Decentralized Identity Market Study Report Based on Size, Shares, Opportunities, Industry Trends and Forecast to 2032
Market Size and Growth:
Decentralized Identity Market Size was valued at USD 0.28 Billion in 2022. The Decentralized Identity market industry is projected to grow from USD 0.53 Billion in 2023 to USD 91.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 90.20% during the forecast period (2023 – 2032). Increased use of blockchain technology and the rising digitalization of several industries are the key market drivers enhancing market growth.
Key Players:
· Microsoft (US)
· Accenture (Ireland)
· Persistent (India)
· Wipro (India)
· SecureKey Technologies (Canada)
· R3 (US)
· Avast (Czech Republic)
· Validated ID (Spain)
· Serto (US)
· Ping Identity (US)
· NuID (US)
· Dragonchain (US)
· Nuggets (UK)
· Finema (Thailand)
· Datarella (Germany)
· Civic Technologies (US)
· 1Kosmos (US)
· Affinidy (Singapore)
· Hu-manity (US)
· SelfKey (Mauritius)
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Decentralized Identity Market Growth
· This signifies a massive potential for growth, driven by several factors:
· Increasing inefficiencies in existing identity management systems.
· Rising data breaches and identity-related fraud.
· User demand for control over their personal data.
· Growing adoption of blockchain technology for secure data storage and verification.
Market Segmentation:
The global Decentralized Identity market segmentation, based on Identity type, includes non-biometrics and biometrics. The biometrics segment dominated the market, accounting for the maximum of market revenue due to rising fraudulent activities. When it comes to confirming someone’s identity, biometrics identifiers like voice recognition, iris scans, fingerprints, and facial recognition offer a high degree of security and accuracy. This kind of identity verification is very dependable for building trust in digital interactions since it provides a high degree of verification and is challenging to counterfeit or duplicate. Users can also benefit from the convenience and usability of biometric identity.
Market Trends:
Market CAGR for decentralized identity is driven by the rising use of blockchain technology. The emergence of blockchain technology has opened the door for decentralized identity management systems. Blockchain technology offers an unchangeable, transparent record for safely storing and authenticating identity data. It lowers costs and boosts efficiency by doing away with the need for intermediaries and establishing a trustless environment where identity verification may be completed directly between parties.
Future Outlook:
The decentralized identity market is expected to witness significant growth in the coming years, driven by the increasing need for secure and user-centric identity management solutions. The adoption of blockchain technology, interoperable standards, and regulatory frameworks will play a crucial role in this growth. Decentralized identity has the potential to revolutionize the way we interact online, providing greater control, privacy, and security for individuals and organizations alike
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