Decentralized Identifiers Market will reach USD 9,222 million by 2032Booming Worldwide With Leading Key Players -Authenteq Tarbena GmbH, VeriMe, uPort, Civic Technologies, Inc., Cambridge Blockchain Inc, EVERNYM INC., Everest, Datarella GmbH, Nuggets Toke

The decentralized identity market size is projected to grow from USD 245.99 million in 2022 to USD 9,222 million by 2032, at a Compound Annual Growth Rate (CAGR) of 88.7% during the forecast period. The major driving factors contributing to the growth of decentralized identity market include Inefficiency of existing identity management practices, rising instances of security breaches and identity related fraud and end user advantage of retaining full control over use of identities.

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Global Decentralized Identifiers: Top Key Players

Authenteq Tarbena GmbH, VeriMe, uPort, Civic Technologies, Inc., Cambridge Blockchain Inc, EVERNYM INC., Everest, Datarella GmbH, Nuggets Tokens Ltd., ExistenceID, R3, FINEMA CO., LTD., Microsoft Corporation, Blockstack PBC, Bloom Protocol, Jolocom GmbH

This report examines all the key factors influencing growth of global Decentralized Identifiers, including demand-supply scenario, pricing structure, profit margins, production and value chain analysis. Regional assessment of global Decentralized Identifiers unlocks a plethora of untapped opportunities in regional and domestic market places. Detailed company profiling enables users to evaluate company shares analysis, emerging product lines, scope of NPD in new markets, pricing strategies, innovation possibilities and much more.

Product types uploaded in the Decentralized Identifiers are:

Public DID, Pairwise DIDs

Key applications of this report are:

Finance, Government, Healthcare, Housing, Mobility, Others

Opportunity: Extensive applications of blockchain identity solutions in banking
Blockchain identity management technology has great potential in various application areas, such as banking, cybersecurity, and IoT. This technology can revolutionize the world by addressing the various challenges in traditional banking processes, thereby providing uninterrupted banking services. Advantages such as low transaction fees and reduced time of transactions would increase the efficiency and security of business transactions. Since blockchain technology is based on the distributed ledger technology, and the blocks are encrypted using advanced cryptography, the data is less prone to being hacked or changed without authorization. Several pioneers are implementing this technology to create a decentralized network of IoT devices, which would eliminate the need for a central location to handle the communication between devices. Blockchain technology is expected to enable devices to communicate with each other directly, thereby reducing the need for any additional monitoring systems.

Challenge: Lack of technical knowledge and understanding of blockchain concept
Undoubtedly, blockchain is currently one of the most intriguing technologies in the market, but since it is in the nascent stage end-users are still facing some challenges related to technical understanding of the concept. Despite the enormous benefits provided by this technology, and a number of vendors entering this market space in the last few years, the adoption of blockchain identity management solutions is still quite slow. As the adoption and use cases of distributed ledger technology increase in the next few years, there will be a corresponding need to better understand blockchain technology, and for the development of platforms. Since blockchain technology uses cryptographic algorithms running across a vast network of independent computers, technical knowledge about the related techniques is required to explore the benefits of the applications of the blockchain. Challenges related to the legacy infrastructure will be another major obstacle, as the practicality of implementing decentralized cryptosystems falls outside the traditional IT development skill sets.

Based on Verticals, BFSI segment to hold the largest market share during the forecast period
Identity plays a big role in the financial services industry. in order to verify the identity of customers and ensure they are not entangled in illegal activity such as bribery or money laundering, banks and other financial institutions are required to carry out KYC checks. According to Forbes, major banks each spend up to USD 500 million on cybersecurity every year, with USD 25 billion being spent in the US on AML compliance. Outdated KYC processes can be reshaped with decentralized identity by allowing for the effective outsourcing and decentralizing of personal data, while also allowing the owners of the data to maintain full control over their data. The way insurance agencies interact with their customers and provide them greater convenience, personalization, and security when shopping for insurance products can be securely transformed with the help of decentralized or self-sovereign identity. Banks can also offer a digital version of the credit card that is compatible with decentralized identity protocols. Some commercial banks and research institutions are experimenting with DLT-based solutions for trade finance and cross-border remittance solutions. However, it is necessary to expand the scope of decentralized identity solutions to ensure interoperability and standardization in customer-facing processes and risk management practices to reap further benefits.

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Decentralized Identifiers: Regional analysis includes

Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)
Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
North America (the United States, Mexico, and Canada.)
South America (Brazil etc.)
The Middle East and Africa (GCC Countries and Egypt)
Some Points from Table of Contents

Chapter 1 Toll Like Receptor 8 Introduction and Market Overview

Chapter 2 Executive Summary

Chapter 3 Industry Chain Analysis

Chapter 4 Global Decentralized Identifiers, by Type

Chapter 5 Decentralized Identifiers, by Application

Chapter 6 Global Decentralized Identifiers Analysis by Regions

Chapter 7 North America Decentralized Identifiers Analysis by Countries

Chapter 8 Europe Decentralized Identifiers Analysis by Countries

Chapter 9 Asia Pacific Decentralized Identifiers Analysis by Countries

Chapter 10 Middle East and Africa Decentralized Identifiers Analysis by Countries

Chapter 11 South America Decentralized Identifiers Analysis by Countries

Chapter 12 Competitive Landscape

Chapter 13 Industry Outlook

Chapter 14 Global Decentralized Identifiers Forecast

Chapter 15 New Project Feasibility Analysis

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Recent Developments:
In March 2022, Avast acquired SecureKey. The acquisition of SecureKey Technologies will give Avast access to its decentralized identity expertise and large customer base. It will also help Avast with geographic expansion.
In October 2021, Interac acquired exclusive rights to SecureKey digital ID services for Canada. Interac will leverage SecureKey Technologies existing digital ID services to accelerate secure online service delivery.
In April 2021, Microsoft collaborated with Onfido for fast and secure identity verification and onboarding for its Azure Active Directory (Azure AD) verifiable credentials.
In February 2021, partnered with Nuggets, a self-sovereign digital ID and payments platform. Through this partnership, will help Nuggets to improve and develop its decentralized identity technologies and business models.
In March 2020, Wipro partnered with Hedera, which offers decentralized identity services. Wipro joined Hedera's Governing Council, providing decentralized governance to its hashgraph distributed ledger technology.

Report includes Competitor's Landscape:

➊ Major trends and growth projections by region and country
➋ Key winning strategies followed by the competitors
➌ Who are the key competitors in this industry?
➍ What shall be the potential of this industry over the forecast tenure?
➎ What are the factors propelling the demand for the Toll Like Receptor 8?
➏ What are the opportunities that shall aid in significant proliferation of the market growth?
➐ What are the regional and country wise regulations that shall either hamper or boost the demand for Toll Like Receptor 8?
➑ How has the covid-19 impacted the growth of the market?
➒ Has the supply chain disruption caused changes in the entire value chain?

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