A brand new report from digital identity advisory agency Liminal claims the ‘reusable’ identity market could develop from $32.8 billion in 2022 to $266.5 billion by 2027 at a compound annual progress fee (CAGR) of 68.9 %.
In the report, Liminal describes reusable digital identity purposes as these that may “securely store verified information on an individual that is easily federated when transacting with a new entity, and enables a many-to-many relationship between consumers and organizations.” This means net customers can use one trusted on-line ID for any web site which accepts it slightly than having to begin a brand new profile every time.
According to the corporate, the expansion of reusable digital identity purposes is at the moment primarily pushed by the demand for interoperable identity credentials that may streamline buyer onboarding and post-onboarding buyer experiences.
“Over the past five years we’ve seen rapid evolution in the digital identity market – from the adoption and proliferation of federated identity schemes to more secure and privacy-enhancing onboarding programs,” writes the corporate’s CEO Travis Jarae.
To facilitate the adoption of those options, Liminal believes corporations and governments ought to more and more deal with the event of interoperable networks, public-private partnerships, and fully-fledged, digital ID ecosystems.
“As digital identity technology continues to improve and governments around the world adopt eIDs, we expect a shift from transaction-based identity schemes to reusable identity ecosystems,” Jarae says.
Additionally, the manager believes that whereas public-led schemes will initially dominate the whole addressable market (TAM), non-public reusable identity will account for 60 % of the market by 2027, pushed by an growth of private and non-private initiatives and a consequent want for public-private partnerships (PPPs).
“This report represents an early POV based on hundreds of engagements with leading identity vendors and identity-forward enterprises on what reusable identity is, what the market opportunity can be, and how to get there,” Jarae writes.
“We do not have a clear path defined nor business models validated, but that’s the fun part for those who want to attempt to capture the holy grail of identity.”
authentication | biometrics | digital ID | digital identity | eID | identity administration | interoperability | Liminal | market report | onboarding | reusable identity