Juniper Research: Digital Identity App Installations to Reach 5.2bn Globally by 2029; Exceeding 60% of the Global Population
July 01 2024 - 1:00AM
Business Wire
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.
An extract from the new report, Global Digital Identity Market
2024-2029, is now available as a free download.
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.”
About the Research Suite
The new market research suite offers the most comprehensive
assessment of the digital identity market to date; providing
analysis and five-year forecasts across 20,000 datapoints and 60
countries. It includes a ‘Competitor Leaderboard’ and an
examination of current and future market opportunities.
View the Digital Identity market research:
https://www.juniperresearch.com/research/fintech-payments/fraud-identity/digital-identity-research-report/
Download the free sample:
https://www.juniperresearch.com/resources/whitepapers/whitepapersthe-anatomy-of-a-digital-id/
Juniper Research has, for two decades, provided market
intelligence and advisory services to the global financial sector,
retained by many of the world’s leading banks, intermediaries and
providers.
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version on businesswire.com: https://www.businesswire.com/news/home/20240630018097/en/
Sam Smith, Press Relations T: +44(0)1256 830002 E:
sam.smith@juniperresearch.com