Gartner introduces Hype Cycle for Digital Identity featuring ReadID. Document centric identity proofing close to plateau of maturity.
This week IT analyst Gartner introduced a new hype cycle - the Digital Identity Hype Cycle 2022 (link requires subscription). The introduction of the hype cycle underlines the growing importance of digital identities in society. It focuses on "technologies that enable secure and trusted digital interactions among people, machines and assets, based on a digital representation of people’s and machines’ physical (real-world) and virtual (electronic) identities." ReadID is featured in this first edition for document-centric identity verification.
Gartner Hype Cycles explain the stage of innovative or new technologies, both in maturity as well as the speed of moving forward: how long it will take for a technology to reach the so-called "plateau of productivity".
ReadID is in the category of document-centric identity proofing. This technology is classified as early mainstream, with a market penetration of 20-50% of the target audience, reaching the plateau within two years, creating high benefits to organisations. As Gartner states, "The increasing obsolescence of purely data-centric techniques that rely on a user entering PII (personal identifiable information - WJ) data" is an essential driver for DCIP, as is the pursuit of digital transformation.
Interestingly, Gartner also mentions the convergence of identity proofing and authentication to leverage document-centric verification beyond onboarding, something we have argued before.
Interesting upcoming technologies in the Hype Cycle are identity wallets and zero-knowledge proofs. Decentralised identities and verifiable claims are beyond the peak of the hype cycle, with obstacles such as the lack of viable eco-systems.
If you want to know more about this Hype Cycle and how to interpret it, feel free to reach out to me!