UK-based analyst group Juniper Research predicts that the number of people using government-issued Digital Identity is set to boom – rising by over 150% from an expected 1.7 billion this year to over 5 billion in 2024 – with mobile single sign-up alone set to have over a billion users by 2023, generating over $5bn in revenues that year alone.
Its newly-published research also highlights the rising growth of Asia and Africa in the digital registration and management segment, while adding that Europe and North America will more likely see financial services sector and digital driving license growth first, rather than formal government identification .
Commenting on the predictions, James Moar, a Lead Analyst at the group, added that, “We expect strong growth in Blockchain-based Digital Identity solutions over the next five years,
“However, with simpler apps being quick to develop and almost indistinguishable from a user perspective, companies and operators will need to be the ones to drive the use of self-sovereign identity forward.”
Go here for a full copy of the group’s research (behind registration paywall).