Mobile digital identity to be a $7bn opportunity by 2024 as it becomes more regularly used, particularly across Southeast Asia and Africa, a new study claims.
Digital Identity: Technology Evolution, Regulatory Analysis & Forecasts 2019-2024 is a new report from Juniper Research, exploring identity verification through SIMs. The projected value of mobile digital identity is an 800 per cent growth rate, with the industry expected to be worth $859m for 2019.
The report claims that mobile phone-based digital identity will become the primary source of identity for emerging economies with limited government identity provision. This method would be used more widely due to the difficulty to scale card-based identity in certain areas.
Further to this, Juniper believes there will be more than 600 million discrete third-party identity apps making use of the framework. These will typically monetise API calls from identity requestors, removing operators but could potentially leverage their position in the future to gain further revenue.
Smartphone vendors will also benefit from digital identity through development of advanced biometric identity capabilities. Juniper expects more than five billion smartphones around the world will have biometrics by 2024, nearly 90 per cent of all smartphones.
James Moar, author of the report, said, “Service onboarding is still an opportunity for fraud, despite advances in biometric technology. Many services require a tie back to an existing form of ID, which typically means analogue identification. As a result, facial recognition will become key as it can bridge the digital-physical gap more easily than other biometrics.”
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