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Decentralized Identity Market was valued at USD 5.9 billion in 2024 and is projected to reach USD 71.5 billion by 2034
Decentralized Identity Market
The global Decentralized Identity Market was valued at USD 5.9 billion in 2024 and is projected to reach USD 71.5 billion by 2034, growing at a powerful CAGR of 28.3% during the forecast period.
Decentralized identity systems enable individuals and organizations to own, control, and share their identity credentials without relying on centralized databases. Powered by blockchain, verifiable credentials, encryption, and zero-knowledge proofs, DIDs enhance security, reduce fraud, and ensure user privacy across financial services, healthcare, government, retail, and enterprise applications.
The rise of Web3, digital wallets, tokenized identity systems, and cross-border digital onboarding is further accelerating adoption globally.
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Key Players in the Market
Leading companies and technology providers include:
• Microsoft Entra Verified ID
• IBM
• Ping Identity
• Avast / Gen Digital
• Okta
• Civic
• Evernym / Avocado
• MATTR
• Dock
• Bloom
• R3 Corda
• SecureKey Technologies
• 1Kosmos
• Validated ID
• SelfKey
• uPort
• Jolocom
• Cheqd
• SpruceID
• Orange Digital Ventures
These vendors focus on verifiable credentials, blockchain identity networks, digital wallets, authentication layers, and interoperability frameworks.
Key Market Events (Last 5 Years)
• Expansion of Self-Sovereign Identity (SSI) initiatives across enterprises and governments.
• Integration of verifiable credentials into digital onboarding workflows.
• Emergence of zero-knowledge proof (ZKP) technologies for privacy-centric authentication.
• Global governments exploring digital identity wallets for public services.
• Growth of Web3 identity tools for dApps, exchanges, and decentralized finance.
• Major data breaches accelerating the shift from centralized databases to decentralized identity systems.
• Increasing interest from financial institutions for decentralized KYC/AML compliance.
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Market Growth Rate
• Market Size (2024): USD 5.9 billion
• Market Size (2034): USD 71.5 billion
• CAGR (2024-2034): 28.3%
This positions decentralized identity as one of the fastest-growing segments of the Web3 and cybersecurity ecosystem.
Market Segments & Growth Insights
By Component
• Solutions
o Blockchain Identity Platforms
o Verifiable Credential Management
o DID Wallets
o Identity Verification Tools
o Access Management / Authentication
• Services
o Consulting
o Integration & Deployment
o Managed Identity Services
o Cryptographic Security Audits
Solutions dominate, while integration and SSI consulting services see rapid growth.
By Identity Type
• Biometrics-Backed Decentralized Identity
• Passwordless Decentralized Identity
• Blockchain-Anchored Identity
• Anonymous / ZKP-Based Identity
ZKP-based identity systems are expected to grow fastest.
By Application
• Digital Onboarding & KYC
• Authentication & Access Control
• Payments & Transaction Verification
• Healthcare Identity Management
• Corporate & Workforce Identity
• IoT Device Identity
• E-Government Services
• Web3 Applications & dApp Access
Digital onboarding and government identity solutions show the strongest adoption.
By Industry Vertical
• BFSI
• Government
• Healthcare
• Telecom & IT
• Retail & E-Commerce
• Transportation
• Education
• Supply Chain & Logistics
• Energy & Utilities
Government, BFSI, and healthcare remain the key adopters due to security and privacy needs.
By Deployment Mode
• Public Blockchain
• Private/Consortium Blockchain
• Hybrid Identity Networks
Hybrid networks are growing fastest due to enterprise flexibility and compliance requirements.
Key Market Drivers
• Rising number of global data breaches and identity theft incidents.
• Increasing adoption of blockchain and Web3 technologies.
• Need for privacy-preserving digital identity in regulated industries.
• Demand for passwordless authentication and zero-trust security.
• Growth of digital onboarding and remote identity verification.
• International push for interoperable digital ID standards.
• Strong regulatory focus on data privacy and user control.
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Regional Insights
North America
Largest market due to innovation in SSI, blockchain identity, and digital onboarding solutions.
Europe
Strongest regulatory support through privacy laws and national digital identity initiatives.
Asia-Pacific
Fastest-growing region driven by Web3 adoption in India, Singapore, Japan, and South Korea.
Middle East & Africa
Emerging digital identity initiatives linked to government modernization and fintech expansion.
Conclusion
The Decentralized Identity Market is redefining how digital identities are managed, authenticated, and secured. With the market projected to reach USD 71.5 billion by 2034, decentralized identity is set to become a core pillar of Web3, cross-border digital onboarding, and digital trust ecosystems.
Organizations that adopt verifiable credentials, SSI frameworks, and privacy-centric authentication will be best positioned for the next decade of secure digital engagement.
This report is also available in the following languages : Japanese (分散型アイデンティティ市場), Korean (탈중앙화 ID 시장), Chinese (去中心化身份市场), French (Marché de l'identité décentralisé), German (Markt für dezentrale Identitäten), and Italian (Mercato dell'identità decentralizzata), etc.
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Exactitude Consultancy is a market research & consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.
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