Progressive advancements in blockchain technology, artificial intelligence, and biometric systems have led to the creation of unique and sophisticated digital ID global solutions, according to a recent analysis on digital identity solutions by Frost & Sullivan. 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.
“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,” Srimoolanathan added.
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.
Global Digital Identity Solutions Growth Opportunities is the latest addition to Frost & Sullivan’s Security research and analyses available through the Frost & Sullivan leadership Council.
