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Worldwide revenue for digital identity vendors to double by 2026 – report

Worldwide revenue for digital identity vendors to double by 2026 – report
 

A new report from Juniper Research suggests revenue for digital identity vendors worldwide will exceed $53 billion in 2026 led by increased adoption in verification solutions.

The growth represents a more than doubling on 2021 levels when global spending on digital ID applications reached $26 billion.

Spending on verification, in particular, is expected to exceed $16 billion in 2026, from $9 billion in 2021.

“Digital identity verification tools have become more critical across a broader range of industries than ever, from banking and financial services to eGovernment, healthcare, and others,” explains research Co-author Damla Sat.

According to the new paper, the main applications leading this shift are third-party and civic identity apps, centralized identity schemes, and digital identity verification projects.

“Developing effective user experiences for different verification scenarios will be important for realizing digital identity’s potential,” Sat adds.

The Juniper report also mentions the substantial impact of the pandemic on digital ID applications, and how it has spurred the development and adoption of digital onboarding frameworks.

Additionally, the document highlights the importance of verified digital identity solutions in tackling fraud, and how the development of these tools will be led by data partnerships between vendors.

From a geographical perspective, the Juniper paper shows U.S. spending on digital identity infrastructure will amount to only 7 percent of global digital identity revenue in 2026.

However, the report also highlights the potential of such a relatively untapped market, and suggests vendors and private initiatives will help realize a vision of decentralized identity in the country.

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