According to the report by Expert Market Research (EMR), the global decentralized identity market size reached a value of USD 548.39 million in 2023. Aided by the increasing need for privacy, security, and user control in digital interactions, the market is projected to further grow at a CAGR of 89.10% between 2024 and 2032 to reach a value of USD 1,69,556.03 million by 2032.
Decentralized identity, also known as self-sovereign identity, is a digital identity model that allows individuals to own, control, and present their identity information through secure, encrypted channels, without relying on centralized authorities or intermediaries. By leveraging blockchain technology and cryptographic principles, decentralized identity systems enable users to create and manage their digital identities, share specific identity attributes for verification purposes, and ensure the integrity and privacy of their personal information.
The decentralized identity market growth is fuelled by several critical factors. Firstly, the growing concern over data privacy and the risk of identity theft in the digital realm highlights the limitations of current centralized identity management systems. Decentralized identity offers a solution by putting control back in the hands of users, allowing them to share only the necessary information with verifiers, thus minimising data exposure and enhancing privacy.
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According to the decentralized identity market analysis, the rise of the digital economy and the increasing online interactions necessitate a more secure and reliable method of identity verification. Decentralized identity, with its inherent security features and resistance to fraud, provides a robust foundation for trust in digital transactions. It facilitates seamless access to services and applications, streamlining user experiences while ensuring compliance with data protection regulations.
The potential applications of decentralized identity are vast and varied, spanning sectors such as finance, healthcare, education, and government services. In finance, it can simplify the Know Your Customer (KYC) processes, reduce fraud, and enhance customer onboarding experiences. Healthcare organisations can leverage decentralized identity for secure patient data sharing and management, improving care coordination and patient privacy. Similarly, in education and government services, it can streamline access to services, verify credentials, and foster transparency and accountability.
Looking ahead, the future of decentralized identity is bright, with significant opportunities for innovation and impact. As technology advances and awareness grows, decentralized identity is set to become a key enabler of digital trust and privacy, thereby influencing the global decentralized identity market outlook. It promises to empower individuals with control over their identity and personal data, fostering a more secure, inclusive, and user-centric digital landscape.
Decentralized Identity Market Segmentation
The market can be divided based on identity type, enterprise size, application, end use, and region.
Market Breakup by Identity Type
- Biometric
- Non-biometric
Market Breakup by Enterprise Size
- Large Enterprises
- Small and Medium Enterprise
Market Breakup by Application
- Individual
- Enterprises
Market Breakup by End Use
- BFSI
- Government
- Healthcare
- Media and Entertainment
- Manufacturing
- Retail and E-commerce
- IT and Telecom
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Decentralized Identity Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global decentralized identity market. Some of the major players explored in the report by Expert Market Research are as follows:
- Microsoft Corporation
- Wipro Limited
- Civic Technologies, Inc.
- Validated ID, SL
- Dragonchain
- Nuggets Ltd.
- Ping Identity Corp.
- Finema Co., Ltd.
- Datarella GmbH
- NuID, Inc.
- Others
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