Standardisation Enabling Diverse Verification Use Cases
A new study from Juniper Research, the foremost experts in fintech and payments markets, found the remote onboarding of users will drive the growth in digital identity app downloads by 126% globally. This will expand the market from 2.3 billion apps installed this year, to 5.2 billion in 2029. This growth is largely driven by standardisation, such as the EU rolling out the eIDAS2 framework and the UK’s Digital Identity and Trust Framework; making it easier to build integrations between identity apps and third-party services.
Juniper Research defines a digital identity as a digital representation of an entity, which can be one or more individual pieces of identity data, an event, or a signal.
An extract from the new report, Global Digital Identity Market 2024-2029, is now available as a free download.
Digital Identity-based Onboarding Critical for Improving User Experience
The report identified the use of biometrics to verify the user against stored identity credentials as critical for streamlining the user experience. This process is faster and more secure than verification methods, such as passwords or one-time passcodes; incentivising digital identity app integration into a more diverse set of services, such as eGovernment and financial services.
The report found that given their typically poor user experience, eGovernment services will be strong early adopters of digital identity integration. Given how vital access to government services is, this will translate into fast consumer adoption.
Report author Michael Greenwood commented: “Providers of identity apps must prioritise integration with government services to facilitate this high-value use case. Governments must redesign eGovernment services to fully leverage digital identity apps; improving user experience and catalysing overall adoption.”
About the Research Suite
The new market research suite offers the most comprehensive assessment of the digital identity market to date; providing analysis and five-year forecasts across 20,000 datapoints and 60 countries. It includes a ‘Competitor Leaderboard’ and an examination of current and future market opportunities.
View the Digital Identity market research: https://www.juniperresearch.com/research/fintech-payments/fraud-identity/digital-identity-research-report/
Download the free sample: https://www.juniperresearch.com/resources/whitepapers/whitepapersthe-anatomy-of-a-digital-id/
Juniper Research has, for two decades, provided market intelligence and advisory services to the global financial sector, retained by many of the world’s leading banks, intermediaries and providers.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240630018097/en/
Contacts
Sam Smith, Press Relations
T: +44(0)1256 830002
E: sam.smith@juniperresearch.com
