The number of active digital identity apps in use globally will exceed 4.1bn by 2027, up by nearly 2bn from a total of 2.3bn in 2023, according to a forecast by Juniper Research.
Key drivers for this growth will be the increasing use of government-backed digital IDs to verify identity when accessing banking, financial and other third-party apps as well as a move away from reliance on passwords towards biometric verification, multi-factor authentication and zero-trust single sign-on models of verification, the researchers say.
“The primary competition for dedicated digital identity apps will come from digital wallets, which offer payment functionality alongside a digital identity capability,” the researchers add.
“For instance, in some US states, digital driving licences held within Apple Wallets are fully recognised. However, these digital wallets will struggle to monetise identity in the same way as they have payments, due to competition from government-run schemes limiting adoption.”
More than 4bn digital identity apps to be in use by 2027 was written by Tom Phillips and published by NFCW.