Identity management technology plays a very crucial role in the field of e-Government and e-Business, as the identity management systems enable government institutes to provide secure and reliable access to online services to their customers. An e-Government identity management system is a set of standards and procedures for creating, storing, validating and using electronic attributes associated with the identity of a physical person.
These system stores accurate and reliable information associated with the electronic identity of the citizen. While requesting the execution of an online transaction by a citizen, these systems verifies the credentials of that citizen with the stored information.Thus identity management systems provide protection from identity theft and fraud.
The coronavirus pandemic has been the one of the biggest changemaker in recent decades. Various organizations including the government institutes are now operating remotely and touchless or digital solutions are needed more than ever.
The pandemic has forced people to stay at home and find ways to connecting virtually with the banking industry. Many government organizations around the world are adopting various security and privacy solutions, like remote-ID verification, E-KYC onboarding, contactless payments to enable their citizens “contact-free” procedures, which has surged the demand for e-Government identity management tools.
The e-Government identity management market has shown significant growth during the pandemic, it is expected to grow by nearly 8% - 10% in Q1-Q3 2020 and is projected to show increased growth post-coronavirus.
Moreover, the pandemic has triggered an uptick in digital fraud and identity theft. According to reports received by the Federal Trade Commission (FTC), around 18,235 fraud reports has been received since the beginning of the year 2020. The rise in identity frauds on banking, government and retail sectors has increased the demand for e-Government identity management solutions.
Rising Adoption of Mobile Based Digital Identity Solutions
Government across the worlds are now providing a digital identity to all individuals to facilitate the online delivery of public services through their electronic authentication. Smartphones and digital identity liked with the mobile phones are used as an instrument for electronic authentication of individuals’ identities.
According to the report published by Juniper Research forecasts over 3 billion citizens around the world will be equipped with a government-initiated mobile ID app by 2024.
Most of the initiatives are conducted by the government itself to serve all the citizens of their country by providing a single trusted digital identity to protect both public and private online services. Thus, the rise in mobile based digital identity solutions would also drive the growth of e-Government identity management market.
Rise in Identity Frauds in Government Sector to Propel the Market Growth
Government across the world is increasingly becoming depended on digital data and computer networks to conduct their daily operations and business processes, growing pools of personal and financial information are being transferred and stored online.
Cyber criminals are becoming more sophisticated and moving beyond traditional bank account hacking into opening fake government accounts internet payment accounts and online merchant accounts using stolen credentials.
In 2019 the ITRC reported that hacking was the most used method of breaching data, with 577 data breaches resulting in 15.3 million records exposed. Identity theft becoming more common as criminals get more sophisticated. Thus the rise in frequency of identity thefts in government would drive the growth of the e-Government identity management market.
Key players in the e-Government identity management market are focusing on product innovation and strategic partnerships with the technology vendors to collaborate for offering advanced e-Government identity management solution and services to help enterprises to mitigate sophisticated ad frauds.
The major players offering e-Government identity management solutions include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain of the global e-Government identity management market.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with e-Government identity management market attractiveness as per segments. The report on e-Government identity management market also maps the qualitative impact of various factors on e-Government identity management market segments and geographies.
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e-Government Identity Management Market
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