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In this Leadership Compass, we evaluate solutions that can serve as a foundation for customers who need to utilize verified identity in processes, be it in onboarding an unknown customer or verifying that a contractor is who they claim to be. Providers of Verified Identity are vendors that can issue a digital verified identity or enable an external verified identity to be onboarded and used by the enterprise. Full-service providers can also register, onboard, and authenticate using the verified identity.
The term "Verified Identity" stands for digital identities that have been verified to describe a real-world identity in digital form, and that the verification remains valid throughout the identity lifecycle. Therefore, Providers of Verified Identity are the vendors that can issue such a verified identity or enable an external verified identity to be onboarded by an enterprise.
Identity verification has previously been viewed as a product category of its own but is increasingly being integrated into full-service solutions, enabling identity verification to be conducted remotely, automatically, passively, federated from verified accounts, in a decentralized manner and/or in parallel to other steps of the identity lifecycle.
This is an emerging market space, and the vendors that are assessed in this Leadership Compass display different methods to provide an enterprise with a verified identity. Some rely on federating verified account information, such as from banks. Others leverage the growing eID ecosystem particularly in Europe. Some embrace the emerging Verifiable Credentials model. And others use the document/biometric/liveness verification model which is gaining popularity and accuracy. Each approach must be assessed individually based on enterprise requirements.
This Leadership Compass gives an overview of the market, required capabilities of a well-rounded solution, and detailed information on the participating vendors.