IMARC Group, a leading market research company, has recently releases report titled “Decentralized Identity Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” The study provides a detailed analysis of the industry, including the global decentralized identity market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the decentralized identity market?
The global decentralized identity market size reached US$ 685.8 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 82,605.9 Million by 2032, exhibiting a growth rate (CAGR) of 68.19% during 2024-2032.
What is Decentralized Identity?
Decentralized identity, also known as self-sovereign identity, allows individuals to have control over their digital identities and personal data without relying on centralized authorities stored in a secure and centralized manner. It utilizes blockchain technology, distributed ledger systems, and cryptographic techniques to provide individuals with secure, private, and interoperable digital identities. Additionally, it offers enhanced privacy, security, and user-centric control, empowering individuals to manage their identity information across various online platforms and services. At present, decentralized identity is extensively applied in government, healthcare, telecom, information technology (IT), retail, media, and entertainment sectors.
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What are the growth prospects and trends in the decentralized identity industry?
The decentralized identity market is primarily driven by the growing concern over data privacy and identity theft. Additionally, decentralized identity solutions offer a secure and privacy-focused alternative by allowing individuals to maintain ownership and control over their personal data contributing to market growth. Also, the integration of decentralized identity technologies, such as verifiable credentials and zero-knowledge proofs, allows efficient and secure identity verification without requiring users to repeatedly provide their personal information, which enhances user convenience and streamlines digital interactions influencing the market growth. Moreover, the proliferation of online services platforms and Internet of Things (IoT) devices and the surging need for robust identity management frameworks that can support secure and trusted interactions between various entities represents another major growth-inducing factor. In line with this, decentralized identity provides a scalable and interoperable solution for identity verification and data sharing across diverse digital environments. Besides this, the adoption of blockchain technology as it provides a tamper-resistant and transparent infrastructure for decentralized identity solutions and ensures the integrity and security of identity-related transactions and interactions, accelerating the product adoption rate.
What is included in market segmentation?
The report has segmented the market into the following categories:
Market Breakup by Type:
- Non-Biometric
- Biometric
Market Breakup by Enterprise size:
- Large Enterprises
- Small and Medium-sized Enterprises
Market Breakup by Vertical:
- 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
Market Breakup by Region:
- 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
Who are the key players operating in the industry?
The report covers the major market players including:
- 1Kosmos Inc
- Avast Software s.r.o.
- Dragonchain
- Finema Co. Ltd
- Microsoft Corporation
- Nuggets
- Serto
- Validated ID SL
- Wipro Limited
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