Decentralized Identity Market Size, By Identity Type (Biometrics, Non-Biometrics), By Enterprise Size (Large Enterprise, Small and Medium-sized Enterprises), By Industry Vertical & Forecast, 2024 - 2032

Published Date: July - 2024 | Publisher: MRA | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format

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Decentralized Identity Market Size, By Identity Type (Biometrics, Non-Biometrics), By Enterprise Size (Large Enterprise, Small and Medium-sized Enterprises), By Industry Vertical & Forecast, 2024 - 2032

Decentralized Identity Market Size

Decentralized Identity Market was valued at USD 1.04 billion in 2023 and is expected to grow at a CAGR of over 70% from 2024 to 2032, propelled by the growing ubiquity of digital transformation programs in diverse sectors.

Identity management solutions need to be more effective and safer as more companies and organizations shift their operations online. Conventional techniques for verifying identity sometimes rely on centralized databases, which may be susceptible to security flaws and inefficiencies. By giving users authority over their identity data using blockchain technology and other decentralized frameworks, decentralized identity solutions provide a more secure and user-centric approach.

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The rise in identity theft and fraud is like a fire fueling the growth of decentralized identity. These crimes are like thieves stealing our digital identities, leading to lost money, ruined reputations, and shattered trust in online spaces. Traditional ways of managing our identities are like a giant, tempting piggy bank for these thieves. But decentralized identity solutions are like a bunch of smaller, harder-to-crack piggy banks spread across a wide-open space. This makes it really tough for the bad guys to break into everything at once. So, with decentralized identity, our sensitive information is safer, and there are fewer chances for identity-related crimes. It's like having a bunch of tiny, well-guarded fortresses instead of one big, vulnerable castle.

Decentralized Identity Market Report Attributes
Report Attribute Details
Base Year 2023
Decentralized Identity Market Size in 2023 USD 1.04 Billion
Forecast Period 2024-2032
Forecast Period 2024-2032 CAGR 70%
032 Value Projection USD 125 Billion
Historical Data for 2021-2023
No. of Pages 230
Tables, Charts & Figures 248
Segments covered By Identity Type, Enterprise Size, Industry Vertical, and Region
Growth Drivers
  • Increased digital transformation initiatives
  • Rising incidents of identity theft and fraud
  • Emergence of the Internet of Things (IOT)
  • Corporate digital identity needs
  • Support from major technology companies
Pitfalls & Challenges
  • User Experience (UX) issues
  • Integration with legacy systems

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Providing a smooth and easy-to-use User Experience (UX) is a major challenge in the decentralized identification business. Decentralized identification solutions can be intimidating for non-technical people as they frequently need users to handle complicated cryptographic keys and navigate strange interfaces. This intricacy may cause users to become frustrated and reluctant to embrace these new systems, especially in the case of populations that are used to more conventional identity management techniques. The complexity is increased by the need to guarantee a unified & intuitive user experience across various platforms and devices. Overcoming these user experience obstacles is essential to the broader acceptance of decentralized identification solutions. After all, even the most inventive and safest technologies can fall short if the public cannot easily access and utilize them.

Decentralized Identity Market Trends

Hey there! So, in the world of digital identities, a super cool trend is the rise of Self-Sovereign Identity (SSI) frameworks. With SSI, you get to be the boss of your own identity data. You can keep it close, manage it yourself, and share it only when you want to, all without relying on some big company in the middle. Why is SSI so popular? Well, people are getting more and more worried about their privacy and data security. SSI helps solve this by letting you store your identity info on your own device. That way, if someone tries to hack into a big company's database, your info stays safe. Plus, you can choose exactly what info you want to share with different people. Another cool thing about SSI is that it often uses blockchain technology. This fancy tech makes sure your identity data is super secure and can't be changed. As more and more governments and companies start to care about protecting our data, the market for SSI frameworks is expected to keep booming.

Hey there! There's a cool new trend that's making our digital identities more secure and private. It's called "decentralized identity." Think of it like thisBlockchain is like a super safe and transparent notebook where you can store your ID info, like your name, address, and even your fingerprint. And instead of one big boss controlling that notebook, it's shared and controlled by a bunch of different people. Now, our identity systems are getting a boost by using blockchain. It makes them way harder to hack or mess with, because the data is scattered across all those different places. Plus, since there's no central authority, no one can just decide to delete or change your info. This is especially useful in industries like banking, healthcare, and shipping, where you need to be sure that someone's identity is legit. And as blockchain gets even better, we'll probably see decentralized identity solutions become even more popular.

