- SuperCom, a global leading provider of traditional and digital identity solutions (“DIS”), is targeting the expanding demand for DIS, and cybersecurity generally, to assert its position as a growing market leader
- The DIS market is projected to be valued at $83.2 billion by 2028, representing a CAGR of 19.3% over the forecast period
- The growing reliance on technology to solve emerging serious security issues is set to be one of the key factors fueling this growth
- SuperCom, through its increasing list of offerings, is delivering unique secured solutions tailored to the security space, part of a mission to revolutionize the public sector worldwide
It is projected that by 2028, the Digital Identity Solutions (“DIS”) market will be valued at $83.2 billion, representing a CAGR of 19.3% over the forecast period (2023-2028). Experts have pointed out that this growth will be primarily driven by the growing demand for DIS in different sectors, including, but not limited to, government and defense, banks, retail and commerce, energy and utility, healthcare, IT and telecom (https://ibn.fm/HHc4U). As a first-mover, SuperCom (NASDAQ: SPCB) is looking to take advantage of this spreading demand to create value for its shareholders and assert its position as a leader in its segment.
Given the growing identity and authentication fraud incidents, governments worldwide have embarked on initiatives facilitating ID security. In the financial sector, account takeovers have been on the rise, resulting in financial losses of billions of dollars annually. In the third quarter of the 2023 calendar year alone, account takeover attacks saw a 354% increase year-over-year, affecting at least 24 million households in the U.S. or 22% of adults in the country (https://ibn.fm/fPZlk).
These factors have prompted more companies to ramp up DIS and bolster their overall cybersecurity infrastructure. Blockchain, machine learning (“ML”), and artificial intelligence (“AI”) are some of the recent entrants into this space, indicating a strong reliance on technology to solve emerging security issues. They have also proven DIS to be the next-generation solution to identity governance and administration that effectively establishes a trusted identity, unlike previous forms of identity that were considered the norm.
Companies and governments are forced to find the perfect balance between service experience and security with the growing reliance on online services. Researchers have also shown that proper digital identity can make a big difference in customer differentiation, retention, and satisfaction, which SuperCom understands perfectly.
Through its offerings, the company delivers secured solutions specifically tailored to address emerging issues in the security space. Its efforts represent the company’s general mission to revolutionize the public safety sector worldwide through data intelligence, proprietary monitoring technology, and complementary services.
For more information, visit the company’s website at www.SuperCom.com.
NOTE TO INVESTORS: The latest news and updates relating to SPCB are available in the company’s newsroom at http://ibn.fm/SPCB
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