Why organizations should prepare for valuable digital identity ecosystems
January 7, 2022
As of August 2020, governments around the world had launched around 165 digital or partially digital identity schemes. Today, the market size for global digital identity solutions is projected to grow to $49.5 billion by 2026.
Governments are proposing new legislation and frameworks that organizations need to be prepared for. The European Union (EU) announced amendments to its electronic identification, authentication and trust services (eIDAS) IDAS framework, and the United Kingdom (UK), among other countries, is progressing with a digital identity and attributes trust framework.
There is also heavy investment in digital identity by governments globally. In 2020, Australia announced it as a major focus of its AUS$800 million technology budget package. As part of NextGenerationEU, France has allocated €72 million, while Germany plans to invest €200 million into a European identity ecosystem.
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"Organizations need to understand their role within the digital identity ecosystems to realize new benefits and opportunities and to provide better experiences for their users and customers."
World Economic Forum "5 Reasons to Participate in Digital Identity Ecosystems" READ IT HERE
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The influx of new concepts and regulations will raise questions for many organizations. To respond, you'll need to evolve your processes to use, trust and accept digital identity. For a clearer understanding of what to do next, start with the key questions below:
1. What is my opportunity?
Understand the opportunity available to you. Evaluate how you currently use identity and what services could improve with digital identity ecosystems.
2. How can I participate in a digital identity ecosystem?
Identify which digital identity ecosystems you can participate in as well as the role you can play and how to build trust in them.
3. Where is the value and how can this be delivered?
Be sure the service you aim to deliver adheres to the World Economic Forum (WEF) core principles of delivering value through digital identity.
The WEF and Accenture have convened a community of more than 30 experts, policymakers and businesses to create an interactive guide for executives: Digital Identity Ecosystems: Unlocking New Value. (For the best experience, download and open with a desktop PDF reader).
This guide includes key information, questions and interactive tools to help you shape and implement your organization's digital identity ecosystem strategy.
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The World Economic Forum, in collaboration with Accenture, has developed an executive guide to help organizations navigate the transformation to digital identity ecosystems. For optimum results, download the PDF and open with a desktop PDF reader.READ IT HERE
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