According to the report published by Allied Market Research, the global decentralized identity market generated $156.8 million in 2021, and is projected to reach $77.8 billion by 2031, growing at a CAGR of 87.9% from 2022 to 2031.
Rapid incidences of cybersecurity problems and other fraudulent activities in the banking sector, rapid adoption of mobile device applications and platforms, and rise in applications of blockchain identity solutions in banks are expected to drive the growth of the global decentralized identity market. Rapid and remarkable advancements in decentralized identity technologies and growing online consumers’ fears about their identity security during the pandemic had a positive impact on the growth of the market.
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The report offers detailed segmentation of the global decentralized identity market based on type, enterprise size, end-user, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest-growing segments and highest revenue generation that is mentioned in the report.
Based on type, the biometrics segment held the dominating market share in 2021, holding more than two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The non-biometrics segment, on the other hand, is expected to cite the fastest CAGR of 91.3% during the forecast period.
Based on enterprise size, the large enterprises segment held the largest market share in 2021, holding nearly four-fifths of the global decentralized identity industry, and is expected to maintain its leadership status during the forecast period. The SMEs segment, on the other hand, is expected to cite the fastest CAGR of 92.5% during the forecast period.
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Based on end-user, the enterprises segment held the largest market share in 2021, holding more than four-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The individual segment, on the other hand, is expected to cite the fastest CAGR of 95.1% during the forecast period.
Based on region, the market across North America held the largest market share in 2021, holding more than two-fifths of the global market. The Asia-Pacific region, on the other hand, is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 96.0% during the forecast period.
The key players analyzed in the global decentralized identity market report include 1Kosmos, Accenture, Avast, Civic Technologies, DragonChain, Finema, Hu-manity co., Microsoft Corporation, Nuggets, NuID, Persistent Ltd., Ping Identity, R3, SecureKey Technologies, Serto, ValidatedID, and Wipro Corporation.
The report analyzes these key players in the global decentralized identity market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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COVID-19 Scenario:
- The COVID-19 pandemic had a positive impact on the growth of the global decentralized identity market.
- This is mainly due to the surge in the need to maximize the digital ecosystem among people around the world. Increase in fraudulent activities and cybercrime resulted in consumers’ fears about their identity security.
- This created demand for various digital security of data as well as people in the market. Decentralized identity is important for confirming user identities and securely storing them.
- In addition, more and more enterprises around the world are increasingly taking significant efforts to implement decentralized identification systems. These factors are further expected to ample opportunities for the industry in the coming years.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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