22 Jul 2024 03:16

Tech & Start Up

Digital Identity App Installations to Reach 5.2bn Globally by 2029

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.

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.”

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