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

Imagine you're facing a growing need to keep your personal information safe while using digital services. Traditional methods of verifying your identity, like using passwords or relying on centralized databases, have some security risks, making them less effective. Enter something called "Decentralized Identity." It's like giving you the power to control your identity information, not some distant company or organization. Using clever technology like blockchain, decentralized identity solutions create a more secure and convenient way for you to manage your identity online. This growing need for safer online experiences has made decentralized identity a hot topic. In 2023, the market was valued at a whopping $1.04 billion, and it's predicted to grow even faster in the coming years. That's because more and more businesses and organizations see the benefits of decentralized identity solutions. It's a win-win situation for everyone involved.

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Identity theft and fraud are rampant, causing fear and financial loss for individuals and businesses. They also shake our faith in the digital world. Traditional identity management systems, with their centralized databases, are like juicy targets for hackers. They're easy to break into, leading to stolen data and damaged reputations. But decentralized identity solutions are like fortresses. They spread identity verification across a network, making it harder for bad guys to take control. This scattered approach safeguards our precious data and makes identity-related crimes a lot less common.

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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Unlocking the potential of decentralized identification is a complex task, especially when it comes to making it user-friendly. When people who aren't tech-savvy try to use these solutions, they often get lost in a maze of complex cryptographic keys and unfamiliar interfaces. This can lead to frustration and resistance, especially for those accustomed to everyday identity management methods. To make matters worse, these solutions need to be consistent and easy to use on different devices and platforms. Overcoming these user experience hurdles is crucial for decentralized identification to gain widespread adoption. After all, even the most cutting-edge and secure technology can be useless if people can't figure out how to use it.

Decentralized Identity Market Trends

Listen up, folks! In the world of personal identity online, a new wave is comingSelf-Sovereign Identity (SSI). It's all about giving you the power to control your own identity, without relying on middlemen like banks or governments. Think about itIt's your identity, your data. Why should anyone else own it? SSI gives you the tools to keep your personal info safe on your own devices. You can choose who to share it with, when, and how much. This is especially important nowadays, when our online privacy is constantly under threat. SSI helps protect you by keeping your ID out of the clutches of hackers and data thieves. Blockchain technology makes SSI possible. It's like a digital ledger that keeps your identity data safe and tamper-proof. No one can change it without your say-so. As more and more people embrace SSI, the market for decentralized identity solutions is set to explode. Governments around the world are also starting to realize the importance of data protection, which is fueling this growth even further. In short, SSI is the future of personal identity online. It's a way for you to take back control of your data, protect your privacy, and interact with the digital world with confidence.

Hey there! Have you heard about the exciting trend in digital identity? It's all about combining blockchain, the cool tech they use for cryptocurrencies, with ways to manage our online IDs. Blockchain is like a super secure, transparent record book that keeps all our ID info safe and sound. Identity management systems, like the ones websites use to make sure we're who we say we are, get a serious boost from this tech. It's like adding a layer of armor, making them much harder to hack or trick. And since blockchain is all about decentralization, it fits perfectly with the idea of decentralized identity. No one person or company has control over our data, so it's way safer. This is a game-changer for industries like finance, healthcare, and supply chains, where knowing who you're dealing with is super important. As blockchain tech gets even better, we can expect to see it play an even bigger role in how we prove who we are online. It's like the future of digital identity is right around the corner!

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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North America took the lead in the global decentralized identity market in 2023, grabbing a huge chunk of over 35%. This region is seeing a tech boom and growing demand for safer ways to manage personal information, and this is driving the decentralized identity market there. The United States is the star of the show in North America, with big tech companies like Microsoft, IBM, and Oracle investing heavily in decentralized identity systems. They're developing cutting-edge solutions that use blockchain to make our identities safer and give us more control over our data. Things like the California Consumer Privacy Act and ongoing discussions about national data privacy laws are also helping these systems get adopted. Canada's not far behind, with initiatives like the Pan-Canadian Trust Framework aiming to build consistent digital identity systems so we can all feel more secure online.

