Liminal’s 2024 Digital Identity Landscape drills down on biometrics, IDV, more

Market and competitive intelligence firm Liminal’s 2024 Digital Identity Landscape report ups the ante on presentation, with a proprietary interactive visual use case taxonomy for digital ID, accessible through its Link platform.

A release from Liminal says the taxonomy, which is represented in hexagons, “maps technical features to product capabilities and aligns them with solution segments, use cases, domains and universes,” to provide a “structured, layered approach that simplifies the understanding of complex market relationships” and curates actionable opportunities across the digital ID ecosystem.

Liminal President Jennie Berry says the digital taxonomy gives members a clear, straightforward way to see how the identity market evolves and how different segments shape larger bodies, almost like cells. The goal is a clear, comprehensive view of the market ecosystem. “This year’s Landscape is all about making it easier for our clients to connect the dots between new technologies and practical applications so that they can make confident, informed decisions.”

The resource makes numbers and other critical information easy to access and compare. Click on the Biometrics hexagon, and you will earn the estimated market size for biometrics ($33 billion) and the total funding for the sector in 2024 ($118.4 million). Key takeaways tell you that  “there are mature biometric markets in North America, Europe and APAC” but “emerging regions like Africa are eager to leverage the technology to build national identity infrastructures and provide official digital identification to populations lacking traditional identity documents.”

In the honeycomb of Liminal’s taxonomy, biometrics abuts mobile identity (est. market size $20 billion), authentication (~$18.3 billion), identity verification (~$12.7 billion), identity wallets (~$7.9 billion), eIDs and civil IDs (~$6 billion), and password managers (~$1.4 billion) – the latter of which is noted as being the only segment in decline.

The Landscape tool makes it easy, for instance, to compare 2024 funding for the larger biometrics segment ($118.4 million) with the ID verification market, which has a smaller estimated value but has received $1.5 billion in funding for 2024 so far. Or to note that, while mobile identity still has the largest estimated market size, it is classified as mature, while biometrics and ID verification are growing.

By taking stock of the activity across market segments, businesses can plan strategies that best position them for investment, growth or other goals.

“As we look at the market trends, it’s clear that AI-driven solutions, end-to-end platform capabilities, and new customer demands for highly integrated services are becoming increasingly important,” says Travis Jarae, CEO of Liminal. “We’re seeing a diversification in authentication and fraud prevention strategies, along with a rise in collaborative data-sharing practices for Anti-Money Laundering (AML). These trends drive significant private equity investments, which surged 54 percent from Q2 2023 to Q2 2024, reflecting a strong preference for established companies.”

In addition to the market segment taxonomy, the Link platform also gives users access to the new Market Monitor, which Liminal says works by “seamlessly blending proprietary insights with real-time market signals, offering unmatched clarity and depth.”

“For investors, Market Monitor streamlines deal discovery, enhances analysis efficiency, and enables proactive engagement with market trends, keeping them ahead in a competitive landscape.”

Article Topics

biometrics  |  digital identity  |  digital wallets  |  identity proofing  |  identity verification  |  Liminal  |  market report