The Decentralized Identity Market size was valued at USD 1.15 Billion in 2023 and is estimated to reach over USD 195.32 billion in 2031 with a growing CAGR of 90.00% Over the Forecast Period of 2024-2031.
The Decentralized Identity market is a dynamic ecosystem where individuals, organizations, and devices can securely interact without the need for traditional centralized authorities. In this decentralized paradigm, users retain control over their personal information, deciding how and when to share it with others. This shift towards self-sovereign identity empowers individuals to manage their digital identities autonomously, reducing the risk of data breaches and identity theft.
One of the key drivers behind the growth of the Decentralized Identity market is the increasing concern over data privacy and security. With centralized identity systems, users are often forced to entrust their sensitive information to third-party entities, leaving them vulnerable to hacking and misuse. Decentralized Identity solutions offer a more secure alternative by leveraging blockchain technology and cryptographic techniques to ensure that personal data remains under the user's control at all times..
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Covid 19 impact analysis:
The study on the Global Decentralized Identity Market is the latest report covering the impact analysis of the currently ongoing COVID-19 pandemic. The pandemic has directly affected the market by causing disruptions in the global supply chains and indirectly by inducing financial difficulties. The Decentralized Identity market has witnessed dynamic changes in trends and demands owing to the ongoing COVID-19 pandemic. The report provides a detailed outlook on how the pandemic has affected the key segments of the Decentralized Identity industry. The report includes an in-depth impact analysis of the COVID-19 pandemic on the overall Decentralized Identity industry.
Major companies profiled in the market report include
Validated ID, Persistent, Microsoft, Wipro, Dragonchain, SecureKey Technologies, Accenture, R3, Avast, Datarella, Serto, Ping Identity, NuID, SelfKey, Nuggets, Finema, Civic Technologies, Affinidy, Hu-manity, 1Kosmos, and others
Research objectives:
The report studies the historical data of the Decentralized Identity market and offers valuable information about the key segments and sub-segments, revenue generation, demand and supply scenario, trends, and other vital aspects. The report offers an accurate forecast estimation of the Decentralized Identity industry based on the recent technological and research advancements. It also offers valuable data to assist the investors in formulating strategic business investment plans and capitalize on the emerging growth prospects in the Decentralized Identity market.
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It has segmented the global Decentralized Identity market
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
Key Objectives of the Global Decentralized Identity Market Report:
- Analysis and estimation of the Decentralized Identity market size and share for the projected period of 2024-2031
- Extensive analysis of the key players of the market by SWOT analysis and Porter’s Five Forces analysis to impart a clear understanding of the competitive landscape
- Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global Decentralized Identity market
- Analysis of the growth prospects for the stakeholders and investors through the study of the promising segments
- Strategic recommendations to the established players and new entrants to capitalize on the emerging growth opportunities
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