Press release
Decentralized Identity Market Growing at 87.9% CAGR Reach USD 77.8 Billion by 2031
Rise in security breaches and increasing numbers of identity fraud and security breaches is boosting the growth of the global decentralized identity market. In addition, rise in applications of blockchain identity solutions in banks is positively impacts growth of the deception technology market. However, lack of technical expertise, and fluctuating regulatory status and a lack of rules is hampering the deception technology market growth. On the contrary, numerous uses for blockchain identity solutions, and increase in adoption of mobile device applications and platforms is expected to offer remunerative opportunities for expansion during the deception technology market forecast.
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The global decentralized identity market size was valued at USD 156.8 million in 2021, and is projected to reach USD 77.8 billion by 2031, growing at a CAGR of 87.9% from 2022 to 2031.
The decentralized identity market is segmented on the basis of component, enterprise size, end user, and region. By type, it is segmented into biometrics and non-biometrics. By enterprise size, it is categorized into SMEs and large enterprises. By end user, it is categorized into enterprise and individual. By enterprise, it is segmented into BFSI, government, healthcare, manufacturing, retail and ecommerce, IT and telecom, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
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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.
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.
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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.
This report gives an in-depth profile of some key market players in the decentralized identity market analysis include 1Kosmos, Avast, Civic Technologies, DragonChain, Finema, Hu-manity.co, Microsoft Corporation, Nuggets, NuID, Persistent Ltd., Ping Identity, R3, SecureKey Technologies, Serto, ValidatedID, and Wipro. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which propel growth of the decentralized identity industry globally.
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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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