Gartner releases inaugural Magic Quadrant for Identity Verification

Consulting firm Gartner has released a new market research report for the identity verification and authentication industry, placing companies such as Sumsub, Socure and Entrust among the sector’s leaders.

The first-ever Gartner Magic Quadrant for Identity Verification was released this week, placing a total of 11 companies into four categories, based on their “ability to execute” and “completeness of vision” based on company maturity and direction. The company says that its data analysis takes into account factors such as financial health, sales, pricing, customer experience, business models, as well as marketing, sales and product strategy. A blog post from Inverid notes that to qualify, companies must have revenue of at least $100 million, or $30 million with year-over-year growth of 30 percent.

Mandatory features for consideration include photo and data capturing, document authenticity checks and biometric face verification. NFC is not, Inverid notes, though it did receive an Honorable Mention in the report. Gartner noted that Inverid’s technology is integrated by many other identity verification providers, Entrust among them.

Aside from the trio, the “Leaders” quadrant includes Jumio and Incode Technologies. The vendors in this quadrant are considered to have the highest composite scores in Gartner’s analysis.

“Leaders deliver a broad and comprehensive IDV product that addresses a wide range of use cases and customer needs,” says the consulting company. “They have successfully built a significant installed customer base and revenue stream.”

In the “Visionaries” quadrant, which represents the transformation of the market, Gartner highlighted Mitek Systems and Au10tix. Vendors in this field are usually selected based on offering identity verification in ways that are unique, innovative or include forward-looking product strategies. They represent particular market segments or geographic regions and get frequent inquiries from Gartner clients.

The Gartner Magic Quadrant has two more categories. “Challengers” are companies successful enough to threaten the “Leaders” but are still comparatively small. Persona was the only company in this category. Finally, “Niche Players” are firms that provide identity verification technology which is a good match for specific use cases. Gartner named 1Kosmos, GB Group and Zoloz in this group.

Article Topics

biometrics  |  Entrust  |  Gartner  |  identity verification  |  Incode  |  Inverid  |  Jumio  |  market report  |  Mitek  |  Socure  |  Sumsub