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Liminal sees digital identity landscape orienting around consumers in 2023

Categories Biometrics News  |  Trade Notes
Liminal sees digital identity landscape orienting around consumers in 2023
 

Consumers will take a more central role in the digital identity ecosystem in 2023, according to the latest set of predictions from Liminal.

Along with the predictions, Liminal took a retrospective look at how it did in its forecasts last year.

Integrated digital identity platforms will take a larger place in the market, with challenging market conditions motivating earlier exits and plays for revenue by incumbents. Liminal notes a slowdown in onboarding and transaction volumes amid the general tech slowdown. The sudden rise in interest rates could also motivate some consolidation moves.

Liminal predicts that behavioral analytics and biometrics will become essential for consumer platforms over the next five years, with businesses increasingly prioritizing each in the year ahead. Big tech will joins small and medium sized businesses in pushing passwordless implementations, online child safety will be a big startup area, and popular AI tools will force lawmakers to respond, according to the advisory firm.

It will become clearer over the course of the year who the winner will be in the reusable identity market, which Liminal last year will reach $32.8 billion by 2027.

There were a mere 113 fundraising deals for $8.7 billion in 2022, down almost two-third from 2021, and value is replacing growth as an investment priority, Liminal predicts.

Liminal goes 3 and 1 for 2022

In last year’s digital ID predictions, Liminal called Apple’s struggle to reach its goal of mobile driver’s license rollouts in 50 states, and the impact of the UK’s Age Appropriate Design Code (AADC).

A new global standard for interoperable digital identities was not exactly established by the European Union, but steps were taken in that direction, which arguably make the outcome inevitable.

Further off the mark, Liminal’s prediction that an identity proofing company would become as recognizable to consumers as Plaid is did not come true. The related forecast that orchestration would be the next step for identity proofing vendors like Jumio, Onfido and Persona was on-target though, and Liminal is not ready to give up on the overall theory.

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