The decentralized identity market size is projected to grow from USD 285 million in 2022 to USD 6,822 million by 2027, at a Compound Annual Growth Rate (CAGR) of 88.7% during the forecast period. The major factor that has driven demand for this market is the inefficiency of existing identity management practices and rising instances of security breaches.
Based on identity types, the decentralized identity market is further classified into non-biometrics and biometrics. Decentralized identity solutions are expected to evolve from use of non-biometric identities to biometrics-based identities, such as fingerprint, facial, handprint, and voice recognition. Biometrics are unique for every individual and can be used for more specific identity verification processes. Such identities are comparatively more secure than conventional non-biometric solutions. Since biometrics binds an identity to a credential and an individual, it is expected to be used by individuals as well as enterprises for verifying their identities in the coming future; this will require the use of decentralized identity solutions for efficient management and handling of the sensitive biometric credential data of individuals. The biometrics subsegment is expected to record a faster CAGR in the decentralized identity market due to increasing demand from customers for secure onboarding, compliance management, and fraud prevention.
Based on end user, the decentralized identity market is divided into two categories: individual and enterprise. The individual subsegment includes decentralized identity created and used by individuals for creating and keeping their identities as well as using the same for verifying and authenticating themselves for various purposes. Decentralized identity is one of the most promising new approaches to Identity and Access Management (IAM). According to Thoughtworks, in a decentralized identity system, entities such as individuals gain control over their identities and allow trusted interactions. The biggest advantage of using this approach is that it enables individuals to share different parts of their identity with different services as per their need. For example, the depth of details provided to a health insurer will not be completely shared with a mortgage provider.
By using decentralized identity, individuals can share required verification entities with the verifiers. The decentralized identity system includes a single system that enables individuals to authenticate themselves with multiple entities. It has become pretty common to create an account to access various services such as social media, purchase of train/flight tickets, manage bank accounts, and access health services. For some of these services, individuals only need to present a few identifiers, such as name, date of birth, and email. For others, identifiers must be verified to a certain level of assurance to make sure an individual is who he claims to be. An individual could also be verified through driver’s license, passport, tax ID number, etc.
By Company Type: Tier 1 = 35%, Tier 2 = 45%, and Tier 3 = 20%
By Designation: C-Level Executives = 40%, Directors = 35%, and Others = 25%
By Region: North America = 45%, Europe = 20%, APAC = 30%, and RoW = 5%
Key and innovative vendors in decentralized identity market include Microsoft (US), Accenture (Ireland), Persistent (India), Wipro (India), SecureKey Technologies (Canada), R3 (US), Avast (Czech Repubic), 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).
The market study covers the decentralized identity market size across segments. It aims at estimating the market size and the growth potential of this market across different segments by identity type, by end user, by organization size, by vertical, and by regions. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The report will help the market leaders/new entrants with information on the revenue numbers' closest approximations for the overall decentralized identity market and its sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the market's pulse and provide them with information on key market drivers, restraints, challenges, and opportunities.
By Identity type, the biometrics decentralized identity to register the highest growth rate during the forecast period
Based on identity types, the decentralized identity market is further classified into non-biometrics and biometrics. Decentralized identity solutions are expected to evolve from use of non-biometric identities to biometrics-based identities, such as fingerprint, facial, handprint, and voice recognition. Biometrics are unique for every individual and can be used for more specific identity verification processes. Such identities are comparatively more secure than conventional non-biometric solutions. Since biometrics binds an identity to a credential and an individual, it is expected to be used by individuals as well as enterprises for verifying their identities in the coming future; this will require the use of decentralized identity solutions for efficient management and handling of the sensitive biometric credential data of individuals. The biometrics subsegment is expected to record a faster CAGR in the decentralized identity market due to increasing demand from customers for secure onboarding, compliance management, and fraud prevention.
By end user, the individual user segment is expected to hold the largest market size during the forecast period
Based on end user, the decentralized identity market is divided into two categories: individual and enterprise. The individual subsegment includes decentralized identity created and used by individuals for creating and keeping their identities as well as using the same for verifying and authenticating themselves for various purposes. Decentralized identity is one of the most promising new approaches to Identity and Access Management (IAM). According to Thoughtworks, in a decentralized identity system, entities such as individuals gain control over their identities and allow trusted interactions. The biggest advantage of using this approach is that it enables individuals to share different parts of their identity with different services as per their need. For example, the depth of details provided to a health insurer will not be completely shared with a mortgage provider. By using decentralized identity, individuals can share required verification entities with the verifiers. The decentralized identity system includes a single system that enables individuals to authenticate themselves with multiple entities. It has become pretty common to create an account to access various services such as social media, purchase of train/flight tickets, manage bank accounts, and access health services. For some of these services, individuals only need to present a few identifiers, such as name, date of birth, and email. For others, identifiers must be verified to a certain level of assurance to make sure an individual is who he claims to be. An individual could also be verified through driver’s license, passport, tax ID number, etc.
