Decentralized Identifiers (DIDs) Technology Global Market Report 2024

Decentralized Identifiers (DIDs) technology refers to a novel form of identifier that enables verifiable, self-sovereign digital identities. DIDs function seamlessly across different domains, systems, and applications, offering a secure and decentralized method for managing identities and credentials.

The primary types of decentralized identifiers (DIDs) technology include biometric and non-biometric variants. Biometric DIDs utilize distinctive biological traits such as fingerprints or facial features to securely authenticate and verify user identities, ensuring a high level of accuracy and reliability in identity verification processes, thereby enhancing security. This technology finds applications across various industries such as banking, financial services, and insurance (BFSI), government, healthcare and life sciences, telecom and IT, retail and e-commerce, transport and logistics, media and entertainment, and others.

The decentralized identifiers (DIDs) technology market research report is one of a series of new reports that provides decentralized identifiers (DIDs) technology market statistics, including decentralized identifiers (DIDs) technology industry global market size, regional shares, competitors with an decentralized identifiers (DIDs) technology market share, detailed decentralized identifiers (DIDs) technology market segments, market trends and opportunities, and any further data you may need to thrive in the decentralized identifiers (DIDs) technology industry. This decentralized identifiers (DIDs) technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The decentralized identifiers (DIDs) technology market size has grown exponentially in recent years. It will grow from $0.57 billion in 2023 to $1.07 billion in 2024 at a compound annual growth rate (CAGR) of 86.6%. The expansion during the historic period can be attributed to various factors such as security concerns and data breaches, cyber threats, inadequate cybersecurity measures, human error, supply chain vulnerabilities, a lack of regulatory compliance, and a growing demand for identity and authentication solutions.

The decentralized identifiers (DIDs) technology market size is expected to see exponential growth in the next few years. It will grow to $12.98 billion in 2028 at a compound annual growth rate (CAGR) of 86.7%. The growth in the forecast period can be attributed to several factors, including the increasing adoption of decentralized technologies, concerns about privacy and data ownership, regulatory mandates for data protection, technological advancements in identity management, the rise of decentralized finance (DeFi), the integration of Decentralized Identifiers (DID) with Internet of Things (IoT) devices, and collaboration among industry players for standardization and interoperability. Major trends in this period include advancements in blockchain and distributed ledger technology, the emergence of self-sovereign identity (SSI) solutions, the implementation of zero-knowledge proof techniques, the adoption of decentralized authentication methods, the use of biometric authentication for identity verification, the integration of decentralized identifiers with digital wallets, and the evolution of interoperable identity protocols.

The decentralized identifiers (DIDs) technology market is poised for growth due to increasing concerns about security and data breaches. Security and data breach concerns revolve around safeguarding data, systems, and networks from unauthorized access, use, disclosure, disruption, modification, or destruction. These concerns arise from cyber threats, inadequate cybersecurity measures, human errors, supply chain vulnerabilities, and non-compliance with regulations. DIDs technology addresses these issues by offering tamper-proof, verifiable, and privacy-preserving digital identities, thereby enhancing security against data breaches and cyberattacks. For instance, Check Point reported a 38% increase in global cyberattacks in 2022 compared to 2021, with specific industries experiencing significant attack surges. This underscores the driving force of rising security concerns and data breaches in the DIDs technology market.

Leading companies in the DIDs technology market are leveraging blockchain technology to integrate digital identification and credential verification platforms. These platforms empower users by providing control over personal data, enhancing trust, and improving security in online interactions. Digital identification and credential verification platforms ensure secure and private user information through encrypted storage, interoperable exchanges, and decentralized identity management. For example, Wipro Limited launched Decentralized Identity and Credential Exchange (DICE) ID in February 2023, enabling users to control their personal data through blockchain-based technology. DICE ID facilitates tamper-proof digital credential issuance and verification, allowing users to securely store verified personal information in their identity wallet and share it for various purposes securely.

In March 2022, Avast Software Inc. acquired SecureKey Technologies Inc., expanding its identity product and service portfolio to align with its vision of digital freedom. SecureKey Technologies Inc. offers security authentication technologies and services, including decentralized identifiers (DIDs) technology, contributing to Avast's growth in the identity management sector.

Major companies operating in the decentralized identifiers (DIDs) technology market are Microsoft Corporation, Accenture Plc, International Business Machines Corporation (IBM), Wipro Limited, Avast Software s.r.o., Ping Identity Corporation, ConsenSys AG, R3, Ontology Foundation Ltd., Hyperledger Foundation, EMURGO, Dock Labs AG, World Wide Web Consortium (W3C), SecureKey Technologies, Civic Technologies Inc., Identity.com Technologies Inc., Evernym Inc., Validated ID S.L., BiiLabs Co. Ltd., Verifiable Inc., Factom Inc., Metadium Technologies Inc., Extrimian, SelfKey Foundation, LifeID Inc., Datarella, Trinsic Inc., Sovrin Foundation, Civic Ledger Pty Ltd.

North America was the largest region in the decentralized identifiers (DIDs) technology market in 2023. The regions covered in the decentralized identifiers (DIDs) technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the decentralized identifiers (DIDs) technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The decentralized identifiers (DIDs) technology market consists of revenues earned by entities by providing services such as secure digital identity management, verifiable credentials issuance and verification, decentralized authentication solutions, and privacy-preserving identity transactions. The market value includes the value of related goods sold by the service provider or included within the service offering. The decentralized identifiers (DIDs) technology market also includes sales of digital identity wallets, cryptographic key management tools, decentralized identity platforms, and blockchain-based identity solutions. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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