Over 1.5 billion digital identity wallets are predicted to be in use by 2029 as the global market for both government and commercial issued digital identities continues to grow.
That is according to a newly-published report by Goode Intelligence, which says, approximately 30 percent of all digital identities will be stored in a wallet by the end of the decade.
‘The Digital Identity Report – The Global Opportunity for Verified Citizen & Consumer ID’ reveals the major trends that are shaping the digital identity landscape for the short, medium, and longer term. These include the view that modern digital identity systems will leverage biometrics, digital identity wallets, Verifiable Credentials (VCs) and public-key cryptography as major technology pillars.
Alan Goode, founder and CEO of Goode Intelligence and author of the report, said “Digital Identity is a complex area with varying definitions of what it is and what you can do with it. There is definitely the collective will to fix the problems that we currently have for digital identity including lack of availability, little interoperability between digital identity schemes, slowness for governments to establish digital identity schemes and competing business interests.
“By the end of this decade, it is safe to say that our proof of identity will be largely digitised with over 4.9 billion digital identities in use by 2029. Like cash, it will not mean the end of paper and plastic identities. These will still be issued and used when we cross a border or have to provide proof of permission to drive a motor vehicle, or where regulation requires a paper document for verification.
“Since the first edition of this report was published in 2019, there have been fundamental shifts in the need for people to identify themselves digitally. COVID19 has accelerated trends for the need for citizens, employees, travellers, patients, and consumers to have a reusable, verified, digital representation of who we are and what we can do.”
The report covers digital identity issued and managed by two main entities..For the government issued digital identity it focuses on digital driver’s dicence, travel digital iddentity and digital national ID. For commercialissued digital identity it examines companies and organisations in the following sectors: financial services, telecommunications, healthcare, employment, travel and technology.
