Digital ID Platforms to be used by 5bn people in 2024, as Emerging Economies go Mobile-First
Mobile ID schemes take the lead over digital identity cards, with a third more users relying on apps compared to cards in the next 5 years
Hampshire, UK - July 9, 2019 (Investorideas.com Newswire) A new report from Juniper Research found that the number of people using government-issued digital identity credentials will grow by over 150% from an expected 1.7 billion in 2019 to over 5 billion in 2024. Emerging economies in Asia and Africa are some of the biggest markets, as countries leapfrog analogue identities to benefit from the efficiencies digital registration and management bring.
Emerging Economies Follow Estonia
The new research, Digital Identity: Technology Evolution, Regulatory Analysis & Forecasts 2019-2024, shows that those countries unencumbered by legacy systems are following Estonia's lead of rapid digital identity development. For example, we expect almost 12 million people in Malawi to have digital identities in 2022, with Nigeria and other countries supplying digital identity to over 420 million people on the continent on both cards and apps.
Governments typically provided such cards, which many people in more developed countries have previously rejected. Juniper Research anticipates that markets across Europe and North America will be led by the financial services sector and digital driving licences, rather than formal government identification.
For more market insights, download the free whitepaper: 'Three Trends Accelerating the Growth of Digital Identity'.
Digital Identity = Self-Sovereign Identity?
Juniper Research believes mobile single sign-ons will be a large part of several digital identity platforms, with over 1 billion users by 2023; generating over $5 billion in revenues that year.
Blockchain and the self-sovereign identity movement are part of this future, but will be a small piece of the puzzle, despite average yearly growth of 35%; less than 10% of dedicated identity apps are expected to be blockchain-based by 2023.
"We expect strong growth in blockchain-based digital identity solutions over the next five years," remarked research author James Moar. "However, with simpler apps being quick to develop and almost indistinguishable from a user perspective, companies and operators will need to be the ones to drive the use of self-sovereign identity forward."
Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com