The Digital Signature And Trust Solutions Landscape, Q1 2024, is live, reflecting our evaluation of key players and trends shaping the market. Vendors have demonstrated some curiosity and are tentatively exploring use cases more exciting than document signing. The European electronic identification scheme (eID) wallet has also created significant buzz, opening the door to new possibilities and applications.
Key Takeaway: Decentralized Identities Will Shape The Future
The digital identity market is evolving rapidly, driven by clearer regulations that encourage innovation in decentralized digital identities. Europe in particular is making advancements with initiatives such as the eID wallet and eIDAS 2.0. This shift emphasizes the importance of interoperability while offering enhanced control and security in digital identity management. Vendors are prioritizing seamless user experiences and extendability through APIs and open standards to disrupt the market. Vendors are also developing intuitive interfaces and ensuring compatibility with existing systems to foster user acceptance.
We anticipate the following trends:
- Collaboration and standardization. Vendors in the digital signature and trust solutions space will collaborate to meet practical and regulatory demands, leading to standardized practices and a unified approach that benefits both businesses and consumers. We also anticipate that the standardization will foster adoption in workforce identity systems. With the EU aiming for 80% of residents to have a digital identity by 2030, we expect further standardization in the next two years.
- A focus on identification and onboarding innovation. E-signature is no longer a novelty, with emphasis shifting to enhancing identification and onboarding processes. This will involve integrating new technologies and refining existing ones to ensure speed, ease of use, and security, with eIDs expected to be influential in this evolution. Vendors will also promote their document archiving capabilities, but this will not make too much of a splash and will quickly become an expected offering.
- Regulatory influence and global trends. The market will be significantly shaped by regulations such as the EU’s eIDAS, the US’s NIST SP 800-63, Singapore’s National Digital Identity initiative, and Japan’s My Number Act. These frameworks will dictate standards in security, privacy, and interoperability. Inconsistent regulation will pose a challenge to international vendors, and regional players or partners will seize the opportunity to carve a niche for themselves.
You can get the full report here: The Digital Signature And Trust Solutions Landscape, Q1 2024.