Breakdown of primary participants:
By Company Type: Tier 1 = 35%, Tier 2 = 45%, and Tier 3 = 20%By Designation: C-Level Executives = 40%, Directors = 35%, and Others = 25%
By Region: North America = 45%, Europe = 20%, APAC = 30%, and RoW = 5%
Key and innovative vendors in decentralized identity market include Microsoft (US), Accenture (Ireland), Persistent (India), Wipro (India), SecureKey Technologies (Canada), R3 (US), Avast (Czech Repubic), 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).
Research Coverage
The market study covers the decentralized identity market size across segments. It aims at estimating the market size and the growth potential of this market across different segments by identity type, by end user, by organization size, by vertical, and by regions. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the revenue numbers' closest approximations for the overall decentralized identity market and its sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the market's pulse and provide them with information on key market drivers, restraints, challenges, and opportunities. Table of Contents
1 Introduction1.1 Objectives of the Study
1.2 Market Definition
1.2.1 Inclusions and Exclusions
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regions Covered
1.3.3 Years Considered
1.4 Currency Considered
Table 1 United States Dollar Exchange Rate, 2015-2022
1.5 Stakeholders
2 Research Methodology
2.1 Research Data
Figure 1 Decentralized Identity Market: Research Design
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakup of Primary Profiles
2.1.2.2 Key Industry Insights
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.4 Market Forecast
Table 2 Factor Analysis
2.5 Assumptions
2.6 Limitations
3 Executive Summary
Table 3 Decentralized Identity Market Size and Growth, 2019-2026 (USD Million, Y-O-Y %)
Figure 2 Market to Grow Exponentially from 2019 to 2027
Figure 3 North America to Account for Highest Market Share in 2022
4 Premium Insights
4.1 Brief Overview of Market
Figure 4 Increasing Identity Related Threats to Drive Market Growth
4.2 Market, by Identity Type, 2022-2027
Figure 5 Non-Biometrics Identity to Hold Larger Market Share in 2022
4.3 Market, by End-user, 2022-2027
Figure 6 Enterprise Segment to Account for Larger Market Share in 2022
4.4 Market Investment Scenario, by Region
Figure 7 Europe to Emerge as Best Market for Investments in Next Five Years
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
Figure 8 Drivers, Restraints, Opportunities, and Challenges: Decentralized Identity Market
5.2.1 Drivers
5.2.1.1 Rising Instances of Security Breaches and Identity Related Fraud
5.2.1.2 End-User Advantage of Retaining Full Control Over Use of Identities
5.2.1.3 Inefficiency of Existing Identity Management Practices
5.2.2 Restraints
5.2.2.1 Uncertain Regulatory Status and Lack of Common Set of Standards
5.2.3 Opportunities
5.2.3.1 Extensive Applications of Blockchain Identity Solutions in Banking, Cybersecurity and IoT
5.2.3.2 Emergence and Increasing Adoption of Ssis
5.2.4 Challenges
5.2.4.1 Lack of Technical Knowledge and Understanding of Blockchain Concept
5.3 Value Chain
Figure 9 Decentralized Identity Market Value Chain
5.4 Ecosystem: Decentralized Identity
5.5 Technology Analysis
5.5.1 Artificial Intelligence
5.5.2 Blockchain
5.5.3 Types of Blockchain Technology
5.5.3.1 Private Blockchain
5.5.3.2 Public Blockchain
5.6 Patent Analysis
Figure 10 Market: Patent Analysis
5.7 Trends and Disruptions Impacting Customers
Figure 11 Market: Trends and Disruptions Impacting Customers
5.8 Porter’S Five Forces Analysis
Figure 12 Porters Five Forces Model for Decentralized Identity Market
Table 4 Porters Five Forces Impact on Market
5.8.1 Threat of New Entrants
5.8.2 Threat of Substitutes
5.8.3 Bargaining Power of Suppliers
5.8.4 Bargaining Power of Buyers
5.8.5 Degree of Competition
5.9 Tariff and Regulatory Landscape
5.9.1 Regulatory Bodies, Government Agencies and Other Organizations
Table 5 North America: Regulatory Bodies, Government Agencies and Other Organizations
Table 6 Europe: Regulatory Bodies, Government Agencies and Other Organizations
Table 7 Asia-Pacific: Regulatory Bodies, Government Agencies and Other Organizations
5.9.2 Payment Card Industry-Data Security Standard (Pci-Dss)
