Global Decentralized Identity Market By Identity Type (Self-Sovereign Identity, Verifiable Credentials, Decentralized Identifiers, Decentralized Authentication), By Application (Identity Verification, Access Management, Data Privacy & Consent Management, Credential Management, Identity-Based Payments, Supply Chain Transparency), & By Geographic Scope And Forecast
Report ID: 350373|No. of Pages: 202
Global Decentralized Identity Market By Identity Type (Self-Sovereign Identity, Verifiable Credentials, Decentralized Identifiers, Decentralized Authentication), By Application (Identity Verification, Access Management, Data Privacy & Consent Management, Credential Management, Identity-Based Payments, Supply Chain Transparency), & By Geographic Scope And Forecast
Decentralized Identity Market Size And Forecast
Decentralized Identity Market size was estimated at USD 1.52 Billion in 2024 and is projected to reach USD 39.71 Billion by 2031, growing at a CAGR of 58.74% from 2024 to 2031.
- Decentralized identity is a system that enables people to maintain and govern their digital identity without relying on a single authority. This solution uses distributed ledger technology, such as blockchain, to securely and privately store identity-related information, allowing users to selectively disclose selected qualities without revealing their entire identity.
- Decentralized identity has applications in a variety of industries, including healthcare, where it can streamline credential verification for job applicants; government services, allowing for faster and more secure access to benefits; and education, which allows institutions to issue and verify degrees efficiently while protecting student privacy. This model improves security, lowers the chance of identity theft, and gives individuals better control over their personal information.
Global Decentralized Identity Market Dynamics
The key market dynamics that are shaping the decentralized identity market include:
Key Market Drivers
- Increasing Digital Identity Fraud and Data Breaches: The growing number of identity thefts and data breaches is driving the use of decentralized identity solutions. According to the Identity Theft Resource Center’s 2021 Annual Data Breach Report, there were 1,862 data breaches in 2021, which is above both 2020’s total of 1,108 and the previous high of 1,506 set in 2017. According to the report, the number of data compromise victims increased by 68% between 2020 and 2021. This rising danger scenario is driving enterprises and people to seek more secure identity management solutions, boosting the decentralized identity market.
- Growing Adoption of Blockchain Technology: The increasing use of blockchain technology in numerous areas is a crucial driver of the decentralized identity market. Gartner predicts that the commercial value contributed by blockchain will exceed $176 billion by 2025 and $3.1 trillion by 2030. This rapid development in blockchain adoption lays a solid foundation for decentralized identity solutions, as blockchain is a crucial enabling technology for these systems.
- Stringent Data Protection Regulations: The introduction of rigorous data protection legislation around the world is increasing the demand for decentralized identity solutions that provide greater privacy and user control. The European Union’s General Data Protection Regulation (GDPR) has served as a watershed moment in this regard. According to the European Commission’s June 2021 report, two years after GDPR’s adoption, 69% of the EU’s population aged 16 and up has heard of it, and 71% is aware of at least part of their new GDPR rights. Increased awareness and regulatory pressure are leading enterprises to use decentralized identity systems that comply with privacy-focused policies.
Key Challenges
- Lack of Standardization and Interoperability: Standardization around technical protocols and data formats is crucial for seamless interaction between different DID systems. Without it, fragmented solutions emerge, limiting scalability and hindering widespread use.
- Uncertain Regulatory Landscape: Regulatory frameworks for DID technologies are still evolving. This ambiguity creates uncertainty for businesses hesitant to invest in solutions without clear legal guidelines regarding data ownership, privacy, and liability.
- User Adoption and Education: For the DID market to thrive, widespread user adoption is essential. However, educating the public about the benefits and complexities of DID systems remains a hurdle. Building user trust and understanding requires ongoing efforts to raise awareness and demonstrate the value proposition of decentralized identity.
Key Trends
- Shift Towards User-Centric Identity Management: Traditional identity management systems concentrate control with centralized authorities. The decentralized identity market is driven by a growing trend towards user-centric models. This means individuals are empowered to own and manage their digital identities, granting them greater control over what information is shared and with whom.
