Social, Technological, and Economic Inclusivity Needs Drive Future Growth Potential for Digital Identity
About 1.1 billion of the world’s population lack official proof of identity. This limits citizens’ access to services and precludes an inclusive society that allows citizens’ full participation in social and economic progress. Digital identity management solutions can instil trust and transparency in relationships among public agencies, enterprises, and citizens. Countries with nearly 100% digital identity enrollment, such as Estonia, lead in digital identity as effective benchmarks for other public agencies and enterprises in this space.
As communication and information sharing move from physical to digital media, personal data privacy, security, and user control will become critical enablers for society’s social and economic growth. However, current centralized and federated identity management structures pose major cyber theft risks. For instance, the United States observed a 3,000% increase in cases of citizens’ information fraudulent use in 2020. Technologies, such as blockchain, biometrics, artificial intelligence (AI), and automation can transform the current state of static identity management by providing full control to the user who owns the personal information.
Digital identity management has wide-ranging applicability across key industries, including payments and financial services, smart cities, entertainment, retail, healthcare, mobility, and border security. For instance, customers holding digital identity documentation (ID) can issue and sign verifiable claims when accessing financial services online, such as opening a bank account.
This study offers a detailed view of the global digital identity management market regarding its impact on several industries, innovation attractiveness, and commercial viability. The convergence of transformational Mega Trends and disruptive technologies will result in new growth opportunities in this space, including blockchain-based decentralized digital ID, digital identity custodians, personal cyber insurance, and password-less authentication techniques.
Key Issues Addressed
- What are the key factors or indicators driving the digital identity management market?
- What is the scope for innovation and commercialization in this space over the next decade?
- What are the key growth opportunities to watch out for in the next decade?
- What are the critical growth success factors for public agencies and companies seeking to enter this space?
