Frost & Sullivan’s recent analysis on digital identity solutions finds that progressive advancements in blockchain technology, artificial intelligence and biometric systems have led to the creation of unique and sophisticated digital ID global solutions. Driven by identity theft, security threats and digital transformation initiatives by governments and private sectors, areas that will greatly benefit include e-banking, e-government, digital transactions, mobile transactions, behavioral biometrics, and airport security.
“National identification programs are gaining prominence as countries are striving to establish a unified database of robust, unique identity documents of citizens for ease of governance,” said Aravind Srimoolanathan, Senior Research Analyst, ICT at Frost & Sullivan. “By 2030, advancements in blockchain technology will lead to its integration with biometrics, resulting in the establishment of a single-token digital identity for individuals.”
Srimoolanathan added: “In addition, as hackers adopt refined technologies to disrupt and bypass security systems, as a result of their flexibility and high security, multi-modal biometrics-powered identity systems are expected to become crucial means to enhance security across industries.”
The pioneering and cutting-edge technologies that are expected to change the digital identity market will enable several growth opportunities, including:
- Leveraging advanced cybersecurity for digital identity: Cybersecurity providers should offer first-class security solutions to help end-users effectively manage digital identity databases.
- Utilizing blockchain-powered digital identity solutions: Partnering with blockchain technology companies can enhance digital identity solution offerings as well as overall security and efficiency.
- Relying on portable biometric readers/kiosks for digital identity management: Portable digital identity verification solution providers should include multi-factor authentication in their offerings to ensure security while allowing for a seamless user experience