5.9.3 Health Insurance Portability and Accountability Act (Hipaa)
5.9.4 Know Your Customer (Kyc)
5.9.5 Anti-Money Laundering
5.10 Use Cases
5.10.1 Use Case: Bloksec
5.10.2 Use Case: Digital Permanent Resident Card
5.10.3 Use Case: Public Authority Identity Credentials
5.11 Key Conferences & Events in 2022-2023
Table 8 Market: Conferences & Events
6 Decentralized Identity Market, by Identity Type
6.1 Introduction
Figure 13 Non-Biometrics to Account for Larger Market Size During Forecast Period
Table 9 Ty Market, by Identity Type, 2019-2027 (USD Million)
6.2 Non-Biometrics
6.2.1 Non-Biometrics: Market Drivers
Table 10 Non-Biometrics Decentralized Identity Market Size, by Region, 2019-2027 (USD Million)
6.3 Biometrics
6.3.1 Biometrics: Market Drivers
Table 11 Biometrics Market Size, by Region, 2019-2027 (USD Million)
7 Decentralized Identity Market, by End-user
7.1 Introduction
Figure 14 Enterprise Segment to Record Higher CAGR During Forecast Period
Table 12 Market, by End-user, 2019-2027 (USD Million)
7.2 Individual
7.2.1 Individual: Market Drivers
Table 13 Market: Individual, by Region, 2019-2027 (USD Million)
7.3 Enterprise
7.3.1 Enterprise: Market Drivers
Table 14 Market: Enterprise, by Region, 2019-2027 (USD Million)
8 Decentralized Identity Market, by Organization Size
8.1 Introduction
Figure 15 SMEs to Record Higher CAGR During Forecast Period
Table 15 Market Size, by Organization Size, 2019-2027 (USD Million)
8.2 Large Enterprises
8.2.1 Large Enterprises: Market Drivers
Table 16 Large Enterprises Market Size, by Region, 2019-2027 (USD Million)
8.3 SMEs
8.3.1 SMEs: Market Drivers
Table 17 SMEs Market Size, by Region, 2019-2027 (USD Million)
9 Decentralized Identity Market, by Vertical
9.1 Introduction
Figure 16 Real Estate to Record Highest CAGR During Forecast Period
Table 18 Market Size, by Verticals, 2019-2027 (USD Million)
9.2 Bfsi
9.2.1 Bfsi: Market Drivers
Table 19 Bfsi Market Size, by Region, 2019-2027 (USD Million)
9.3 Government
9.3.1 Government: Market Drivers
Table 20 Government Market Size, by Region, 2019-2027 (USD Million)
9.4 Healthcare and Life Sciences
9.4.1 Healthcare and Life Sciences: Market Drivers
Table 21 Healthcare and Life Sciences Market Size, by Region, 2019-2027 (USD Million)
9.5 Telecom and It
9.5.1 Telecom and It: Market Drivers
Table 22 Telecom and It Market Size, by Region, 2019-2027 (USD Million)
9.6 Retail and E-Commerce
9.6.1 Retail and E-Commerce: Decentralized Identity Market Drivers
Table 23 Retail and E-Commerce Market Size, by Region, 2019-2027 (USD Million)
9.7 Transport and Logistics
9.7.1 Transport and Logistics: Market Drivers
Table 24 Transport and Logistics Market Size, by Region, 2019-2027 (USD Million)
9.8 Real Estate
9.8.1 Real Estate: Market Drivers
Table 25 Real Estate Market Size, by Region, 2019-2027 (USD Million)
9.9 Media and Entertainment
9.9.1 Media and Entertainment: Market Drivers
Table 26 Media and Entertainment Market Size, by Region, 2019-2027 (USD Million)
9.10 Others
Table 27 Others Market Size, by Region, 2019-2027 (USD Million)
10 Decentralized Identity Market by Region
10.1 Introduction
Figure 17 Asia-Pacific to Record Highest CAGR During Forecast Period
Table 28 Market Size, by Region, 2019-2027 (USD Million)
10.2 North America
10.2.1 North America: Market Drivers
10.2.2 North America: Regulatory Landscape
Figure 18 North America: Market Snapshot
Table 29 North America: Market Size, by Identity Type, 2019-2027 (USD Million)
Table 30 North America: Market Size, by End-user, 2019-2027 (USD Million)
Table 31 North America: Market Size, by Organization Size, 2019-2027 (USD Million)
Table 32 North America: Market Size, by Vertical, 2019-2027 (USD Million)
10.3 Europe
10.3.1 Europe: Decentralized Identity Market Drivers
10.3.2 Europe: Regulatory Landscape
Table 33 Europe: Market Size, by Identity Type, 2019-2027 (USD Million)
Table 34 Europe: Market Size, by End-user, 2019-2027 (USD Million)
Table 35 Europe: Market Size, by Organization Size, 2019-2027 (USD Million)
Table 36 Europe: Market Size, by Vertical, 2019-2027 (USD Million)
10.4 Asia-Pacific
10.4.1 Asia-Pacific: Decentralized Identity Market Drivers
10.4.2 Asia-Pacific: Regulatory Landscape
Figure 19 Asia-Pacific: Market Snapshot
Table 37 Asia-Pacific: Market Size, by Identity Type, 2019-2027 (USD Million)
