Fort Collins, Colorado, Oct. 26, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Decentralized Identity Market size was valued at USD 1.1 Million in 2022 and is expected to reach USD 632.7 Million by 2032 at a CAGR of 88.4% by 2032.
The growing incidences of identity-based attack is a major factor for the popularity of the decentralized identity. Identity-based attacks by cybercriminals target the computer system or network to obtain personal information about the users and use it for illegal or malicious activities.
According to a survey by One Identity, 89% of the companies out of the 1000 surveyed suffered an identity-based attack in 2022. The phishing attack was the most commonly used identity-based attack. These phishing attacks involve social engineering and business email compromise, where emails are used to gain access to confidential information about the company. Similarly, other types of attacks, such as credential theft, man-in-the-middle attacks, compromised privileged access, and others, are also used for identity theft. Decentralized identity is comparatively secure as it involves blockchain technology that safeguards the data.
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Decentralized Identity Market Segmentation Overview:
The global decentralized identity market has been segmented into type, enterprise size, end-user, and region. According to the Anti-Phishing Working Group (APWG), in 2022, phishing attacks against the financial sector accounted for the largest attacks, accounting for approximately 23.2%. North America accounted for a dominant market share in the decentralized identity market for 2022. Due to the various government regulations, the growing data privacy and security requirements in this region are a major factor promoting market growth.
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Decentralized Identity Market Report Highlights:
- The global decentralized identity market growth is anticipated at a CAGR of 88.4% by 2032.
- The rising incidences of data breaches, such as leaking personal user data and identity theft, and on the other hand, growing awareness regarding security & privacy are major factors driving market growth.
- The biometric segment held a remarkable market share in the decentralized identity market for 2022.
- The BFSI segment held the largest market share in 2022.
- Some prominent players in the decentralized identity market report include Microsoft Corporation, Accenture plc, Wipro Limited, SecureKey Technologies Inc., Persistent Systems Limited, Avast Software s.r.o., Civic Technologies, Inc., R3, Validated ID, SL, Dragonchain, Nuggets, and 1Kosmos Inc. among others.
Industry Trends and Insights:
- In 2023, Ping Identity launched a decentralized identity management solution PingOne Neo. The solutions aim to increase the speed and simplify the identity verification process while providing control of user identity to the consumers.
- In 2023, SITA partnered with Indicio, a decentralized identity provider company for Digital Travel Credentials. Under the joint venture, passengers can conveniently access storing a digital version of their passport in a mobile wallet with security and verification by blockchain.
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Decentralized Identity Market Market Segmentation:
- By Type: Biometric, non-biometric.
- By Enterprise Size: Large enterprises, SMEs.
- By End-user: BFSI, government, healthcare & life sciences, telecom & IT, retail & e-commerce, transport & logistics, real estate, media & entertainment, travel & hospitality, others.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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