Providers of Verified Identity
The KuppingerCole Market Compass provides an overview of the product or service offerings in a certain market segment. This Market Compass covers the Providers of Verified Identity market, and solutions with specific functionality in identity verification with potential for digital identity reuse. The rise of reusable, verified identity for use cases like remote employee onboarding and KYC for high value transactions can aid in a company’s digital transformation, as well make significant progress towards better privacy and user-centric identity management.
1 Management Summary
The KuppingerCole Market Compass provides an overview of a market segment and the vendors in that segment. It covers the trends that are influencing that market segment, how it is further divided, and the essential capabilities required of solutions. It also provides ratings of how well these solutions meet our expectations.
This Market Compass considers the future of identity. Enterprises face the dilemma of deciding how to enable customers, employees, and partners to interact securely with their systems, especially with the increasing pressure for identity to be digital, privacy-forward, user-centric, and reusable. KuppingerCole views identity verification as an enabler of future identity ecosystems that opens up new use cases for enterprises, such as remote onboarding for employees and partners, remote verification for KYC/AML, and more. The Market Compass on Providers of Verified Identity presents the vendors who are active in providing identity verification with potential to support verified identity reuse.
The Providers of Verified Identity that are covered in this Market Compass are vendors that deliver solutions to verify that a digital identity corresponds to a real-world identity. These vendors provide an employee, end-user, device, or legal entity with a digital identity that may be used across multiple platforms, services, or with multiple companies. The Providers of Verified Identity Market Compass is a future-oriented assessment at how onboarding and continued relationships between entities will be handled for the highest privacy, compliance for KYC/AML regulations, and ease of use.
There are multiple approaches to providing a verified digital identity, and just as many approaches to transform a verified digital identity into a reusable one. For this reason, KuppingerCole considers this a highly heterogeneous market, and each vendor should be considered for its individual efforts to achieve the goal of providing a verified identity.
Readers of this Market Compass should consider vendors based on the internal requirements of their organization’s use cases, and use this report as guidance to shortlist vendors.
- KuppingerCole predicts a major trend towards verified identity to support reuse of consumer and employee identities in the near future
- The ability to automate identity document verification is required, and is increasingly offered by identity verification vendors
- Biometric data collection is a supportive technology to enable verified identity reuse
- Interoperability with standard authentication sources and directory services is expected
- No single dominant method has emerged, but the market promises rapid and dynamic change