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Emerging Decentralized Identifiers (DIDs) Technology Market Trends: Rise Of Blockchain-Based Decentralized Identity Solutions Shaping the Future of the Industry
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.Decentralized Identifiers (DIDs) Technology Market Size Growth Forecast: What to Expect by 2025?
In recent times, there has been a significant expansion of the decentralized identifiers (DIDs) technology market. Projected to rise from $1.07 billion in 2024 to a whopping $2 billion in 2025, it's expected to have a phenomenal compound annual growth rate (CAGR) of 86.9%. The growth witnessed in the past can be traced back to factors such as rising security issues and data violations, cyber threats, insufficient cybersecurity protocols, human mistakes, weaknesses in the supply chain, regulatory compliance deficiencies, and an increasing need for identity and authentication solutions.
How Will the Decentralized Identifiers (DIDs) Technology Market Size Evolve and Grow by 2029?
The market for decentralized identifiers (DIDs) technology is predicted to undergo a significant expansion in the forthcoming years, reaching a value of $24.22 billion by 2029, with a compound annual growth rate (CAGR) of 86.6%. Factors contributing to this growth within the forecast period include the increasing acceptance of decentralized technologies, privacy and data ownership issues, regulatory requirements for data protection, advancements in identity management technology, the emergence of decentralized finance (defi), the use of DID in conjunction with Internet of Things (IoT) devices, and standardization and interoperability efforts among industry leaders. The forecast period will also see trends such as advancements in blockchain and distributed ledger technology, development of self-sovereign identity (SSI) solutions, the application of zero-knowledge proof techniques, the adoption of decentralized means of authentication, the use of biometric verification for establishing identity, the incorporation of DIDs technology with digital wallets, and the progressive development of interoperable identity protocols.
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What Drivers Are Propelling the Growth of Decentralized Identifiers (DIDs) Technology Market Forward?
The growth of the decentralized identifiers (DIDs) technology market is anticipated to be fuelled by increasing security concerns and data breaches. These concerns typically involve measures aimed at safeguarding data, networks, and systems from unauthorized activities such as modification, use, disruption, disclosure, or destruction. These unauthorized activities can be due to cyber threats, insufficient cybersecurity measures, human error, supply chain shortcomings, and non-compliance with regulations. DIDs technology offers a solution to these issues, providing digital identities that are verifiable, tamper-proof and preserve privacy. Notably, in January 2023, a report by Check Point, an Israel-based software security provider, recorded a 38% rise in global cyberattacks in 2022 compared to 2021. The communications industry faced an average of 1,380 attacks per organization on a weekly basis, which represented a 27% increase from 2021. Similarly, the Internet service provider/managed service provider (ISP/MSP) sector reported an average of 1,372 attacks per organization weekly in 2022, indicating a 28% jump from the previous year. Thus, escalating security concerns and data breaches are promoting the demand for decentralized identifiers (DIDs) technology.
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Which Emerging Trends Are Transforming the Decentralized Identifiers (DIDs) Technology Market in 2025?
Leading firms in the decentralized identifiers (DIDs) technology sector are utilizing blockchain technology like digital ID and credential verification platforms. These enhancements boost user oversight over personal information and increase trust and security in online environments. Platforms for digital ID and credential verification provide a safe, resistant to alteration, and private user data in various sectors by using encrypted storage, interoperable transfers, and decentralized identity control. For example, Wipro Limited, a technology services and consulting corporation based in India, introduced Decentralized Identity and Credential Exchange (DICE) ID in February 2023. The aim of this program is to give power to users to regulate their personal data through blockchain-supported technology. DICE ID provides for the production and validation of inviolable digital credentials, enabling users to keep validated personal data in their identity wallet. This wallet can securely disseminate identity or credentials for a multitude of uses like employment, health care, financial facilities, or education.
What Are the Key Segments in the Decentralized Identifiers (DIDs) Technology Market?
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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Who Are the Key Players Shaping the Decentralized Identifiers (DIDs) Technology Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the Decentralized Identifiers (DIDs) Technology Market?
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.
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Market Overview:
Decentralized identities (DIDs) provide self-sovereign digital identities to users on web 3.0, allowing them to own and control their identities and personal data without relying on centralized authorities. DIDs enable verifiable credentials that help verify claims about users.
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Rising adoption of blockchain technology…