KUALA LUMPUR, Jan 31 — A new study from Juniper Research has found that revenue for digital identity vendors will exceed US$53 billion (RM222 billion) globally by 2026; doubling from US$26 billion in 2021.
Digital identity revenue includes third-party and civic identity apps, centralised identity schemes, and digital identity verification, according to a statement.
In addition, the research predicts the increased demand for digital onboarding frameworks in the face of the ongoing pandemic will accelerate the uptake of digital identity services.
The research also identified verified digital identity, where identities are confirmed as genuine using verifiable credentials, as being vital for improving fraud mitigation.
This represents the next evolutionary step for digital identity; moving from establishing infrastructure to utilising and verifying identity in practical applications.
To facilitate this, the report predicts increasing data partnerships between vendors to provide comprehensive, data diverse identity systems.
The new research, Digital Identity: Key Opportunities, Regulatory Landscape & Market Forecasts 2022-2026, found that verification spend will exceed US$16 billion in 2026, from US$9 billion in 2021.
This growth reflects that, as users migrate to digital channels, the need to verify identity digitally also grows. As fraudsters exploit opportunities, verification capabilities will proliferate to wider industries and use cases than ever before.
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary. — Bernama
