Decentralized Identity Market to Reach USD 77.8 Billion By 2031, at 87.9% CAGR. Is Decentralized Identity the Future of Security?

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. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in 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.

Impact of COVID-19 :

➢ 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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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.

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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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Leading Market Players:

➢ 1KosmosAvast
➢ Civic Technologies
➢ DragonChain
➢ Finema
➢ Hu-manity co.
➢ Microsoft Corporation
➢ Nuggets, NuID
➢ Persistent Ltd
➢ Ping Identity
➢ R3
➢ SecureKey Technologies
➢ Serto
➢ ValidatedID
➢ 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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