For the adrenalized digital world where connected devices are snowballing, and digital transactions are flourishing, the ability to prove a unique digital identity is crucial. In essence, digital identities are becoming one of the most fundamental staple goods in the digital realm.
It may be easy to assume everyone has digital, secure access, particularly in digitally mature countries – the stats, however, tell an entirely different story.
Approximately one billion people in the world lack every form of legal identification, and as a consequence, they risk being denied access to critical government and financial services. The rest of the world’s population, some 6.6 billion people, do have some kind of identification but struggle to use it digitally. They may be active online but meet hyper-complexity making it hard for them to keep an eye on their digital footprint safely and adequately.
People may be active online but meet hyper-complexity making it hard for them to keep an eye of their digital footprint safely and adequately. Digital identification (digital ID) has the potential to help all three groups. Being able to claim and reuse their verified identity for example on their smartphone, will open up access to economic, social, and political services and rights online.
More than 5 billion individuals with a mobile subscription make the mobile phone the world’s primary communications platform. In Armenia, Benin, Guinea, Laos, Malawi, Tajikistan, and Togo more people have a mobile subscription than an official proof of identity. This fact presents an opportunity for governments to partner with local MNOs to expand the presence and use of digital ID’s, according to research made by GSMA.
Digital ID has the potential to unlock economic value equivalent to 3 to 13 percent of GDP in 2030, assuming that the high adoption rates continue according to McKinsey report “Digital identification – A key to inclusive growth“.
The market for Digital Identity Solutions could be worth $30.5 Billion by 2024 (MarketsandMarkets).
Summarising some findings from the flood of recent reports on the subject of digital ID’s we have gotten a feel for where the world is really heading. At Covr Security, we are on the track of being a part of what the world is really looking for.
Contact us if you have any questions or need advice on how to provide your target groups with a secure digital ID.