The value in the identity column will flip over (from +2 147 483 647 to −2 147 483 648) and it will increment to 0, after that there is a possibility of PK constraint violation, as the identity column started from 1.
You could also use another data type like BIGINT with a range of -9 223 372 036 854 775 808 to +9 223 372 036 854 775 807.
I'm not working on a system that will generate more than 4.3 billion records in one table, so it's an academical question for me. You could use BIGINT to postpone this event from happening.