Austin, July 26, 2024 (GLOBE NEWSWIRE) -- The SNS Insider analysis of the Decentralized Identification Market Size was USD 1.15 Billion in 2023 and is projected to reach USD 371.08 Billion by 2032 with a Compound Annual Growth Rate (CAGR) of 90.00% during the forecast period from 2024-2032.
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Rising Demand for Decentralized Identity Solutions.
The decentralized identity market is growing with increasing the number of security breaches, along with ever-growing levels of ID theft, opportunities for organizations as well end individuals are increasingly looking for more secure solutions. Blockchain technology, with its inherent immutability and transparency, underpins DID solutions, offering a secure ledger for storing and verifying identity information without centralized control. This behaviour is what tends to create a trustless scenario, where fine user consent becomes paramount. This is due to a growing expectation for seamless user experiences that fuels the adoption of DID solutions. Traditional methods involving multiple usernames, passwords & authentication make the boring/frustrating. A single, verifiable identity that works across different platforms is another aspect of DID that will make the management of identities easier on Unity. This aligns perfectly with the growing user preference for convenience and ease of use.
Decentralized identity solutions requirement is growing because of regulatory requirements such as CCPA and GDPR. These regulations have emphasized responsible data management and individual control over privacy. DID solutions give individuals the power to control who uses their data, promoting a more ethical and privacy-focused digital ecosystem. The market is further growing by the proliferation of DID projects. As of early 2024, over 1,000 active projects leverage blockchain technology to create decentralized identities on platforms such as Ethereum and Hyperledger. By 2023, it is estimated that 25% of internet users were already using DID solutions, indicating a monumental shift towards user-driven identity management.
Decentralized Identity Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 1.15 Billion |
| Market Size by 2032 | USD 371.08 Billion |
| CAGR | 90% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Key Players:
The major players are Validated ID, Persistent, Avast, Datarella, Microsoft, Wipro, Dragonchain, SecureKey Technologies, Accenture, Civic Technologies, R3, Serto, Ping Identity, NuID, Affinidy, SelfKey, Nuggets, Finema, Hu-manity, 1Kosmos, and others in final report.
Recent Developments
March 2022, Avast's acquisition of SecureKey bolsters its expertise in decentralized identity and expands its customer base, signifying industry consolidation.
January 2023, Quadrata, a Web3 identity solution, partners with DeFi protocols to enhance compliance and user safety within the decentralized finance space.
May 2022, Microsoft relaunched its identity and access products under Entra Verified ID, indicating major tech players' commitment to this evolving market.
Segment Analysis
By Identity type
- Non- biometrics
- Biometrics
By Organization size
- Large Enterprises
- SMEs
By End user
- Enterprises
- Individual
By Verticals
- BFSI
- Government
- Healthcare and life sciences
- Telecom and IT
- Retail & E-Commerce
- Transport and Logistics
- Real Estate
- Media and Entertainment
- Travel and Hospitality
- Others
Biometrics led the market in 2023 by identity type and accounted for about to more than 62% of the market shares. The biometric identifiers such as fingerprint authentication, and facial recognition of the iris and voice have provided the secured forms in terms of better user experience. The non-biometrics segment is projected for significant growth due to its portability and ease of use. Non-biometric authentication usually builds on biometric security, strengthening the case for wider adoption of it.
End-User, the enterprise segment dominated the market in 2023 and held over 64% of revenue share. Decentralized identity frameworks enable individuals to own their data and allow businesses to handle user identities independently, without having personal information stored within companies. The individual segment is expected to register the fastest growth as demand for decentralized identity solutions managing personal data rises. This enables users to self-verify for multiple processes like loan applications, KYC processes and more.
Based on vertical, the BFSI (Banking, Financial Services, and Insurance) segment dominated the market in 2023 with a share of over 18%. Secure identity verification is crucial in the BFSI sector for KYC compliance and combating financial crimes.
Regional Developments
North America was the leading market that maintained its dominance throughout the forecast period, accounting for 33% of total volume demand. the increase in fraud cases and data breaches affecting how solutions such as decentralized identities will function. Asia Pacific Fastest growing regional market due to increasing awareness on cybersecurity and regulatory norms by government authorities in protecting consumer identity.
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The Decentralized Identity Market Study
- Decentralized identity solutions are growing due to their ability to address user privacy concerns and security challenges in the digital landscape.
- Businesses and consumers are realizing the advantages of decentralized identity that provide more secure authentication methods which allow individuals to control their data.
- Facilitated by advancements in technology and the need to comply with regulations, this market is expected to expand significantly over the coming years driven largely by adoption across industries.
- Collaboration between industry stakeholders is essential to overcome interoperability challenges and establish common standards for facilitating a seamless and secure decentralized identity ecosystem.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Decentralized Identity Market Segmentation, By Identity type
8. Decentralized Identity Market Segmentation, By Organization size
9. Decentralized Identity Market Segmentation, By End user
10. Decentralized Identity Market Segmentation, By Verticals
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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