Firstly, a short intro to the regulation: eIDAS 2.0 is a new EU regulation that makes it mandatory for all member states to offer digital wallets to their citizens. These wallets will securely store personal information, enabling seamless, verifiable interactions with businesses and public services.
By 2027, companies operating in Europe will be required to accept digital wallet interactions. This opens a significant market for wallet providers, advancing innovation and ensuring interoperability across borders.
If you ask me, this is a golden opportunity for wallet providers.
Why? Because for wallet and DID providers, eIDAS is not just regulation - it’s a business accelerator. According to Global Market Insights (https://www.gminsights.com/industry-analysis/decentralized-identity-market), the Decentralized Identity Market was valued at $1.04 billion in 2023 and is predicted to reach $125 billion by 2032.
The following factors will be key for expanding the market
1. Increased demand: The mandatory nature of digital wallets creates a huge, ready-made market
2. Government backing: With public-sector support, providers gain trust and legitimacy
3. Interoperability: Standardized frameworks means that providers can scale across Europe in a much more easy way
4. Competitive advantage: Companies that align early with eIDAS requirements will lead the market
But this regulation doesn’t just create opportunities for businesses - it also redefines digital empowerment for individuals. Here’s how:
Enhanced security & trust:
Digital wallets under eIDAS offer robust encryption and authentication, ensuring personal data stays protected and trustworthy
Seamless cross-border access:
Whether it’s accessing healthcare, signing contracts, or proving identity in another EU country, wallets enable hassle-free cross-border interactions
Regulatory alignment for future-proofing:
Citizens benefit from a framework designed to evolve with technological advancements, keeping their digital identities secure and relevant
Strengthened brand credibility:
As citizens interact with compliant businesses, trust in the ecosystem grows, creating a virtuous cycle of digital adoption
Reduced fraud & liability:
Verified credentials and secure exchanges minimize the risks of fraud, giving individuals peace of mind in every transaction
As we approach 2027, collaboration between regulators, wallet providers, and businesses is more important than ever. eIDAS is a regulatory requirement, am I fully aware, however it is also a shared vision for a secure, connected, and innovative Europe.
And that makes me happy!
Feel free to reach out with your thoughts. I’d love to discuss more.
