Unlocking Opportunities in the Decentralized Identity Market: 2025-2034 Forecast Report

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What Will the Decentralized Identity Industry Market Size Be by 2025?
The market size of decentralized identity has seen substantial growth recently. The forecast suggests a rise from $1.42 billion in 2024 to $2.56 billion in 2025, with an impressive compound annual growth rate (CAGR) of 80.2%. This growth in the past can be attributed to various factors including growing privacy concerns, consumers' control over their identity, strict regulatory compliance, the emergence of blockchain technology, and digital transformation.

What's the Long-Term Growth Forecast for the Decentralized Identity Market Size Through 2029?
The market size of decentralized identity is projected to witness a significant surge in the coming years, expanding to a value of $26.88 billion by 2029, with an impressive compound annual growth rate (CAGR) of 79.9%. The anticipated expansion during the forecast timeframe can be linked to the increasing embracement of Web3, a surge in demand for self-sovereign identity, proliferation of digital ecosystems, regulatory emphasis on data ownership, and the growth of remote working and digital onboarding. It is also pertinent to note that the forecast period will see the emergence of key trends such as incorporation with blockchain platforms, partnerships between technology and governance entities, amalgamation with IoT devices, cloud-based identity solutions, and multi-factor authentication (MFA).

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What Are the Key Growth Drivers Fueling the Decentralized Identity Market Expansion?
The soar in thefts and fraudulent episodes is anticipated to fuel the expansion of the decentralized identity market. The term 'thefts and fraudulent episodes' refers to any event or instance involving an act of robbery or deceit with the unlawful intent of acquiring things like money or property. The main cause of the rise in these episodes is the expanding digital connectivity, which gives more scope for online criminals to misuse personal and financial details. Decentralized identity can curb the frequency of theft and fraud by allowing individuals to handle their data on their own, which decreases the dependency on centralized databases often prone to risks. For example, in February 2022, the Federal Trade Commission, a government agency based in the US, revealed that consumers reported losses close to $8.8 billion due to fraud in 2022, marking an increase of more than 30% from the past year. Consequently, the surge in thefts and fraudulent episodes is stimulating the growth of the decentralized identity market.

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What Long-Term Trends Will Define the Future of the Decentralized Identity Market?
Significant players in the decentralized identity market are striving to generate novel solutions like decentralized identity management platforms. These platforms improve user control, security, and privacy and decrease dependence on centralized systems, giving individuals the power to oversee their digital identities. These platforms are digitized systems, allowing individuals and corporate bodies to form, administer, and authenticate identities without leaning on a central authority. For example, in March 2023, Ping Identity Corporation, a leading software corporation in the United States, introduced a fresh Decentralized Identity Management Solution. This gives users improved command over their digital identities and escalates data privacy. The solution enables users to substantiate their identities via digital credentials hosted on their personal devices, eliminating the necessity for a centralized identity provider. The introduction seeks to amplify user privacy, reduce identity theft, and facilitate smoother and more secure digital engagement in sectors such as finance, healthcare, and government services.

How Is the Decentralized Identity Market Segmented?
The decentralized identity market covered in this report is segmented -

1) By Type: Biometrics, Non-biometrics
2) By Enterprise Size: Large Enterprises, Small And Medium Enterprises
3) By Vertical: Banking, Financial Services, And Insurance (BFSI), Government, Healthcare And Life Sciences, Telecom And Information Technology (IT), Retail And E-commerce, Transport And Logistics, Real Estate, Media And Entertainment, Travel And Hospitality, Other Verticals
4) By End User: Individual, Enterprises

Subsegments:
1) By Biometrics: Fingerprint Recognition, Facial Recognition, Iris Recognition, Voice Recognition, Palm Vein Recognition
2) By Non-biometrics: Smart Cards, Decentralized Identifiers (DIDs), Verifiable Credentials, Digital Wallets, Blockchain-based Identity Platforms

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Which Companies Are Leading the Charge in Decentralized Identity Market Innovation?
Major companies operating in the decentralized identity market are Microsoft Corporation, accenture* plc, Wipro Limited, Dragonchain Inc., Persistent Systems Limited, Avast Software s.r.o., Gataca AG, Ping Identity Corporation, Affinity Inc., SoluLab Inc., 1Kosmos Inc., Civic Technologies Inc., Serto Inc., Validated ID S.L., Nuggets Labs Inc., Finema Co. Ltd., Datarella GmbH, SecureKey Technologies, IDEX Biometrics ASA, KILT Protocol GmbH

Which Regions Are Leading the Global Decentralized Identity Market in Revenue?
North America was the largest region in the decentralized identity market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the decentralized identity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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