- Integration with Blockchain Technology: Decentralized identity solutions are increasingly leveraging blockchain technology. Blockchain’s core features, such as immutability and transparency, are seen as ideal for securely storing and verifying identity data. This integration fosters trust in the system and reduces the risk of data breaches.
- Emerging Standards and Interoperability: The decentralized identity market is witnessing the development of standardized protocols and frameworks. These standards aim to ensure interoperability between different DID solutions, allowing users to seamlessly utilize their identities across various platforms and services. This fosters wider adoption and a more robust market ecosystem.
- Expansion Beyond Early Adopters: While currently concentrated in sectors like finance and healthcare, the decentralized identity market is expected to see broader adoption across industries. As the technology matures and benefits become more evident, various sectors are likely to integrate DID solutions to streamline processes and enhance security. This expansion signifies a significant growth trajectory for the market.
What's inside a VMR
industry report?
Our reports include actionable data and forward-looking analysis that help you craft pitches, create business plans, build presentations and write proposals.
>>> Ask For Discount @ – https://www.verifiedmarketresearch.com/ask-for-discount/?rid=350373
Global Decentralized Identity Market Regional Analysis
Here is a more detailed regional analysis of the decentralized identity market:
North America
- North America is estimated to dominate the decentralized identity market during the forecast period. North America, particularly the United States, is home to multiple technology behemoths and startups at the cutting edge of blockchain and decentralized identity technologies. According to PitchBook, venture capital investment in US blockchain businesses reached USD 25.2 Billion in 2021, up 718% from 2020. The concentration of tech talent and investment in this region fosters innovation and acceptance of decentralized identity solutions, which contributes to North America’s market leadership.
- Furthermore, North American governments are rapidly understanding the significance of digital identity and enacting appropriate policies. For example, the United States government approved the NIST Special Publication 800-63-3 on Digital Identity Guidelines. Additionally, Canada has made progress with its Pan-Canadian Trust Framework. According to the Digital ID & Authentication Council of Canada (DIACC), 70% of Canadians want governments and the corporate sector to work together on a common digital identity framework. These government-backed initiatives are propelling the decentralized identity market in North America.
Europe
- Europe region is estimated to exhibit substantial growth within the market during the forecast period. Europe’s digital economy is quickly growing, demanding strong and interoperable identity solutions. According to Eurostat, in 2021, 73% of EU internet users aged 16 to 74 purchased or ordered products or services online for personal use. According to the European Commission’s Digital Economy and Society Index (DESI) 2022, 55% of European firms use cloud technologies, up from 36% in 2020. This digital change is increasing the demand for safe, user-centric identity solutions across borders, hence expanding the decentralized identity market.
- Furthermore, many European countries are adopting national digital identity schemes, laying the groundwork for decentralized identity solutions. For example, the European Union’s eIDAS (electronic IDentification, Authentication, and Trust Services) policy is being revised to eIDAS 2.0, to provide digital identity wallets to 80% of EU citizens by 2030. According to a European Commission survey, 72% of Europeans want to use a European digital identity wallet. These government-backed initiatives are providing a favorable climate for the expansion of decentralized identity systems across Europe.
Global Decentralized Identity Market: Segmentation Analysis
The Decentralized Identity Market is Segmented Based on Identity Type, Application, and Geography.
Decentralized Identity Market, By Identity Type
- Self-Sovereign Identity
- Verifiable Credentials
- Decentralized Identifiers
- Decentralized Authentication
Based on Identity Type, the market is segmented into Self-Sovereign Identity, Verifiable Credentials, Decentralized Identifiers, and Decentralized Authentication. The self-sovereign identity segment is estimated to hold the largest market share, due to the growing emphasis on user control over personal data and enhanced privacy. Regulatory support and technological advancements have further accelerated its growth.
