With the digital identity service sector booming—expected to reach £2.05 billion in annual revenue by 2023—there’s a better way. The experts think the latter sector could double in size by 2030. This spike is indicative of the growing need for safe and trusted digital identity options, especially as industries pivot their focus to them.
Whatever the model, effective digital identity services needs to be held to high security standards. And they need to be 100% correct—we can’t have them failing to verify that someone is under 18. These ledgering services today secure 2.4 billion accounts and counting across 3.4 million applications and websites. Protecting trustworthiness and security continues to be the central goal.
The sector’s growth plays into the UK’s digital-first identity and qualities of the UK’s digital identity as a trustworthy, inclusive, and dynamic. Passkeys, perhaps the most exciting innovation in digital identity today, have authenticated users more than 1 billion times. Since Google introduced passkeys in 2022, they’ve become available on all Google Accounts with usage on well over 400 million Google Accounts.
Digital identity services have a wide potential customer base. Eighty-five percent of them serve the financial services sector, but 58% serve health and public services. The per annum employment growth rate for the sector has stayed strong at 11.7% per year over the last five years.
Digital identity services provide businesses and consumers with increased speed and efficiency. In fact, they’re 50% faster than classic, password-based authentication methods. This efficiency, along with strong security features, is prompting the adoption across industries.