Hey there! The U.S. is all about keeping our data safe and private, which is why the decentralized identity industry is taking off like a rocket here. Big companies like Microsoft and IBM are at the forefront, building new ways for us to prove who we are without giving away too much personal info. It's not just the tech giants that are making this happen. Laws like California's CCPA and talks about a national data privacy law are pushing companies to protect our data better. And let's not forget the U.S.'s awesome startup scene. They're always coming up with cool ideas for decentralized technologies, like blockchain. The bottom line is, more and more businesses are realizing that they need to protect our identities better. And with all the cyberattacks and data breaches going around, people are starting to want ways to prove who they are without risking their privacy. That's why the decentralized identity market in the U.S. is booming!

Japan is embracing digital innovation, and one of the key areas they're focusing on is decentralized identities. This is like creating a secure and trustworthy online identity that you own and control. It's like having a digital passport that you can use across different platforms and services. The Japanese government is all for this. They've set up clear rules and regulations to make it easy for companies to develop and use decentralized identities. They also know that security is super important, especially as we move more and more of our lives online. That's why they're encouraging companies to use decentralized identity solutions to keep our personal information safe. Big companies in Japan, like those making cars and handling money, are already looking into decentralized identities. They want to improve their security and make it easier to do business online. The government is also working with companies to create standards for decentralized identities. This will make sure that everyone's using the same system and that our identities are trustworthy and can be used everywhere. As Japan keeps upgrading its digital infrastructure, more and more people are expected to use decentralized identities. It's like the next step in making our online world more secure and convenient.

South Korea is becoming a star in the world of digital identity, thanks to its top-notch tech infrastructure and government that's all about blockchain. The government has rolled out a bunch of programs and laws to make blockchain more popular, including decentralized identity systems. The Ministry of Science and ICT is like the cheerleader for blockchain technology, creating an environment where it can really thrive. Big tech companies in South Korea, like Samsung and LG, are putting their money into decentralized identity solutions to make their products and services more secure and private. With a lot of startups and a population that loves tech and uses it everywhere, South Korea is the perfect place for new decentralized identity apps to be born and grow. All these factors make South Korea a great candidate to lead the way in the future of digital identity.

China has been pouring money into blockchain technology and playing a big role in who gets to use it. They've even made laws and set up programs to push blockchain forward, because they see it as a key part of their future. The Chinese government is especially interested in how blockchain can make digital payments and government services safer and easier. They're funding research into ways to let people prove who they are online without having to rely on third parties. Tech giants like Tencent and Alibaba are also jumping on the blockchain bandwagon, investing heavily in these technologies. They want to bring blockchain and digital identity solutions into their massive online platforms. However, it's not all smooth sailing. China has strict rules about how data is handled and how cybersecurity is protected. This makes it a bit tricky for decentralized identity solutions to take off in the country. Despite the challenges, China remains a major force in blockchain innovation. They're focusing on using blockchain in ways that the government and businesses want, and their market is expected to keep growing.

Decentralized Identity Market Companies

Microsoft and Accenture are major players in the decentralized identity market, each holding more than 10% of the share. Microsoft's success in this field stems from its early and strategic investments in blockchain and digital identity solutions. Microsoft's decentralized identity approach revolves around two key elementsthe Identification Overlay Network (ION) and Azure Active Directory (Azure AD). ION is built on the Bitcoin blockchain and provides a decentralized infrastructure for verifying identities. Azure AD, a widely used identity and access management system for businesses, has incorporated decentralized identity solutions, enabling existing users to transition seamlessly. Microsoft's strengths in the industry include its robust cloud infrastructure, vast network of enterprise customers, and reputation for security and reliability. Additionally, Microsoft actively collaborates with industry standard-setting organizations, such as the World Wide Web Consortium (W3C) and the Decentralized Identity Foundation (DIF), to shape the future of decentralized identity standards and ensure the interoperability and widespread adoption of its solutions.

Accenture has made a big name for itself in the world of digital identities. They've got a full game plan for helping businesses go digital and are really good at coming up with and carrying out creative tech solutions for all kinds of industries. To develop secure and scalable decentralized identity systems, they've teamed up with ID2020, a global group working to solve digital identity challenges. Accenture's decades of experience in helping big companies and governments with tech consulting and implementation means they know how to fit decentralized identity solutions into complex organizational setups. Plus, Accenture's always looking for the next big thing in decentralized identity through research, development, and partnerships with top tech companies. This means they can tailor cutting-edge decentralized identity solutions that fit clients' specific needs.

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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