Decentralized Identity Market, By Application
- Identity Verification
- Access Management
- Data Privacy & Consent Management
- Credential Management
- Identity-Based Payments
- Supply Chain Transparency
Based on Application, the market is bifurcated into Identity Verification, Access Management, Data Privacy & Consent Management, Credential Management, Identity-Based Payments, and Supply Chain Transparency. The identity verification segment is estimated to hold the largest market share. This is driven by the increasing demand for secure and reliable methods to confirm identities in various sectors. Additionally, compliance with regulatory requirements has further boosted its adoption.
Decentralized Identity Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
Based on Geography, the decentralized identity market is classified into North America, Europe, Asia Pacific, and the Rest of the World. North America holds the highest market share. This region is believed to hold the highest market share due to a combination of factors, including a large tech-savvy population concerned about data privacy, a mature regulatory environment, and a strong presence of industries that can significantly benefit from DID solutions.
Key Players
The “Decentralized Identity Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Microsoft Corporation, Accenture plc, Wipro Limited and Subsidiaries, Secure Technologies, Inc., Persistent Systems Limited, Avast Software SRO, Civic Technologies, Inc., R3, Validated ID, SL, Dragonchain, Nuggets, and 1Kosmos, Inc.
Our market analysis includes a section specifically devoted to such major players, where our analysts give an overview of each player’s financial statements, product benchmarking, and SWOT analysis. The competitive landscape section also includes key development strategies, market share analysis, and market positioning analysis of the players above globally.
Decentralized Identity Market Recent Developments
- In January 2023, Quadrata, a Web3 identity solution, was focused on enhancing compliance and reputation within public blockchains and established partnerships with nine prominent DeFi protocols, including Archblock, TrueFi, BSOS, Cred Protocol, and Frigg. Eco, Chelo Finance, Chee Finance, CR Square, and SPACE. Through Quadrata’s passport network, robust identity verification services were made available to users of each protocol, ensuring a crucial layer of safety and security for their activities. This collaboration reinforced the commitment of Quadrata and the partnered protocols to prioritize user protection and establish a trusted ecosystem within the decentralized finance space.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| BASE YEAR | 2024 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2021-2023 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Microsoft Corporation, Accenture plc Wipro Limited and Subsidiaries, Secure Technologies, Inc., Persistent Systems Limited, Avast Software SRO, Civic Technologies, Inc., R3, Validated ID, SL, Dragonchain, Nuggets, and 1Kosmos, Inc. |
| SEGMENTS COVERED |
|
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
Frequently Asked Questions
1 INTRODUCTION OF GLOBAL DECENTRALIZED IDENTITY MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
3.5 Market attractiveness
4 GLOBAL DECENTRALIZED IDENTITY MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL DECENTRALIZED IDENTITY MARKET, BY IDENTITY TYPE
5.1 Overview
5.2 Biometric
5.3 Non-biometric
6 GLOBAL DECENTRALIZED IDENTITY MARKET, BY END USER
6.2 Overview
6.2 Individual
6.3 Enterprises
7 GLOBAL DECENTRALIZED IDENTITY MARKET, BY VERTICAL
7.1 Overview
7.2 BFSI
7.3 Retail
7.4 IT & Telecom
7.5 Healthcare
7.6 Government
7.7 Others
8 GLOBAL DECENTRALIZED IDENTITY MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East and Africa
9 GLOBAL DECENTRALIZED IDENTITY MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
9.4 ACE Matrix
10 COMPANY PROFILES
10.1 Microsoft Corporation
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 Accenture plc
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 Wipro Limited
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 SecureKey Technologies Inc.
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 Persistent Systems Limited
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 Avast Software s.r.o.
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Development
10.7 Civic Technologies, Inc.
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 Validated ID, SL
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Development
10.9 Dragonchain
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
11 KEY DEVELOPMENTS
11.1 Product Launches/Developments
11.2 Mergers and Acquisitions
11.3 Business Expansions
11.4 Partnerships and Collaborations
12 Appendix
12.1 Related Research
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
|
|
| Demand side |
|
|
Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
| Qualitative analysis | Quantitative analysis |
|---|---|
|
|
