authID Joins the Accountable Digital Identity Association to Drive Reusable Identities Across the Internet

Rhea-AI Summary

authID (Nasdaq: AUID) has joined the Accountable Digital Identity Association (ADIA) to advance standardized, interoperable framework for decentralized identity services. The partnership aims to promote portable digital identities, allowing users to use a single set of credentials across multiple online services.

The collaboration aligns with authID's mission of providing biometric identity verification and authentication solutions. Through its Proof and Verified identification solutions, authID offers one-in-one-billion false-match accuracy with 700ms processing time. The global market for shareable identity is projected to grow from $32.8 billion in 2022 to $266.5 billion by 2027.

Positive

• Market opportunity: Global shareable identity market projected to grow from $32.8B to $266.5B by 2027
• Technical advantage: One-in-one-billion false-match accuracy with 700ms processing time
• Strategic partnership with ADIA enhances market position in digital identity verification

Negative

• None.

Insights

Market Research Analyst

The membership in ADIA represents a strategic positioning move in the rapidly growing reusable identity market, projected to expand from $32.8 billion in 2022 to $266.5 billion by 2027. However, authID's current market cap of just $56.5 million suggests immediate financial impact from this partnership. The company's technical capabilities, particularly its 700ms processing time and one-in-one-billion false-match accuracy, are impressive specifications but require significant market penetration to translate into meaningful revenue growth.

While the ADIA membership could enhance authID's credibility and market access, the announcement lacks concrete financial metrics or specific partnership details that would indicate immediate revenue potential. The standardization efforts, while important for long-term industry development, typically have extended implementation timelines before generating tangible financial returns.

Tech Expert

The technical specifications of authID's identity verification system, particularly the 700ms processing time and one-in-one-billion false-match accuracy, position it competitively in the biometric authentication space. The integration with ADIA's framework could enhance interoperability, important for widespread adoption of digital identity solutions. However, the announcement lacks details about specific technical implementations or timeline for integration with ADIA's standards.

For context, the average industry standard for biometric processing is typically 1-2 seconds, making authID's 700ms processing time notably faster. Yet, without information about real-world implementation success or current customer adoption rates, it's difficult to assess the practical impact of these technical capabilities on market share growth.

authID to champion global standards that will shape the future of digital credentials and biometric authentication

DENVER, COLORADO, Dec. 23, 2024 (GLOBE NEWSWIRE) -- authID® (Nasdaq: AUID), a leading provider of biometric identity verification and authentication solutions, today announced it has become a member of the Accountable Digital Identity Association (ADIA), an open industry association created to drive the development of a standardized, interoperable framework for decentralized identity services to ensure the authenticity of, and to establish trust in, reusable digital identities.

ADIA promotes a uniform specification for creating and managing portable digital identities, allowing users to leverage a single set of credentials to access multiple online services. This protocol is already being adopted by a number of large organizations.

As a member of ADIA, authID will support the continued development of the Association’s interoperability, trust, privacy, and accountability specification. This framework is designed to accelerate the adoption of digital identities by companies and consumers alike in order to safeguard data and prevent digital fraud. The solutions that utilize the ADIA specification are designed to ensure that users save time creating identities, businesses save money managing credentials, and everyone’s private data is better protected from fraud.

“The ADI Association has established a specification that will shape the industry’s future by driving decentralized, digital identities,” said Tom Szoke, founder and CTO of authID. “Their digital identity framework supports our privacy-driven approach for all our products. We are looking forward to working with leading identity providers to solve the industry’s digital identity challenges, improve user experience, empower users to manage access with a verified, reusable profile, and reduce fraud. In today’s digital-first world, the adoption of ADIA’s interoperable identity standard is critical to ensuring users’ privacy is protected at every step of the authentication and verification process.”

“ADIA is pleased to welcome authID as a member and collaborator on our digital-identity and security initiatives,” said Ramesh Kesanupalli, co-founder of ADIA. “authID's unique approach to biometric identity verification and authentication aligns perfectly with ADIA's vision for accountable digital identity. ADIA’s mission is aligned with authID’s commitment to privacy-preserving biometric solutions.  We welcome authID to the ADIA ecosystem, and look forward to collaborating with authID to further strengthen the foundation of trust in digital identity verification across global markets.”

With the rise of digital customer onboarding and increasing demands for frictionless experiences, the case for secure, reusable, portable identities has grown. It is estimated the global market size for shareable or reusable identity will grow from $32.8 billion in 2022 to $266.5 billion by 2027. Reusable identity offers a range of benefits for both individuals and businesses, including streamlined identity verification and authentication processes, enhanced privacy and security, reduced costs, and increased user convenience.

authID verifies and authenticates users’ identity through its Proof and Verified identification solutions, ensuring a one-in-one-billion false-match accuracy and industry-leading processing time of 700ms. By joining the ADI Association's ecosystem, authID furthers its mission to ensure enterprises "Know Who's Behind the Device" for every digital interaction with continuous authentication protocols at the forefront.

The partnership is intended to accelerate the adoption of secure, frictionless authentication solutions for top brands across industries while maintaining the highest standards of privacy, security, and compliance. This unified alliance not only strengthens both organizations' positions in the rapidly evolving digital identity landscape but also aims to set new standards for secure, efficient, and user-friendly authentication processes that modern businesses demand.

“Joining the ADI Association represents a pivotal step for authID as we work to advance the adoption of reusable digital identities and verifiable credentials within a privacy-first framework,” said Erick Soto, Chief Product Officer of authID. “By joining ADIA, we are excited to drive an industry-leading standard that enables interoperability, protects individuals’ data, and fosters trust across the digital identity ecosystem.”

About authID

authID® (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented, biometric identity platform. authID quickly and accurately verifies a user’s identity and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding, and biometric authentication and account recovery, with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, eliminates password risks and costs, and provides the fastest, frictionless, and the more accurate user identity experience demanded by today’s digital ecosystem. Contact us to discover how authID can help your organization secure your workforce or consumer applications against identity fraud, cyberattacks and account takeover.

About the ADI Association
The Accountable Digital Identity Association (ADI Association) is a global nonprofit committed to establishing and promoting accountable trust frameworks, standards, and best practices for secure, privacy-respecting digital identities. Through collaboration with industry, government, and nonprofit stakeholders, ADIA advances user-centric identity solutions that adhere to regulatory requirements, safeguard personal data, and reduce fraud. By fostering interoperability and accountability across digital ecosystems, ADIA ensures that organizations worldwide can confidently embrace the benefits of trusted, secure digital identity. The ADIA specification is available at https://adiassociation.org.

Media Contacts

NextTech Communications
Walter Fowler
1-631-334-3864
wfowler@nexttechcomms.com

Investor Relations Contacts

Gateway Group, Inc.
Cody Slach and Alex Thompson
1-949-574-3860
AUID@gateway-grp.com
Investor-Relations@authid.ai

FAQ

What is the projected market size for shareable identity by 2027 according to AUID?

According to the press release, the global market for shareable or reusable identity is projected to grow from $32.8 billion in 2022 to $266.5 billion by 2027.

What are the key technical specifications of authID's (AUID) verification solutions?

authID's Proof and Verified identification solutions offer one-in-one-billion false-match accuracy and industry-leading processing time of 700ms.

How will AUID's membership in ADIA benefit its customers?

The partnership aims to provide streamlined identity verification, enhanced privacy and security, reduced costs, and increased user convenience through standardized, interoperable digital identity services.

What is the main purpose of authID's (AUID) partnership with ADIA?

The partnership aims to develop standardized, interoperable frameworks for decentralized identity services and promote portable digital identities that can be used across multiple online services.