The decentralized identity industry is being shaped by an increasing emphasis on creating and implementing interoperability standards. Decentralized identity solutions must be able to function fluidly across many platforms & ecosystems to be guaranteed interoperability. Users and businesses want identity systems that are interoperable with a wide range of apps and services, making it crucial for widespread adoption. Verifiable Credentials (VCs) and Decentralized Identifiers (DIDs) are two examples of the standards that industry consortia and standardization organizations, such the World Wide Web Consortium (W3C) and the Decentralized Identity Foundation (DIF), are actively striving to create & promote.

Decentralized Identity Market Analysis

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Based on identity type, the market is divided into biometrics & non-biometrics. The non-biometrics methods segment is expected to register a CAGR of 70% during 2024 to 2032.
 

  • In the decentralized identity market, identity verification and management techniques that do not depend on biometric information—such as fingerprints, face recognition, or iris scans—are categorized as non-biometrics. Technologies including digital certificates, cryptographic keys, and Decentralized Identifiers (DIDs) are covered in this section.
     
  • Organizations and individuals that are worried about the privacy and security concerns of using and storing biometric data find the non-biometrics approach appealing. Without requiring sensitive biometric data, non-biometric decentralized identity solutions provide a high degree of security and privacy by using blockchain and cryptography techniques to build verifiable & impenetrable identities.
     
  • As it reduces the possibility of biometric data breaches and misuse, this strategy also complies with the growing legislative requirements for data privacy and user consent. As the awareness of these privacy issues grows, and as regulations become more stringent, the non-biometrics segment is expected to see significant adoption, particularly in industries such as finance, healthcare, and digital services, where data security and user privacy are paramount.

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Based on enterprise size, the market is divided into large enterprises & small and medium-sized enterprises. In 2032, the large enterprise segment dominated the global market with a revenue of over USD 65 billion.

  • One major factor propelling the decentralized identity market expansion is the large enterprise segment. With so many workers, clients, and partners to handle, large firms in industries such as finance, healthcare, manufacturing, and technology face complicated identity management issues.
     
  • Enterprises that encounter challenges with scalability, security, and compliance in traditional identity management systems generally look for more resilient options. By removing potential sources of failure and offering an impenetrable means of identity verification, decentralized identity systems improve security. This is especially important for big businesses that deal with confidential & private data.
     
  • Furthermore, by enabling self-sovereign identity models where individuals have more control over their personal information, decentralized identity systems can improve user experience, expedite procedures, and lower costs related to identity management.

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In 2023, the United States and Canada led the world in using decentralized identity technology. This technology lets people control and secure their personal information. Companies like Microsoft, IBM, and Oracle are investing a lot of money in this area. They're developing cutting-edge solutions that make it harder for people to steal your identity and give you more control over your data. They use blockchain to do this. Government regulations are also helping more people use decentralized identity systems. For example, California has the Consumer Privacy Act, and there are talks about making a national law about data privacy. Canada is making its mark too. They have programs like the Pan-Canadian Trust Framework, which is trying to make standard ways for people to prove who they are online.

In the United States, there has been a surge in the demand for digital identity solutions that put privacy and security first. This is due to a combination of factorsPrivacy concernsAmericans are increasingly concerned about how their personal data is being used. Laws like the California Consumer Privacy Act (CCPA) and ongoing discussions about a federal data privacy framework reflect this growing awareness. Technological innovation Leading U.S. companies like Microsoft and IBM are at the forefront of developing and implementing decentralized identity solutions. These solutions give individuals more control over their data and reduce the risk of fraud. Start-up cultureThe U.S. has a thriving start-up culture that encourages innovation in decentralized technologies and blockchain. This has led to the development of new and innovative identity solutions that are more secure and user-friendly. Need for secure identity management The rise of cyberattacks and data breaches has highlighted the need for more secure identity management systems. This is especially true in sectors that are undergoing digital transformation, as they collect and store vast amounts of sensitive data. All of these factors have contributed to the rapid growth of the decentralized identity industry in the United States.

