Mobile Identity Wallet Market Size, Share, Growth, And Industry Analysis, By Type (Online Authentication, ID Proofing, In-person Contactless ID verification, Age Verification), By Application (Government, Citizen, Public & Private eService Providers), Regional Insights, and Forecast To 2031

Updated On: 20 November 2023

MOBILE IDENTITY WALLET MARKET REPORT OVERVIEW

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The global mobile identity wallet market size expanded rapidly in 2022 and the market is projected to grow substantially by 2031, exhibiting a prodigious CAGR during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the mobile identity wallet market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

Instead of cash, a mobile identity wallet stores electronic identification papers. A mobile identity wallet enables consumers to access and store digital copies of identity papers such as identity cards, health cards, and driving licenses directly on their smartphones, consolidating several kinds of identification in a single convenient location. The mobile identity wallet primarily intended to be used as identification verification throughout online and in-person contacts. The identity wallets build a citizen-centric, future-proof ecosystem that fulfills the requirements of verification and identification both online and offline.

COVID-19 Impact: Work-from-Home to Advance Market Growth

The pandemic of COVID-19 had a beneficial effect on the market. Due to government laws and travel limitations, industry participants were obliged to adjust their way of business, forcing them to temporarily shut down most of their offices. NICE, for example, implemented work-from-home and flexible work arrangements and limited employee travel. Although most industry companies acknowledged that the pandemic constituted a threat to their business and that they were unsure of its impact, most important market players saw revenue increase throughout the pandemic.

The pandemic accelerated transactions online and mobile payments worldwide. It has hastened the e-commerce industry's expansion into new customers, businesses, and product categories.

Latest Trends

"Banking Industry to Intensify Market Magnification"

Due to the rapid shift in the financial landscape, mobile identity wallet market share from the banking industry is expected to expand at a 15% annual pace by 2031. In the banking industry, there is a growing need for better customer service. In accordance with this, fintech firms are embracing mobile payments to improve user retention and promote contactless payments as stop wallets.

MOBILE IDENTITY WALLET MARKET SEGMENTATION 

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• By Type Analysis

According to type, the market can be segmented into online authentication, ID proofing, in-person contactless ID verification, age verification

Online authentication is the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into government, citizen, public & private e-service providers

Government is the leading part of the application segment

Driving Factors

"NFC Technology to Boost Market Share"

The e-commerce and retail category had the highest revenue share of more than 30.0% and is predicted to maintain that position throughout the forecast period. Retailers and online merchants are becoming more aware of the potential benefits of accepting mobile identity wallet payments. Retailers who integrate digital payments or contactless payment technologies with digital marketing want to obtain consumer data and loyalty. Additionally, NFC technology is expected to improve operational efficiency of the mobile identity wallet market share by lowering processing costs and allowing for faster checkout. The technology helps e-commerce enterprises and merchants provide great promotions and track loyalty incentives in order to improve relationships with mobile consumers.

"Proximity Segment to Expand Market Forwarding"

The proximity segment had the highest revenue share of more than 60.0% and is predicted to continue to lead the mobile identity wallet market during the forecast period. Users can utilize proximity technology to pay for goods and services at a traditional point-of-sale (POS) terminal using their smart phones or any smart device. In terms of technology, the mobile identity wallet market has been divided into two categories: remote and proximity.

Because of the increasing adoption of cashless payments over communication networks, remote technology is predicted to expand at the fastest pace of 27.7% during the projection period. Users can purchase things using a mobile version or SMS text message using a remotely technology-based mobile wallet.

Restraining Factors

"Cyber Assaults to Deplete Market Advancement"

Despite the widespread adoption of online payment services, the threat of cyber assaults may stymie the study's corporate growth. According to NITI Aayog data, more than half of Indian organizations will be hit by cyber-attacks including malware phishing, ransomware, and disruption of service. Because financial institutions are increasingly introducing new technologies and features to meet customer requests, they are becoming more vulnerable to various types of cyber-attacks, which may hinder mobile identity wallet market growth.

MOBILE IDENTITY WALLET MARKET REGIONAL INSIGHTS 

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"Increased Smartphone Usage to Foster Market Growth in Asia Pacific"

With a market share of more than 30.0%, Asia Pacific is expected to maintain its position throughout the projected period. The mobile identity wallet market is being driven by factors such as rising population, increased smartphone use, more internet subscribers, and exponential rise inside the e-commerce and retail sectors in countries like as India and China. Furthermore, rising government programs such as Make in India and Digital India are likely to increase smartphone and other device adoption, resulting in increased requirement for mobile wallets.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Thales Group (France)
• Google LLC (U.S.)
• Folio Technologies (U.K.)
• Ping Identity (U.S.)
• Trulioo (U.S.)
• IDEMIA (France)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.