LONDON, Oct. 27, 2022 /PRNewswire/ — In 2021, 322 million mobile identities were in circulation globally. By 2027, this figure will have more than tripled to 1.02 billion, states global technology intelligence firm ABI Research.
“The COVID-19 pandemic set the acceleration of mobile identity technology’s adoption in motion. By solving pain points relating to physical contact in identity applications, the potential implementation of mobile IDs was brought more so to the conversation while also aligning with the trends of growing digitalization strategies from governments,” explains Lucas Stewart, Citizen Digital Identity Analyst at ABI Research. Such strategies are exemplified clearly in Europe through the European Commission’s aim to further digitalize identities under the eIDAS revision in 2023. “This marks a significant leap in mobile identities, where potential programs like the coming European Digital Identity Wallet may inspire and emerge, seeing substantial market growth.”
Stewart comments, “Mobile identities will have an increasing role in citizen’s lives in years to come. While mobile IDs have been around for a significant amount of time, recent developments in technology and regulation, including the growing trend of the digital wallet form, are set to see the market increase. Looking at this technology applied to the context of digital payment, we can see the successes and how user experience is enhanced by a digital wallet. It’s time that the identity space follows suit to take advantage of the multitude of benefits a secure, functional mobile identity structure can bring.”
“Governments benefit from greater efficiency and improved communication channels with citizens. Citizens can use their identity frictionlessly and in more applications. Enterprise authentication and verification processes similarly benefit. Essentially, all facets of society are calling for and will benefit from the changes brought about by mobile IDs. Moreover, considering how derived credentials are easily leverageable from existing physical documents, the high level of growth anticipated seems natural.”
“With a small fraction of the world’s population holding a mobile identity, but billions of identities existing, implementors should deeply examine the huge emerging opportunities of the mobile identities market. Although mobile identity penetration rates remain very low, implementation is feasible in many countries and regions in a narrow timeframe. With the prominence of digital transformation across many areas and industries, digital ID only bares more relevance, and mobile forms of identity will only gain further traction with time,” Stewart advises.
These findings are from ABI Research’s Mobile Identities and Derived Credentials market data report. This report is part of the company’s Citizen Digital Identity research service, which includes research, data, and analyst insights. Market Data spreadsheets are composed of deep data, market share analysis, and highly segmented, service-specific forecasts to provide detailed insight into where opportunities lie.
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SOURCE ABI Research