Summary
Liminal’s 2024 Digital Identity Landscape report features a new interactive taxonomy for understanding digital ID markets, highlighting market sizes and funding estimates for biometrics and related sectors. The report underscores the growing significance of AI-driven solutions and investment trends in identity verification and biometrics, particularly in emerging regions. The new Market Monitor tool enhances investor insights into market dynamics.
Liminal has released its 2024 Digital Identity Landscape report which introduces a sophisticated interactive visual taxonomy for digital identity through its Link platform. This taxonomy maps the interrelationships between technical features, product capabilities, and various solution segments, providing a structured layout to comprehend the complex dynamics of the digital ID market. According to Liminal, the interactive hexagonal representation not only illustrates how different identity market segments connect but also allows users to view industry evolutions symbiotically. Liminal President Jennie Berry acknowledges that the taxonomy aims to clarify market relationships for clients, enabling informed decision-making regarding emerging technologies and their practical implementations. The report highlights critical data such as the estimated market size for biometrics at $33 billion, with projected funding in 2024 reaching $118.4 million. It indicates robust biometric markets in developed regions while noting that emerging markets in Africa are poised to leverage biometric technologies for establishing national identity frameworks and to issue digital IDs to those without traditional identification. Within Liminal’s taxonomy, biometrics is strategically placed among mobile identity (market size ~ $20 billion), authentication (~$18.3 billion), identity verification (~$12.7 billion), identity wallets (~$7.9 billion), and civil IDs (~$6 billion), with password managers being recognized as the only declining segment. Liminal’s Landscape tool facilitates comparative analysis, such as contrasting the substantial funding in identity verification with a smaller market estimated value. Additionally, the taxonomy suggests that while mobile identity is mature, other areas like biometrics and identity verification are experiencing growth. Travis Jarae, CEO of Liminal, points out significant trends in the market including the increasing relevance of AI-driven solutions, integrated service demand, and collaborative data sharing for AML practices, culminating in a notable 54% rise in private equity investments in established firms from Q2 2023 to Q2 2024. Moreover, the Link platform’s new Market Monitor allows users to merge proprietary insights with real-time signals, enhancing clarity and depth for investors to navigate opportunities and keep pace with market dynamics.
The concept of digital identity encompasses various methods of verifying and managing personal identities in online environments, often involving biometrics, mobile identification, and identity verification technologies. Through technological advancements, the industry has seen a surge in adoption, which has spurred financial activities including investments and market growth. In this landscape, Liminal’s report aims to provide a comprehensive overview of market segments, enabling stakeholders to make strategic decisions based on market analysis.
Liminal’s 2024 Digital Identity Landscape report offers a sophisticated framework for understanding the evolving digital identity market. By utilizing an interactive taxonomy, stakeholders can visualize relationships between different segments and assess growth opportunities. As the demand for integrated identity solutions rises amidst advanced fraud prevention strategies, Liminal provides essential tools for informed investment and strategic planning within the rapidly changing identity technology sector.
Original Source: www.biometricupdate.com
