Digital identity revenue for mobile network operators will exceed $8.1bn by 2025, rising from just $1.3bn in 2020, according to a report from Juniper Research.
The report claims that as the identity space grows, mobile network operators will have a major role in providing verification for digital identity.
This analysis comes from the Digital Identity: Technology Evolution, Regulatory Landscape & Forecasts 2020-2025 report.
It recommends leveraging the availability of smartphones featuring biometric capabilities to ensure a secure digital identity environment by authorising identity use within digital onboarding.
Furthermore, the research claims the rise of open APIs is stimulating the digital identity market by offering interconnected data and allow access to different systems.
Research co-author Nick Maynard said, “Bringing biometric verification within digital identity requires robust orchestration capabilities and extensive partnerships, meaning that digital identity vendors must focus on building out their ecosystems.”