Global Market Insights 2024: Decentralized Identifier (DID) Technology Trends

"The Business Research Company recently released a comprehensive report on the Global Decentralized Identifiers (DIDs) Technology Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The decentralized identifiers (DIDs) technology market size has grown exponentially in recent years. It will grow from $0.57 billion in 2023 to $1.07 billion in 2024 at a compound annual growth rate (CAGR) of 86.6%. The growth in the historic period can be attributed to security concerns and data breaches, cyber threats, inadequate cybersecurity measures, human error, supply chain vulnerabilities, a lack of regulatory compliance, and growing demand for identity and authentication solutions.

The decentralized identifiers (DIDs) technology market size is expected to see exponential growth in the next few years. It will grow to $12.98 billion in 2028 at a compound annual growth rate (CAGR) of 86.7%. The growth in the forecast period can be attributed to increasing adoption of decentralized technologies, privacy and data ownership concerns, regulatory mandates for data protection, technological advancements in identity management, the rise of decentralized finance (defi), the integration of DID with internet of things (iot) devices, and collaboration between industry players for standardization and interoperability. Major trends in the forecast period include advancements in blockchain and distributed ledger technology, the emergence of self-sovereign identity (SSI) solutions, the implementation of zero-knowledge proof techniques, the adoption of decentralized authentication methods, the use of biometric authentication for identity verification, the integration of decentralized identifiers with digital wallets, and the and the evolution of interoperable identity protocols.

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Market Drivers and Trends:

The rising security concerns and data breaches are expected to propel the growth of the decentralized identifiers (DIDs) technology market going forward. Security and data breach concerns refer to actions that pertain the protection of data, systems, and networks from unauthorized access, use, disclosure, disruption, modification, or destruction. Security concerns and data breaches occur due to cyber threats, inadequate cybersecurity measures, human error, supply chain vulnerabilities, and a lack of regulatory compliance. Decentralized identifiers (DIDs) technology enhances security against data breaches and cyberattacks by providing tamper-proof, verifiable, and privacy-preserving digital identities. For instance, in January 2023, according to a report by Check Point, an Israel-based software security provider, there was a 38% surge in global cyberattacks in 2022 compared to 2021. The communications industry experienced an average of 1,380 weekly attacks per organization, marking a 27% increase compared to 2021. Similarly, the Internet service provider/managed service provider (ISP/MSP) industry encountered an average of 1,372 attacks per organization per week in 2022, reflecting a 28% increase from the previous year. Therefore, rising security concerns and data breaches drive the decentralized identifiers (DIDs) technology market.

Major companies operating in the decentralized identifiers (DIDs) technology market are integrating blockchain technology, such as digital identification and credential verification platforms, to enhance user control over personal data and improve trust and security in online interactions. Digital identification and credential verification platforms ensure secure, tamper-proof, and private user information across various industries through encrypted storage, interoperable exchanges, and decentralized identity management. For instance, in February 2023, Wipro Limited, an India-based technology services and consulting company, launched Decentralized Identity and Credential Exchange (DICE) ID. This initiative aims to empower users by letting them control their personal data through blockchain-based technology. DICE ID enables the issuance and verification of tamper-proof digital credentials, allowing users to store verified personal information in their identity wallet. This wallet can securely share identity or credentials for various purposes, such as employment, healthcare, financial services, or education.

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Major Key Players of the Market:

Microsoft Corporation, Accentur*e Plc, International Business Machines Corporation (IBM), Wipro Limited , Avast Software s.r.o., Ping Identity Corporation, ConsenSys AG, R3, Ontology Foundation Ltd., Hyperledger Foundation, EMURGO, Dock Labs AG, World Wide Web Consortium (W3C), SecureKey Technologies, Civic Technologies Inc., Identity.com Technologies Inc., Evernym Inc., Validated ID S.L., BiiLabs Co. Ltd., Verifiable Inc., Factom Inc., Metadium Technologies Inc., Extrimian, SelfKey Foundation, LifeID Inc., Datarella, Trinsic Inc., Sovrin Foundation, Civic Ledger Pty Ltd

Decentralized Identifiers (DIDs) Technology Market 2024 Key Insights:

• The decentralized identifiers (DIDs) technology market size is expected to see exponential growth in the next few years. It will grow to $12.98 billion in 2028 at a compound annual growth rate (CAGR) of 86.7%.
• Rising Security Concerns And Data Breaches Fuel Growth Of Decentralized Identifiers (DIDs) Technology Market
• Rise Of Blockchain-Based Decentralized Identity Solutions
• North America was the largest region in the decentralized identifiers (DIDs) technology market in 2023

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