A new study from Juniper Research, the foremost experts in payments, has found that platform revenue from civic identity apps will surpass $17 billion by 2027, rising from $11 billion in 2023, a growth of 62%.
This growth comes as governments look to streamline identity systems, making them easier to create, update and use. This will see the issuing of digital copies of conventional IDs and specially designed digital IDs.
According to Juniper Research, the three countries with the largest civic identity app revenue in 2027 will be: 1) India, 2) China, 3) Brazil.
The report identified the EU’s eIDAS2 as a key piece of regulation, with other countries using it as the basis for their own identity regulation. In particular, the creation of a standardised wallet-held digital ID, which can be used across all member states, will drive adoption of digital identity. This will grow civic identity app revenue, as governments will invest in new systems to meet these standards, generating greater revenue for digital identity vendors.
Report author Michael Greenwood added: “Digital Identity providers that operate in Europe must look to develop effective identity wallets to hold digitally enabled identity documents, in order to maximise the opportunities eIDAS2 presents.”
The report noted that eIDAS2 has adopted several SSI (Self-sovereign Identity) principles, prioritising digital privacy and user control over their data. Data privacy is an increasing concern for consumers, and services that help protect users from data harvesting will see a rise in popularity in response. Digital identity vendors must offer the ability to support user-controlled identity models, whilst maintaining the flexibility to offer other models as they arise.
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Juniper Research defines digital identity as a digital representation of an entity, which can be one or more pieces of identity data.
Find out more about the new research: Digital Identity: Solutions Assessment, Regional Analysis & Market Forecasts 2023-2027
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
