The global decentralized identity market size reached US$ 685.8 million in 2023. The market is projected to reach US$ 82,605.9 million by 2032, exhibiting a growth rate (CAGR) of 70.3% during 2023-2032. The rising concerns for more control and ownership over personal data, increasing adoption of industrial applications based on blockchain identity, and the rapid digitalization represent some of the key factors driving the market.
Decentralized identity is a system where individuals have complete control over their personal information, stored in a secure and decentralized manner. Decentralized identity systems are based on blockchain technology and are designed to provide individuals with privacy, security, and control over their data. This data is stored on a decentralized network, making it more secure and resistant to data breaches and unauthorized access. Instead of relying on a centralized authority such as the government or a corporation to store and manage the identity data, individuals can work and share their data with the knowledge of where and how it is used. Decentralized identity thereby empowers the individuals to make informed decisions about their digital identity. Decentralized identity has numerous advantages over traditional centralized identity systems, such as eliminating data breach risks, preventing unauthorized access to sensitive information, and enhancing privacy and security.
Decentralized identity is a system where individuals have complete control over their personal information, stored in a secure and decentralized manner. Decentralized identity systems are based on blockchain technology and are designed to provide individuals with privacy, security, and control over their data. This data is stored on a decentralized network, making it more secure and resistant to data breaches and unauthorized access. Instead of relying on a centralized authority such as the government or a corporation to store and manage the identity data, individuals can work and share their data with the knowledge of where and how it is used. Decentralized identity thereby empowers the individuals to make informed decisions about their digital identity. Decentralized identity has numerous advantages over traditional centralized identity systems, such as eliminating data breach risks, preventing unauthorized access to sensitive information, and enhancing privacy and security.
Decentralized Identity Market Trends
The rising concerns for more control and ownership over personal data among the individuals is a significant factor contributing to the market. This can be attributed to the growing amount of personal data being collected and stored by organizations resulting in an augmented need for protection of personal data. Also, the increasing volume of personal information being shared online, that is susceptible to cyberattacks and breaches when involving intermediaries is resulting in a higher uptake of decentralized identity systems. In line with this, the increasing adoption of industrial applications based on blockchain identity is also acting as a major growth-inducing factor. Moreover, rapid digitalization resulting in the widespread adoption of blockchain-based identity management in various end-use industries, including healthcare, consumer goods, manufacturing, and retail is furthering the market. The market is also fueled by the growing integration of blockchain technology in digital identity platforms to leverage the Know Your Customer (KYC) information on interbank ledgers to prevent duplicate KYC. Continual technological advancements in the applications of artificial intelligence (AI), machine learning (ML), and the internet of things (IoT) are further impacting the market positively. Apart from this, favorable government policies and funding initiatives supporting the adoption of decentralized identity systems are creating a positive outlook for the market. Additionally, the growing number of innovative business strategies, such as merger and acquisitions (M&As), and partnerships and collaborations conducted by the key players to enhance their geographical presence, is propelling the market.Key Market Segmentation:
The report provides an analysis of the key trends in each segment of the global decentralized identity market, along with forecasts at the global, regional, and country level from 2023-2032. The report has categorized the market based on type, enterprise size, and vertical.Type Insights
- Non-Biometric
- Biometric
Enterprise size Insights
- Large Enterprises
- Small and Medium-sized Enterprises
Vertical Insights
- BFSI
- Government
- Healthcare and Life Sciences
- Telecom and IT
- Retail and E-Commerce
- Transport and Logistics
- Real Estate
- Media and Entertainment
- Travel and Hospitality
- Others
Regional Insights
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
- Competitive Landscape
Key Questions Answered in This Report:
- How has the global decentralized identity market performed so far and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global decentralized identity market?
- What are the key regional markets?
- Which countries represent the most attractive decentralized identity markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the enterprise size?
- What is the breakup of the market based on the vertical
- What is the competitive structure of the global decentralized identity market?
- Who are the key players/companies in the global decentralized identity market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Decentralized Identity Market
6 Market Breakup by Type
7 Market Breakup by Enterprise Size
8 Market Breakup by Vertical
9 Market Breakup by Region
10 Drivers, Restraints, and Opportunities
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- 1Kosmos Inc
- Avast Software s.r.o.
- Dragonchain
- Finema Co. Ltd
- Microsoft Corporation
- Nuggets
- Serto
- Validated ID SL
- Wipro Limited
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 146 |
| Published | January 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 685.8 Million |
| Forecasted Market Value ( USD | $ 82605 Million |
| Compound Annual Growth Rate | 70.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