Japan is stepping up its digital game, and decentralized identities (DIDs) are playing a starring role. As the country digs into cybersecurity and embraces digital transformation, the government has rolled out the welcome mat for blockchain tech and set up friendly rules to encourage innovation. Why DIDs? They're like digital passports that give people control over their personal data, making it harder for hackers to crash the party. Japan's "Society 5.0" vision, which aims to create a super-smart society, sees DIDs as a key to a more secure and efficient future. Businesses, especially in manufacturing and finance, are taking notice. They're exploring DIDs to beef up security and make things run smoother. Plus, the government and private sector are teaming up to build a common framework for DIDs, making sure they're reliable and work well together. As Japan keeps upgrading its digital infrastructure, DIDs are expected to become even more popular. It's a win-win for everyonemore privacy, better security, and a streamlined digital world.

South Korea is emerging as a powerhouse in the world of digital identity, thanks to its advanced tech infrastructure and government's enthusiastic support for blockchain initiatives. The government has rolled out frameworks and policies that encourage the use of blockchain technology, including decentralized identity systems. The Ministry of Science and ICT is particularly keen on promoting a blockchain-friendly environment. South Korean tech giants like Samsung and LG are also investing heavily in decentralized identity solutions to enhance the security and privacy of their offerings. Startups in the country are also developing cutting-edge applications for decentralized identity. Combine that with a highly tech-savvy population and a massive embrace of digital technology, and you have the perfect recipe for South Korea to become a leader in the decentralized identity market.

China is going all-in on blockchain, which is why they've pumped a lot of money into it. They're even using their government power to make sure this tech gets used for things like digital IDs. The Chinese government thinks blockchain is super important, so they've made laws and given money to support its growth. They're also looking at how it can make digital payments and services safer and easier. Big tech companies in China, like Tencent and Alibaba, are also throwing their weight behind blockchain and digital ID tech. They want to add these features to their huge online platforms. But China has strict laws about how data and cybersecurity are handled, which makes it a little tricky to use decentralized ID solutions there. Still, China is still a leader in blockchain, and their big market means that we can expect to see even more government and business uses for it in the future.

Decentralized Identity Market Companies

Microsoft and Accenture dominated the decentralized identity market, holding over 10% of its share. Microsoft's early embrace of blockchain and digital identity led it to become a major player in this sector. At the heart of Microsoft's decentralized identity strategy are two technologies it developedthe Identification Overlay Network (ION) and Azure Active Directory (Azure AD), built on the Bitcoin blockchain. Azure AD is widely used by businesses for identity and access management, and its integration with decentralized identity solutions allows existing users to transition smoothly. Microsoft's strengths include its extensive cloud infrastructure, vast network of enterprise customers, and reputation for reliability and security. It also actively collaborates with industry organizations like the World Wide Web Consortium (W3C) and the Decentralized Identity Foundation (DIF), helping shape future decentralized identity standards and ensuring its solutions are widely accepted and interoperable.

Accenture has become a leader in the world of digital identity. This is because they have a comprehensive approach to digital transformation and are skilled at using new technologies in various industries. They have also partnered with ID2020, a global organization that focuses on solving digital identity problems, to build scalable and secure decentralized identity systems. Accenture's deep experience in consulting and implementing technology solutions for large businesses and governments helps them integrate decentralized identity solutions into complex organizational structures. Additionally, their research and development efforts and strategic partnerships with key technology providers enable them to offer cutting-edge decentralized identity solutions that meet the specific needs of their clients.

Decentralized Identity Market Share

Major players operating in the decentralized identity industry are

  • Microsoft
  • Accenture
  • Ping Identity
  • Civic Technologies, Inc.
  • SecureKey Technologies Inc.
  • Evernym Inc.
  • Ontology

Decentralized Identity Industry News

  • In January 2023, Quadrata, a Web3 identification solution aimed to improve reputation and compliance in public blockchains, partnered with nine well-known DeFi protocols including CR Square, Frigg.Eco, Chelo Finance, Chee Finance, Archblock, TrueFi, BSOS, Cred Protocol, and SPACE. Users of these protocols were able to access strong identity verification services via Quadrata's passport network, adding an essential degree of safety and security to their activities. This partnership reaffirmed Quadrata's and partnered protocols' dedication to putting user safety first and building a reliable ecosystem in the decentralized finance arena.
     
  • In March 2022, Microsoft revealed its new identity and access management solution portfolio, Entra. The portfolio included two new product categories, Cloud Infrastructure Entitlement Management (CIEM) and Decentralized Identity, in addition to well-known solutions such as Azure AD. The Entra product line was designed to protect users' access to any application or resource by enabling security teams to find and manage rights in multi-cloud environments, enabling them to fully protect digital identities.

