This represents a rise of 82% over the four-year period. Government-backed digital identities will mainly drive the shift in using digital identity apps. This comes as public institutions aim to replace physical identity documents with third-party apps.

The measure will impact banking and financial services since businesses seek to reduce identity theft and meet increasingly stringent KYC (Know Your Customer) regulations.

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GlobalData’s recent report titled “Trends in Payment Fraud” reveals authorised push payment fraud losses reached £811m in 2022 in the UK. That number is expected to grow at a CAGR of 20.5% between 2021 and 2026 since people are increasingly turning to e-commerce.

The Juniper research also discusses a move towards biometric verification and MFA (Multi-factor Authentication) under a zero-trust model, leaving behind account passwords. This approach is more resistant to traditional hacking methods – e.g. phishing – lowering the risk of data breaches.

Zero trust will be delivered via Single Sign On (SSO). This will allow users to access multiple accounts via a central, secured system.

The use of mobile subscriber identity is critical to SSO. The number of mobile devices using their mobile number for SSO will reach 2 billion in 2027, up from 922 million in 2023.

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Research author Michael Greenwood explained: “Consumers are highly motivated by convenience, making a streamlining of user experience significant for attracting and retaining them. SSO can achieve this whilst also appealing to security-conscious users.”