As ever more of our daily interactions move online, digital identity services play an increasingly central role in our lives. The digital economy, in particular, is showing rapid growth: 91% of consumers worldwide purchased goods and services online in 2019, and the UN estimates the value of the digital economy to be already as high as of world GDP.
Establishing trust in the digital space however remains a crucial challenge: the total cost of cybercrime is forecast to rise to $6 trillion globally by 2021, up from $3 trillion in 2015. The solutions we use to navigate digital services, platforms and payments must be reliable and secure, but they must also be convenient – and they must work across platforms and devices wherever possible.
The mobile industry has a leading role to play here, and the commercial opportunities for operators are considerable. Whether as enablers of third party identity solutions, or providers of their own, operators possess a unique array of tools and capabilities which allow them to ensure the trust which is vital to the continued growth of the digital economy.
Growth in mobile digital identity solutions is now forecast to exceed 800% by 2024, as emerging economies in particular turn to mobile by default. As a highly regulated industry with a vast network of global partner organisations, operators are uniquely well placed to help build a world in which digital interactions are safer, yet simpler, while privacy is protected as a matter of policy.
The Identity team is moving into a new phase of increased focus on Identity as a whole, understanding the role of identity as an enabler for other services and trends, such as decentralised identity, IoT, fraud detection and risk scoring; and drill into the commercial opportunities that identity presents to the operators.
Find out more about the projects we are working on with participating mobile network operators.