Digital identity applications: 6.2 billion by 2025
Digital identity applications already star in our lives and are highly valued. By 2025, their use will exceed 6.2 billion cases, according to a study by Juniper Research. These figures show a market on the rise, in this case derived from the centrality of technology in our lives.
Details of the digital identity applications market
The figures from the research Digital identity: technological evolution, regulatory landscape and 2020-2025 forecasts, basically show a growth in digital identity applications in use of 5 billion, as this sector currently reaches 1 billion.
The study revealed that civic identity applications, those in which IDs are kept in an application, will represent close to 90% of digital identity applications installed globally by 2025.
Civic identity apps have come into their own to boost digital financial engagement, particularly in emerging economies. Post- pandemic, this capacity will be crucial in enabling increased digital engagement.Nick Maynard, co-author of the research.
As key data for this growth, Juniper Research analysis identified the shift to digital services during the pandemic. This fact will stimulate growth by 467% between 2020 and 2025. While, the solid integration and verification of digital services will become increasingly relevant.
Among the highlights of the research is that civic identity applications will exceed the number of digital ID cards in use in 2023, with a number of applications in use that is 41% higher than cards by 2025.
Digital identity cards continue to grow, but according to the report, applications are more useful for scaling and better support greater participation in digital commerce, which is essential in the future of digital identity.
The prominence of the blockchain
The blockchain, which we have referred to in other posts, will be also vital for protecting identity networks.
The blockchain, which we have referenced in other articles, will be vital to protect identity networks. The aforementioned research indicates that blockchains will play a leading role in this rising race for digital identity. This is because blockchain-based third-party digital ID applications account for 16% of all third-party identity applications installed in 2025.
However, this is not necessarily the most lauded model of self-sovereignty, where numerous parties such as banks, identity providers and mobile network operators work together to provide identity as part of a larger network. Blockchain will be an effective way to ensure federated access to data; injecting trust and transparency.Part of the press release of the investigation on the Juniper Research website.