Liminal spotlights integrated digital identity platform trend, sees $116B TAM
Integrated identity platforms could grow into a $115.9 billion market by 2027 if the full range of potential use cases is realized, according to research from Liminal.
The total addressable market for integrated digital identity platforms is $48.1 billion this year, the consultancy and market analyst says, and is slated for 24.6 percent compound annual growth. There are 90 use cases identified in the report, across 18 market verticals.
‘The Rise of Integrated identity Platforms’ is available as a free download for Liminal members, and identifies a trend towards vendors providing onboarding technology like selfie biometrics extending their capabilities across the five stages of the customer lifecycle. That means covering pre-registration, registration, log-ins, transaction monitoring and ongoing customer engagement as end-to-end solutions.
Enterprises are getting returns on their investments in integrated digital identity platforms of up to 15.3 times, Liminal’s research shows. Onboarding volumes are not what they were 18 months ago, and businesses are looking for vendors to optimize their conversion rates and lower costs.
Nearly half of enterprises are using four or more point solutions for a single use case, however.
Liminal defines integrated identity platforms as comprehensive digital identity solutions that orchestrate technologies and network data sharing to streamline processes across the consumer lifecycle. This can result in minimal fraud loss, increased conversions, lower overhead and a simplified tech stack.
The report breaks the five stages referred to above into six capabilities each, with liveness, ID document verification and KYC checks among those at the registration stage, biometrics at the log-in stage, and behavioral biometrics for transaction monitoring.
Examples of biometrics providers building out their capabilities to offer digital identity orchestration include Mitek’s MiVIP, launched last year, and Jumio’s KYX Platform, which CPO Bala Kumar discussed with Biometric Update on its launch in 2021.
“We expect significant market growth for Integrated Identity Platforms as enterprise demand shifts away from point solutions,” says Will Charnley, managing director at Liminal. “There are real cost savings for buyers to simplify their legacy systems while converting more good customers. Consumers stand to benefit from more streamlined, secure digital interactions for an overall better customer experience. Many institutional investors are driving the market towards IIP with their investments and acquisitions, and we expect to see these solutions begin to emerge in the market.”
Liminal recently sold the assets of its Know Identity conference to the CyberRisk Alliance.
digital identity | identity orchestration | Liminal | market report | onboarding | reusable identity