Table 38 Asia-Pacific: Market Size, by End-user, 2019-2027 (USD Million)
Table 39 Asia-Pacific: Market Size, by Organization Size, 2019-2027 (USD Million)
Table 40 Asia-Pacific: Market Size, by Vertical, 2019-2027 (USD Million)
10.5 Middle East & Africa
10.5.1 Middle East & Africa: Decentralized Identity Market Drivers
10.5.2 Middle East & Africa: Regulatory Landscape
Table 41 Middle East & Africa: Market Size, by Identity Type, 2019-2027 (USD Million)
Table 42 Middle East & Africa: Market Size, by End-user, 2019-2027 (USD Million)
Table 43 Middle East & Africa: Market Size, by Organization Size, 2019-2027 (USD Million)
Table 44 Middle East & Africa: Market Size, by Vertical, 2019-2027 (USD Million)
10.6 Latin America
10.6.1 Latin America: Decentralized Identity Market Drivers
10.6.2 Latin America: Regulatory Landscape
Table 45 Latin America: Market Size, by Identity Type, 2019-2027 (USD Million)
Table 46 Latin America: Market Size, by End-user, 2019-2027 (USD Million)
Table 47 Latin America: Market Size, by Organization Size, 2019-2027 (USD Million)
Table 48 Latin America: Market Size, by Vertical, 2019-2027 (USD Million)
11 Competitive Landscape
11.1 Overview
11.2 Market Evaluation Framework
Figure 20 Decentralized Identity Market Evaluation Framework
11.3 Revenue Analysis of Leading Players
Figure 21 Market: Revenue Analysis
11.4 Company Evaluation Matrix
11.4.1 Company Evaluation Matrix Definitions and Methodology
Table 49 Evaluation Criteria
11.5 Competitive Leadership Mapping
11.5.1 Stars
11.5.2 Emerging Leaders
11.5.3 Pervasive Players
11.5.4 Participants
Figure 22 Decentralized Identity Market (Global), Competitive Leadership Mapping of Key Players, 2021
11.6 Company Product Footprint Analysis
Table 50 Company Product Footprint
Table 51 Company Component Footprint
Table 52 Company Vertical Footprint
Table 53 Company Region Footprint
11.7 Competitive Leadership Mapping for Start-Ups
11.7.1 Progressive Companies
11.7.2 Responsive Companies
11.7.3 Dynamic Companies
11.7.4 Starting Blocks
Figure 23 Decentralized Identity Market (Global), Competitive Leadership Mapping of Start-Ups, 2021
11.8 Competitive Benchmarking for Start-Ups
11.8.1 Decentralized Identity: Start-Ups/Smes
11.8.2 Decentralized Identity: Competitive Benchmarking of Start-Ups/SMEs
12 Company Profiles
12.1 Introduction
12.2 Key Players
(Business Overview, Products/Solutions/Services Offered, Recent Developments, Analyst's View)*
12.2.1 Microsoft
Table 54 Microsoft: Business Overview
Figure 24 Microsoft: Company Snapshot
Table 55 Microsoft: Solutions Offered
Table 56 Microsoft: Product Launches and Enhancements
Table 57 Ibm: Deals
12.2.2 Accenture
Table 58 Accenture: Business Overview
Figure 25 Accenture: Company Snapshot
Table 59 Accenture: Solutions Offered
Table 60 Accenture: Deals
12.2.3 Persistent
Table 61 Persistent: Business Overview
Figure 26 Persistent: Company Snapshot
Table 62 Persistent: Solutions Offered
Table 63 Persistent: Deals
12.2.4 Wipro
Table 64 Wipro: Business Overview
Figure 27 Wipro: Company Snapshot
Table 65 Wipro: Solutions Offered
Table 66 Wipro: Deals
12.2.5 Securekey Technologies
Table 67 Securekey Technologies: Business Overview
Table 68 Securekey Technologies: Solutions Offered
Table 69 Securekey Technologies: Product Launches
Table 70 Securekey Technologies: Deals
12.2.6 R3
Table 71 R3: Business Overview
Table 72 R3: Solutions Offered
Table 73 R3: Product Launches
Table 74 R3: Deals
12.2.7 Avast
Table 75 Avast: Business Overview
Figure 28 Avast: Company Snapshot
Table 76 Avast: Solutions Offered
Table 77 Avast: Deals
12.2.8 Validated Id
Table 78 Validated Id: Business Overview
Table 79 Validated Id: Solutions Offered
12.2.9 Serto
Table 80 Serto: Business Overview
Table 81 Serto: Solutions Offered
Table 82 Serto: Product Launches
Table 83 Serto: Deals
12.2.10 Ping Identity
Table 84 Ping Identity: Business Overview
Figure 29 Ping Identity: Company Snapshot
Table 85 Ping Identity: Solutions Offered
Table 86 Ping Identity: Product Launches
Table 87 Ping Identity: Deals
12.2.11 Nuid
12.2.12 Dragonchain
12.2.13 Nuggets
12.2.14 Finema
12.2.15 Datarella
12.2.16 Civic Technologies
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, Analyst's View Might Not be Captured in Case of Unlisted Companies.
