42% of Companies Ready to Adopt Digital ID, New Regula Study Shows
May 21 2024 - 3:00AM
Business Wire
As more countries adopt the concept of digital identity,
regulators are keen to showcase their plans and successes. But what
do businesses think about this shift? To find out, Regula, a global
developer of forensic devices and identity verification (IDV)
solutions, commissioned a study to survey companies across
different regions and industries to get a sense of their readiness,
concerns, and expectations for digital identities.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240521226453/en/
Regula study shows, that the majority of
companies around the world are fully aware of digital IDs.
Moreover, there are organizations, that have already started
integrating this technology in their IDV procedures. (Graphic:
Business Wire)
Digital identity is considered to be a way to improve the
efficiency and security of services, reduce fraud, and enhance
access to public services, ensuring that they are delivered quickly
and to the right people. A digital ID is an online representation
of an individual, which contains personal information, credentials,
and attributes used to establish and authenticate identity in
digital spaces. As such, digital identity is already a
well-recognized concept in different sectors.
Perception. According to the Forrester Consulting study
“The New Imperative: Digital IDs,” 81% of large and
enterprise-level companies from the Aviation, Banking, Government,
IT, and Telecom sectors have at least a basic awareness of this
technology, with almost half possessing a thorough understanding.
Moreover, some countries and sectors, primarily those with advanced
digital infrastructures and regulatory frameworks, as well as high
customer online interaction frequencies, have already made a leap
towards its adoption.
Implementation. Currently, 42% of organizations worldwide
are actively integrating digital ID technologies into their
systems, and 31% are in the early stages of implementation. Another
17% of respondents are now developing a strategic plan to begin
this transformation.
The United Arab Emirates shows higher integration rates, where
the majority of businesses (54%) have already moved to active
integration. At the same time, places with stricter regulations,
such as the US and Europe, are taking a more cautious approach,
with only 37% and 39% of companies respectively claiming to be at
the integration stage.
“As the Forrester experts note in the study, the complexities
and disparities of global implementation across various landscapes
highlight the strategic necessity of adopting a hybrid approach to
digital IDs. Moreover, there is no single, universally accepted set
of global standards for digital IDs that applies across all
countries and sectors. Therefore, the large number of companies at
the stage of active implementation demonstrates a growing need for
frameworks and guidelines that aim to foster interoperability,
security, and privacy across different digital ID systems. The good
news is that several international organizations and standards
bodies — New Technology Working Group in the International Civil
Aviation Organization, the International Organization for
Standardization (ISO), etc. — are working towards those standards.
This seems to be a case in which slow and steady wins the race,”
said Ihar Kliashchou, Chief Technology Officer at Regula.
More insights on the survey results will be revealed during an
upcoming webinar with Regula and European Telecommunications
Standards Institute experts. Register to join the live
discussion!
Methodology:
In January 2024, Regula commissioned Forrester Consulting to
conduct a survey with 226 manager-level and higher decision makers
responsible for their organizations’ ID verification solutions. The
respondents were primarily from Europe, North America and the
Middle East, with at least 500 employees or more.
About Regula
Regula is a global developer of forensic devices and identity
verification solutions. With our 30+ years of experience in
forensic research and the largest library of document templates in
the world, we create breakthrough technologies in document and
biometric verification. Our hardware and software solutions allow
over 1,000 organizations and 80 border control authorities globally
to provide top-notch client service without compromising safety,
security or speed.
Regula was repeatedly named a Representative Vendor in the
Gartner® Market Guide for Identity Verification.
Learn more at www.regulaforensics.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240521226453/en/
Kristina – ks@regulaforensics.com