Digital ID platforms to be used by 5bn people by 2024
The number of people worldwide using government-issued digital identity credentials is on track to reach 1.7 billion this year, and surge 150% to over 5 billion in 2024, Juniper Research predicts.
Emerging markets in Asia and Africa are expected to be some of the biggest markets for digital identity solutions.
The strong market growth is expected to open up opportunities for providers of mobile single sign-on services. There are expected to be over 1 billion users of mobile single sign-ons by 2023, generating revenues of over $5 billion.
But despite the hype over blockchain, Juniper Research predicts that despite average yearly growth of 35%, less than 10% of dedicated identity apps will be blockchain based by 2023.
“We expect strong growth in blockchain-based digital identity solutions over the next five years,” Juniper Research Lead Analyst James Moar said.
“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.”
Meanwhile, new research commissioned by LogMeIn’s LastPass and conducted by Vanson Bourne found that 92% of IT and security professionals at medium to large businesses are experiencing at least one challenge when it comes to identity management.
The research found that balancing ease of use with security is the biggest identity management challenge (47%), followed by general security concerns (40%) and meeting demands from employees for an easy-to-use solution (37%).
Respondents also overwhelmingly agreed (82%) that poor identity practices have exposed their business to risks, including loss of employee and customer data.
Nearly all (98%) see room for improvement in the general security behaviour of their employees, and 65% agree that upgrading their identity and access management capabilities is a priority. The key priorities for improving identity capabilities include adopting multifactor authentication.
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