12.3 Startup/SME
12.3.1 1Kosmos
12.3.2 Affinidi
12.3.3 Hu-Manity
12.3.4 Selfkey
13 Adjacent/Related Markets
13.1 Introduction
13.2 Digital Identity Solutions Market
13.2.1 Market Definition
Table 88 Digital Identity Solutions Market Size, by Component, 2016-2020 (USD Million)
Table 89 Digital Identity Solutions Market Size, by Component, 2021-2026 (USD Million)
Table 90 Digital Identity Solutions Subsegment Market Size, by Solution, 2016-2020 (USD Million)
Table 91 Digital Identity Solutions Subsegment Market Size, by Solution, 2021-2026 (USD Million)
Table 92 Digital Identity Solutions Market Size, by Solution Type, 2016-2020 (USD Million)
Table 93 Digital Identity Solutions Market Size, by Solution Type, 2021-2026 (USD Million)
Table 94 Digital Identity Solutions Market Size, by Authentication Type, 2016-2020 (USD Million)
Table 95 Digital Identity Solutions Market Size, by Authentication Type, 2021-2026 (USD Million)
Table 96 Digital Identity Solutions Market Size, by Vertical, 2016-2020 (USD Million)
Table 97 Digital Identity Solutions Market Size, by Vertical, 2021-2026 (USD Million)
Table 98 Digital Identity Solutions Market Size, by Region, 2016-2020 (USD Million)
Table 99 Digital Identity Solutions Market Size, by Region, 2021-2026 (USD Million)
13.3 Blockchain Identity Management Market
13.3.1 Market Definition
Table 100 Blockchain Identity Management Market Size, by Provider, 2016-2023 (USD Million)
Table 101 Blockchain Identity Management Market Size, by Organization Size, 2016-2023 (USD Million)
Table 102 Blockchain Identity Management Market Size, by Vertical, 2016-2023 (USD Million)
Table 103 Blockchain Identity Management Market Size, by Region, 2016-2023 (USD Million)
13.4 Identity Verification Market
13.4.1 Market Definition
Table 104 Identity Verification Market Size, by Component, 2015-2020 (USD Million)
Table 105 Identity Verification Market Size, by Component, 2020-2026 (USD Million)
Table 106 Identity Verification Market Size, by Type, 2015-2020 (USD Million)
Table 107 Identity Verification Market Size, by Type, 2020-2026 (USD Million)
Table 108 Identity Verification Market Size, by Vertical, 2015-2020 (USD Million)
Table 109 Identity Verification Market Size, by Vertical, 2020-2026 (USD Million)
Table 110 Identity Verification Market Size, by Region, 2015-2020 (USD Million)
Table 111 Identity Verification Market Size, by Region, 2020-2026 (USD Million)
14 Appendix
14.1 Discussion Guide
Companies Mentioned
- 1Kosmos
- Accenture
- Affinidi
- Avast
- Civic Technologies
- Datarella
- Dragonchain
- Finema
- Hu-Manity
- Microsoft
- Nuggets
- Nuid
- Persistent
- Ping Identity
- R3
- Securekey Technologies
- Selfkey
- Serto
- Validated ID
- Wipro
Methodology
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 147 |
| Published | June 2022 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value ( USD | $ 285 Million |
| Forecasted Market Value ( USD | $ 6822 Million |
| Compound Annual Growth Rate | 88.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 20 |
