Press release
Decentralized Identifiers (DIDs) Technology Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers
Decentralized Identifiers (DIDs) Technology
The rising concerns regarding security and data breaches are anticipated to drive the growth of the decentralized identifiers (DIDs) technology market. Security issues and breaches stem from various threats, such as cyberattacks, insufficient cybersecurity protocols, human mistakes, supply chain weaknesses, and a lack of regulatory adherence. Decentralized identifiers (DIDs) technology helps enhance security by offering secure, verifiable, and privacy-preserving digital identities. For example, in January 2023, Check Point, a software security provider, reported a 38% rise in global cyberattacks in 2022 compared to the previous year. The communications and Internet service provider industries both experienced increased attack rates. Therefore, the growing security concerns and data breaches are boosting the demand for decentralized identifiers (DIDs) technology.
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What is the future CAGR of the decentralized identifiers (dids) technology market, and how will it impact industry expansion?
The decentralized identifiers (DIDs) technology market will increase from $1.07 billion in 2024 to $2 billion in 2025 at a CAGR of 86.9%. The rapid growth is driven by concerns over security breaches, cyber threats, supply chain vulnerabilities, and the rising demand for secure identity and authentication solutions.
The decentralized identifiers (DIDs) technology market is set to grow to $24.22 billion by 2029, at a CAGR of 86.6%. Growth is driven by the adoption of decentralized technologies, privacy concerns, regulatory data protection mandates, technological advancements in identity management, the rise of decentralized finance (DeFi), IoT integration, and collaboration for standardization. Key trends include advancements in blockchain, the emergence of self-sovereign identity (SSI) solutions, the use of zero-knowledge proof techniques, and the integration of DIDs with digital wallets.
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What new trends are reshaping the decentralized identifiers (dids) technology market and its opportunities?
Companies in the decentralized identifiers (DIDs) technology market are incorporating blockchain technology to enhance user control over personal data. For example, in February 2023, Wipro Limited launched DICE ID, a blockchain-based platform for issuing and verifying tamper-proof digital credentials. This empowers users to control and securely share their personal information for various purposes such as employment or healthcare.
Which key market segments comprise the decentralized identifiers (dids) technology market and drive its revenue growth?
The decentralized identifiers (DIDs) technology market covered in this report is segmented -
1) By Type: Biometric, Non-Biometric
2) By Enterprise Size: Large Enterprises, Small And Medium Enterprises
3) By Application: Banking Financial Services And Insurance (BFSI), Government, Healthcare And Life Sciences, Telecom And IT, Retail And E-Commerce, Transport And Logistics, Media And Entertainment, Other Applications
Subsegments:
1) By Biometric: Fingerprint-Based Dids, Face Recognition-Based Dids, Iris Scan-Based Dids, Voice Recognition-Based Dids, Other Biometric Methods (Palm Print, Dna-Based Dids)
2) By Non-Biometric: Password Or Pin-Based Dids, Public Key Infrastructure (Pki)-Based Dids, Qr Code-Based Dids, Blockchain-Based Dids, Smartcard Or Token-Based Dids
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What regions are at the forefront of decentralized identifiers (dids) technology market expansion?
North America was the largest region in the decentralized identifiers (DIDs) technology market in 2024. The regions covered in the decentralized identifiers (DIDs) technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the decentralized identifiers (dids) technology market?
Major companies operating in the decentralized identifiers (DIDs) technology market are Microsoft Corporation, accenture* 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
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What Is Covered In The Decentralized Identifiers (DIDs) Technology Global Market Report?
•Market Size Forecast: Examine the decentralized identifiers (dids) technology market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the decentralized identifiers (dids) technology market for a structured understanding.
•Key Players Overview: Analyze major players in the decentralized identifiers (dids) technology market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the decentralized identifiers (dids) technology market.
•Segment Contributions: Evaluate how different segments drive overall growth in the decentralized identifiers (dids) technology market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the decentralized identifiers (dids) technology market.
•Industry Challenges: Identify potential risks and obstacles affecting the decentralized identifiers (dids) technology market.
•Competitive Landscape: Review strategic developments in the decentralized identifiers (dids) technology market, including expansions, agreements, and new product launches.
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