Decentralized Identity Market

Market Overview:

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. 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 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:

IMARC Group 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 2024-2032. Our report has categorized the market based on type, enterprise size, and vertical.

Type Insights

• Non-Biometric
• Biometric
   

The report has provided a detailed breakup and analysis of the decentralized identity market based on the type. This includes non-biometric and biometric. According to the report, biometric represented the largest segment.

Enterprise size Insights

• Large Enterprises
• Small and Medium-sized Enterprises
   

The report has provided a detailed breakup and analysis of the decentralized identity market based on the enterprise size. This includes large enterprises and small and medium-sized enterprises. According to the report, large enterprises represented the largest segment.

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
   

A detailed breakup and analysis of the decentralized identity market based on the vertical has also been provided in the report. This includes BFSI, government, healthcare and life sciences, telecom and IT, retail and e-commerce, transport and logistics, real estate, media and entertainment, travel and hospitality and others. According to the report, BFSI accounted for the largest market share.

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
   

The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa. According to the report, North America was the largest market for decentralized identity. Some of the factors driving the North America decentralized identity market include rapid digitalization, continual technological advancements in blockchain systems, extensive research and development activities, etc.

Competitive Landscape

The report has also provided a comprehensive analysis of the competitive landscape in the global decentralized identity market. Detailed profiles of all major companies have also been provided. Some of the companies covered include 1Kosmos Inc, Avast Software s.r.o., Dragonchain, Finema Co. Ltd, Microsoft Corporation, Nuggets, Serto, Validated ID SL, Wipro Limited, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

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?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the decentralized identity market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global decentralized identity market.
• The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the decentralized identity industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.