delivered over the internet via subscription, are on the rise due to their facilitation of remote work, support for digital transformation, and alignment with modern businesses' scalability and agility requirements. Within digital credential management software, cloud services play a vital role in furnishing secure and scalable storage, access, and administration of digital identities and certificates across distributed environments. For instance, as per reports from AAG IT in February 2024, Infrastructure as a Service (IaaS) public cloud service revenue surged from $343 billion in 2021 to $415 billion in 2022, highlighting the pivotal role of cloud service adoption in propelling the digital credential management software market's growth.

Major players in the digital credential management software market are investing in innovative technologies such as the Decentralized Identity and Credential Exchange (DICE) platform to bolster their competitiveness and profitability. The DICE platform is engineered to facilitate the secure and efficient exchange of digital identities and credentials among diverse entities or organizations. For example, Wipro Limited unveiled the Decentralized Identity and Credential Exchange (DICE) platform in February 2023, harnessing blockchain technology to enable the issuance and verification of tamper-proof digital credentials. This platform empowers users to securely share private information online without necessitating contact with the issuing organization for verification. By leveraging blockchain, DICE ID securely stores credential structures, ensuring privacy while enabling rapid verification. Designed to revolutionize credential exchange, the platform offers a trustworthy solution catering to industries such as healthcare, education, and freelance sectors.

In January 2022, Pearson plc bolstered its position in the digital credential management sector through the acquisition of Credly Inc. for $200 million. This strategic move is poised to expand Pearson's credentialing services, augment its digital capabilities, and reinforce its market leadership. Credly Inc., a US-based software company specializing in digital credential management software, brings expertise and technology to enhance Pearson's offerings in this domain.

Major companies operating in the digital credential management software market are Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, Salesforce Inc., Thales Group, Symantec Corporation, Atlassian Corporation Plc, Okta Inc., HID Global Corporation, RSA Security LLC, Entrust Corporation, CyberArk Software Ltd., SailPoint Technologies Holdings Inc., Ping Identity Corporation, Centrify Corporation, OneLogin Inc., Vottun, SimpleCert, Portfolium Inc., Sertifier, Concentric Sky, MyKnowledgeMap, Auth0 Inc.

North America was the largest region in the digital credential management software market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the digital credential management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the digital credential management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Digital credential management software is a platform designed to securely store, manage, distribute, and authenticate digital identities, credentials, and certificates. This software facilitates the streamlined issuance, tracking, and management of digital certificates and credentials across an organization's infrastructure, ensuring security and efficiency in credential management processes.

The primary components of digital credential management software consist of the software itself and associated services. The software comprises a set of programs enabling hardware to execute specific tasks, deployable in various modes such as cloud-based or on-premises. These solutions cater to both large enterprises and small to medium-sized enterprises, serving a wide range of industries including education, healthcare, banking and financial services, government, information technology, telecommunications, and others.

The digital credential management software market research report is one of a series of new reports that provides digital credential management software market statistics, including digital credential management software industry global market size, regional shares, competitors with a digital credential management software market share, detailed digital credential management software market segments, market trends and opportunities, and any further data you may need to thrive in the digital credential management software industry. This digital credential management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The digital credential management software market includes revenues earned by entities by providing services such as identity verification, credential issuance, credential lifecycle management, authentication, and access control. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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.


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