The digital identity vendors are likely to generate revenues more than $53 billion globally by 2026, doubling from $26 billion in 2021, according to Juniper Research.
Verification spend alone will exceed $16 billion in 2026, from $9 billion in 2021. This growth reflects that, as users migrate to digital channels, the need to verify identity digitally also grows.
Digital identity revenue includes third-party and civic identity apps, centralised identity schemes and digital identity verification.
Major players in digital identity business include NEC (Japan), Samsung SDS (South Korea), Thales Group (France), GBG (UK), TELUS (Canada), Tessi (France), Daon (US), IDEMIA (France), ForgeRock (US), Jumio (US), iProov (UK), ID R&D (US), Refinitiv (UK), ImageWare Systems (US), OneSpan (US), Smartmatic (UK), Verisec (Sweden), Vintegris (Spain), AU10TIX (Cyprus), Signicat (Norway), RaulWalter (Estonia), Duo Security (US), Syntizen (India), HashCash Consultants (US), and Good Digital Identity (Czech Republic).
As fraudsters exploit opportunities, verification capabilities will proliferate to wider industries and use cases.
“Digital identity verification tools have become more critical across a broader range of industries than ever, from banking and financial services to eGovernment, healthcare and others,” said research co-author Damla Sat.
The research identified verified digital identity, where identities are confirmed as genuine using verifiable credentials, as being vital for improving fraud mitigation.
This represents the next evolutionary step for digital identity — moving from establishing infrastructure to utilizing and verifying identity in practical applications.
The US is significantly lagging behind in digital identity terms, accounting for only 7 percent of global digital identity revenue in 2026.
