Active digital identity apps surpass 4.1 bln globally by 2027 - Juniper Research

KUALA LUMPUR, Feb 27 (Bernama) -- A new study by Juniper Research revealed that the number of digital identity apps in use will exceed 4.1 billion globally by 2027; up from 2.3 billion in 2023, representing a growth of 82 per cent over the next four years.

This increase will be driven by the use of government-backed digital identities to replace physical identity documents as a source of verification for third-party apps, such as banking and financial services.

According to Juniper Research in a statement, this will be critical, as businesses aim to reduce identity theft and meet increasingly stringent Know Your Customer regulations.

The research also identified a move away from reliance on passwords for identity verification, with these replaced by biometric verification and Multi-factor Authentication under a zero-trust model, where identities are authenticated continuously.

This approach is more resistant to traditional hacking methods such as phishing, therefore reducing the risk of data breaches.

Zero trust will be delivered via Single Sign On (SSO), which allows the user to access multiple accounts via a central, secured system. Critical to SSO is the use of mobile subscriber identity, with the number of mobile devices using their mobile number for SSO predicted to reach two billion in 2027; up from 922 million in 2023.

Its research author, Michael Greenwood said: “Consumers are highly motivated by convenience; making a streamlining of user experience significant for attracting and retaining them. SSO can achieve this, whilst also appealing to security-conscious users.”

The research also stated that the primary competition for dedicated digital identity apps will come from digital wallets, which offer payment functionality alongside a digital identity capability.

-- BERNAMA