Identity technology, also known as IDtech, refers to technologies that enable, enhance or automate identity-related processes. Identity verification, identity authentication, user authentication, 2-factor and multi-factor authentication, identity proofing, identity and access management (IAM), identity portability, identity sovereignty, and digital identity blockchain all fall under the IDtech umbrella.
IDtech comprises a broad and rapidly growing industry that serves both businesses and consumers, and has wide-reaching applications from mobile banking to healthcare (telehealth apps for example) to insurance to cryptocurrency to retail, and beyond. Nearly any company that needs to verify the identity of its customers online or over the phone likely leverages identity technology.
IDtech companies can be likened to fintech (financial technology) companies in that many of the companies that fall into both categories are startups that are challenging traditional processes in order to create a better customer experience. One of the main drivers of identity technology solutions is that
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