About Mobile Identity Wallet
The global Mobile Identity Wallet market is expected to witness high demand in the forecasted period due to the demand for mobile wallets is growing in a pandemic as these wallets help to maintain social distancing and prevent from spreading the virus which can be passed through physical identity cards or cash. Digital ID Wallet represents the next generation of Mobile ID, creating a secure, smartphone-based home for all the owner's digital identity credentials. With the arrival of the Digital ID wallet, the vast majority of people can finally ensure that vital digital documents, such as identity and healthcare credentials, driver licenses, vehicle registration, and polling eCards, are always kept and carried in the most secure and convenient location possible.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 24.0% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Mobile Identity Wallet market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Thales Group (France), Google LLC (United States), Folio Technologies (United Kingdom), Ping Identity (United States), Trulioo (Canada) and IDEMIA (France) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Mobile Identity Wallet market by , Application (Online Authentication, ID Proofing, In-person Contactless ID verification and Age Verification) and Region.
On the basis of geography, the market of Mobile Identity Wallet has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Component, the sub-segment i.e. Mobile Identity Platform will boost the Mobile Identity Wallet market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Government will boost the Mobile Identity Wallet market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The high demand owing to increasing smartphone penetration and Increasing Adoption of Mobile Wallets
Market Growth Drivers:
The increasing adoption of mobile wallets for authentication, and for making secure transactions
Challenges:
Technological complexities
Restraints:
The concern related to privacy and security
Opportunities:
The high demand is due to the introduction of advanced mobile wallet services and The rise in digital payments systems.
Market Leaders and their expansionary development strategies
In December 2023, Mastercard and Samsung Electronics have partnered on a new program called Wallet Express in the United Kingdom. This collaboration aims to provide banks and card issuers with an efficient way to expand their digital wallet offerings, giving U.K. consumers more options to make payments conveniently
In May 2023, Worldcoin has launched a digital wallet designed to expand the availability of digital identity and global finance. The new World App is designed for the Worldcoin ecosystem and can be used to authenticate with World ID, get Worldcoin tokens and send digital money anywhere, Worldcoin said in a Monday (May 8) blog post.
Key Target Audience
Government regulatory Bodies, Private Research Organization, Government Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.