UnboundID released research at this week’s Gartner Catalyst Conference that could help define the value of a consumer’s digital identity.
The report is entitled “Valuing Identity in Today’s Digital World,” and estimates that compared aggregated, anonymous data, using real identity data increases a user’s profile value by as much as 100 times. Moreover, real identity data carries a value of up to $124 per identity.
The study was conducted by Compass Intelligence, and surveyed more than 1,000 U.S., Canadian and UK adults with a prior understanding of digital identity. The study defines digital identity as comprised of elements such as identifiers (name, address and age), connections (social networks), behavior (viewing or usage), preferences and more.
According to the results of the study, 51% of respondents reported wanting their digital identity data to improve the experience provided to them. In addition to streamlining user experience, there are real cost benefits as well.
The report reveals that corporations could use digital identity data to lowering the cost of identifying their customers – a cost that Compass Intelligence’s research suggests can run as high of $12.4 billion annually. The research also posits that corporations stand to create new revenue streams by making data the product itself, that is, providing high-quality identity information to enterprise customers as a service, or even offering customers a way to manage and control their own identity information.
These business models offer promise, but are only feasible when the user is allotted transparency, choice and control over their data and when there is an established trust with the company that it will honor the user’s choices.
In an effort to better evaluate the identity data, the survey asked respondents to assign a value to their digital identity data. Respondents rated the value of their info shared on social media like Facebook and Google+ between $62.79 and $106.40. Part and parcel to these values, executives participating in the survey listed the price they would pay for real identity data as high as $124 per user.
For more, see the full Compass Intelligence report here.