Description

National identification programs are gaining traction as countries strive to establish robust, unique identity documents for their citizens and create a unified database for security and other administrative purposes.

A digital identity can foster social and financial inclusivity, especially in developing economies where interest in the technology continues to grow. Approximately 375 million adults from emerging economies do not have access to a bank account because they lack commonly accepted forms of identification.

Digitalization of economies exposes more attack surfaces for identity data exploitation. Digital identity management must evolve to protect against attackers who are developing increasingly sophisticated means to break into connected devices or enterprise systems. Highly secure technologies such as biometrics can help prevent fraud.

Fully developed digital platforms would ensure data consistency and compatibility across the systems of governments and other public authorities, private companies, and communities. The potential benefits are many, but so are the risks. A trusted framework must be in place to control access and protect sensitive information such as biometrics from theft or cyberattacks.

Every company that is competing in the security space is obligated to address these imperatives proactively; failing to do so will almost certainly lead to stagnation or decline. Successful companies overcome the market challenges and leverage them for innovation and growth.

The Frost Radar™ reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar™ methodology. The document presents competitive profiles on each of the companies in the Frost Radar™ based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes hundreds of companies in an industry and benchmarks them across 10 criteria on the Frost Radar™, where the leading companies in the industry are then positioned.

Analyst: Aravind Srimoolanathan