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Experts predict the growth of the digital identity market in the next 5 years

Digitalization exposes businesses to new risks such as data fraud, account hijacking and leaks.

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According to ResearchAndMarkets, the digital identity market will have a compound annual growth rate (CAGR) of 13.1% between 2020 and 2025. The market growth will be stimulated by the adoption of strict laws and the need to comply with them, experts say.

Digital Identity Verification is a market segment of discrete, coordinated products in which large manufacturers have portfolios of already established products, and small suppliers are constantly innovating to increase their market presence.

There is a consumer paradigm shift in the marketplace from manual ID verification systems to electronic systems that allow ID devices to communicate with each other.

Each such interacting device has an identification mechanism for obtaining, storing, issuing and using electronic credentials. These electronic credentials can be installed on personal identification devices such as smartphones, tablets, laptops, embedded systems and / or personal computers.

The Asia Pacific region is expected to drive significant growth in the identification market over the forecast period. The region has seen accelerated growth in the digital banking sector in recent years. More fintech companies and new licensed virtual banks are entering the market, and in the face of growing competition, traditional banks are forced to transform their cost management systems and achieve operational efficiency.

However, ubiquitous digitalization is exposing businesses to new risks, such as online identity fraud, account hijacking, and data breaches.

In order to impersonate someone else, scammers are increasingly resorting to sophisticated methods. In particular, they use technology "deepfake" (Deepfake), which allows using artificial intelligence to create extremely realistic videos in which the image of one person is skillfully replaced by another.

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