International. Frost & Sullivan's recent analysis of digital identity solutions finds that progressive advances in blockchain technology, artificial intelligence, and biometric systems have led to the creation of unique and sophisticated global digital identification solutions.
Driven by identity theft, security threats, and digital transformation initiatives by governments and private sectors, areas that will benefit greatly include e-banking, e-government, digital transactions, mobile transactions, behavioral biometrics, and airport security.
"National ID programs are gaining importance as countries strive to establish a unified database of unique and robust citizen identity documents to facilitate governance," said Aravind Srimoolanathan, senior ICT research analyst at Frost & Sullivan. "By 2030, advances in blockchain technology will lead to its integration with biometrics, resulting in the establishment of a single-token digital identity for people."
Srimoolanathan added: "In addition, as hackers adopt refined technologies to disrupt and circumvent security systems, as a result of their flexibility and high security, biometrics-based multimodal identity systems are expected to become crucial means of improving security across industries."
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 must offer world-class security solutions to help end users effectively manage digital identity databases.
- Utilizing blockchain-powered digital identity solutions: Partnering with blockchain technology companies can improve digital identity solution offerings, as well as overall security and efficiency.
- Rely on portable biometric readers/kiosks for digital identity management: Providers of portable digital identity verification solutions must include multi-factor authentication in their offerings to ensure security while enabling a seamless user experience.
Global Digital Identity Solutions Growth Opportunities is the latest addition to Frost & Sullivan's security research and analysis. More information by clicking here.
