Report: Personal identity market worth $9.7B by 2021
13 July, 2016
category: Digital ID, Government, NFC
In the last 20 years physical ID documents have gained electronic capabilities through incorporation of a smart card chip. More recently mobile devices have emerged as the carrier of personal identity, with biometrics and cryptography applied to respect privacy.
All of this would seemingly point to a decreased need for physical identification documents and their security print features. But issuers still need to take these physical security features into account when creating identity documents, be it in the real or virtual worlds.
The Future of Personal ID to 2021 from Smithers Pira aims to strike a balance between the digital/mobile future, and the issues that still need to be addressed to ascertain trustworthy documents and identification for all citizens.
The global market for Personal ID credentials was valued at $8.7 billion in 2016, and is forecast to reach $9.7 billion by 2021. The increase in market growth equals a global compound annual growth rate over the 5 years of 2%.
It is still a necessity to protect ID documents from counterfeiting, alteration or theft. The latest trend is integrated designs, which have delivered more engaging themes and more creative uses of security features than in the past. The anticipated result is that the public will become more aware of security features and an active participant in authenticating documents – which raises the barrier for counterfeiters. Integrated design will also protect electronic elements – antennas and integrated circuits.
Asia represents more than 60% of the global market for personal ID. Any large-scale initiative in this region disproportionally affects market assessments and forecasts. For example if China’s one-child policy becomes more relaxed, this will have a long-term positive effect on the number of national IDs within this region – increasing their global market share.
The report examines the world of physical and digital identity and covers a range of technology categories and identifies developments that determine the future direction of identification. It analyses the market size of physical credentials and the components they are made of in nine end-use markets across eight regions of the world. The report further explores the dimensions and drivers of digital identity, and their possible ramifications for the next five years.