Decentralized Identity Market Growth & Trends
The global decentralized identity market size is projected to reach USD 102.00 billion by 2030, growing at a CAGR of 90.3% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The rising need for interoperability between different identity systems is accentuating the acceptance of decentralized identity. In today's interconnected world, individuals often interact with multiple platforms and services that have their separate identity systems.
Decentralized identity solutions provide a standardized framework for identity verification that can be seamlessly integrated across various platforms, enabling interoperability and enhancing user convenience. Furthermore, the impulse for self-sovereign identity is an important driver for market growth. Decentralized identity solutions empower individuals with self-sovereign identities, giving them the freedom to manage and share their identity information as they see fit.
Access the Decentralized Identity Market Size, Share & Trends Analysis Report By Identity Type (Biometrics, Non-biometrics), By End-user (Individual, Enterprises), By Enterprise Size, By Vertical, By Region, And Segment Forecasts, 2023 - 2030
Decentralized identification is an emerging concept that restores consumers' control over their identities by enabling them to acquire verifiable information from certified issuers through an identity wallet, such as the Government. Users can effectively control their online identity and privacy by restricting the data that is conveyed from the wallet to a third person. Furthermore, decentralized IDs would assist individuals who have been the targets of a security breach due to the negligence of a third person.
The COVID-19 pandemic has had an affirmative impact on the market, driving its growth and adoption. With the pandemic necessitating remote work, online services, and digital interactions, the demand for secure and reliable digital identity solutions has surged. Decentralized identity systems, based on blockchain technology, offer a robust and privacy-enhancing alternative to traditional centralized identity management systems.
Decentralized Identity Market Report Highlights
· In terms of identity type, the biometrics segment is anticipated to register the fastest CAGR of 91.5% over the forecast period. The increasing launches of biometric identification platforms from some of the major firms, including, Innovatrics, and IDEMIA, among others, are expected to drive the growth of the segment
· In terms of end-user, the individual segment is projected to register the fastest CAGR of 91.6% over the forecast period as individuals progressively recognize the benefits of owning and managing their own digital identities. With rising concerns about privacy and data security, individuals are seeking decentralized identity solutions that provide them with greater control, transparency, and trust in their online interactions
· In terms of enterprise size, the small & medium enterprises segment is anticipated to register the fastest CAGR of 90.8% over the forecast period. The growth of the segment can be attributed to the growing digitalization across all SMEs worldwide
· In terms of vertical, the BFSI segment dominated the market in 2022 with a revenue share of 18.96%. The BFSI industry recognizes the potential of decentralized identity solutions in improving customer authentication, preventing fraud, and improving regulatory compliance. Therefore, BFSI organizations are actively adopting decentralized identity technologies to improve their digital identity management capabilities and ensure secure and trusted interactions with their customers
· In terms of region, the Asia Pacific regional market is projected to register the fastest CAGR of 91.9% over the forecast period. The increasing demand for decentralized identity solutions across the region is anticipated to play a vital role in driving the growth of the regional market
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Key Companies & Market Share Insights
The decentralized identity industry can be described as a highly competitive market due to the presence of several prominent market players. In efforts to improve their offerings, market firms pursue strategies such as new alliances, strategic agreements, and others. For instance, in January 2023, Quadrata, a Web3 identity solution, focused on enhancing compliance and reputation within public blockchains and established partnerships with nine prominent DeFi protocols. These protocols include Archblock, TrueFi, BSOS, Cred Protocol, Frigg.Eco, Chelo Finance, Chee Finance, CR Square, and SPACE. Through Quadrata's passport network, users of each protocol will have access to robust identity verification services, ensuring a crucial layer of safety and security for their activities. This collaboration reinforces the commitment of Quadrata and partnered protocols to prioritize user protection and establish a trusted ecosystem within the decentralized finance space.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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