This decentralized identity market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD billion) from 2021 to 2032, for the following segments

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Market, By Identity Type

  • Biometrics
  • Non-biometrics

Market, By Enterprise Size

  • Large Enterprises
  • Small And Medium-sized Enterprises

Market, By Industry Vertical

  • BFSI
  • Retail & E-commerce
  • It & Telecommunication
  • Government & Public Sector
  • Healthcare
  • Real Estate
  • Media & Entertainment
  • Others

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA
       

 

Table of Content

Report Content

Chapter 1   Methodology & Scope

1.1   Market scope & definition

1.2   Base estimates & calculations

1.3   Forecast calculation

1.4   Data sources

1.4.1   Primary

1.4.2   Secondary

1.4.2.1    Paid sources

1.4.2.2    Public sources

Chapter 2   Executive Summary

2.1   Industry 360º synopsis, 2021 - 2032

Chapter 3   Industry Insights

3.1   Industry ecosystem analysis

3.2   Vendor matrix

3.3   Profit margin analysis

3.4   Technology & innovation landscape

3.5   Patent analysis

3.6   Key news and initiatives

3.7   Regulatory landscape

3.8   Impact forces

3.8.1   Growth drivers

3.8.1.1    Increased digital transformation initiatives

3.8.1.2    Rising incidents of identity theft and fraud

3.8.1.3    Emergence of the Internet of Things (IOT)

3.8.1.4    Corporate digital identity needs

3.8.1.5    Support from major technology companies

3.8.2   Industry pitfalls & challenges

3.8.2.1    User Experience (UX) issues

3.8.2.2    Integration with legacy systems

3.9   Growth potential analysis

3.10   Porter’s analysis

3.10.1    Supplier power

3.10.2    Buyer power

3.10.3    Threat of new entrants

3.10.4    Threat of substitutes

3.10.5    Industry rivalry

3.11   PESTEL analysis

Chapter 4   Competitive Landscape, 2023

4.1   Introduction

4.2   Company market share analysis

4.3   Competitive positioning matrix

4.4   Strategic outlook matrix

Chapter 5   Market Estimates & Forecast, By Identity Type, 2021 - 2032 (USD Billion)

5.1   Biometrics

5.2   Non-biometrics

Chapter 6   Market Estimates & Forecast, By Enterprise Size, 2021 - 2032 (USD Billion)

6.1   Large enterprises

6.2   Small and medium-sized enterprises

Chapter 7   Market Estimates & Forecast, By Industry Vertical, 2021 - 2032 (USD Billion)

7.1   BFSI

7.2   Retail & e-commerce

7.3   IT & telecommunication

7.4   Government & public sector

7.5   Healthcare

7.6   Real estate

7.7   Media & entertainment

7.8   Others

Chapter 8   Market Estimates & Forecast, By Region, 2021 - 2032 (USD Billion)

8.1   Key trends

8.2   North America

8.2.1   U.S.

8.2.2   Canada

8.3   Europe

8.3.1   UK

8.3.2   Germany

8.3.3   France

8.3.4   Italy

8.3.5   Spain

8.3.6   Rest of Europe

8.4   Asia Pacific

8.4.1   China

8.4.2   India

8.4.3   Japan

8.4.4   South Korea

8.4.5   ANZ

8.4.6   Rest of Asia Pacific

8.5   Latin America

8.5.1   Brazil

8.5.2   Mexico

8.5.3   Rest of Latin America

8.6   MEA

8.6.1   UAE

8.6.2   South Africa

8.6.3   Saudi Arabia

8.6.4   Rest of MEA

Chapter 9   Company Profiles

9.1. 1   Kosmos Inc.

9.2   Accenture

9.3   Affinidi

9.4   Avast Software s.r.o.

9.5   Civic Technologies, Inc.

9.6   Datarella GmbH

9.7   Dragonchain Inc.

9.8   Evernym Inc.

9.9   Finema Co., Ltd.

9.10   Hu-manity.co

9.11   Jolocom GmbH

9.12   Kiva Protocol

9.13   Microsoft

9.14   Nuggets

9.15   NuID Inc.

9.16   Ontology

9.17   Persistent Systems

9.18   Ping Identity

9.19   R3

9.20   SecureKey Technologies Inc.

9.21   SelfKey Foundation

9.22   Serto Inc.

9.23   Validated ID SL

9.24   Veramo

9.25   Wipro

   

  • Microsoft
  • Accenture
  • Ping Identity
  • Civic Technologies, Inc.
  • SecureKey Technologies Inc.
  • Evernym Inc.
  • Ontology

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