Decentralized Identity Market Size, Share & Growth Forecast 2031
Decentralized Identity Market Size, Share & Growth Forecast 2031
Segments - Decentralized Identity Market by Types (Non-biometrics and Biometrics), Applications (Government Departments, BFSI, Academics & Research Centers, Military & Defense, IT & Telecom, Healthcare & Life Sciences, Retail & E-commerce, Transport & Logistics, Travel & Hospitality, Media & Entertainment, Real Estate, and Others), End-users (Enterprises [Large Enterprises and Small & Medium Enterprises] and Individuals), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :ICT-SE-4475
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Report Description
Decentralized Identity Market Outlook 2031
The global decentralized identity market size was valued at USD 429.88 Million in 2022 and is expected to surpass USD 117342.89 Million by 2031, expanding at a CAGR of 86.5% during the forecast period, 2023–2031.
The growth of the market is attributed to the rapid incidences of security breaches related to identity fraud and the high adoption of advanced identity authentication solutions by the banking and insurance sectors.
Decentralized identity is an open-standard identity authentication solution that provides a secured platform for user verification. The platform is widely operated on the basis of verifiable credentials of individuals with the help of a range of independent and transparent data exchange technology such as blockchain or other distributed ledger technology.
In a digitalized platform, verifiable credential constitutes a key aspect of identity claims, and organizations issue these encrypted digital identity cards to secure identity data. As per reports of the Federal Trade Commission, the occurrence of identity fraud incidents increased by about 45% in 2020 that leading to massive financial loss for several business enterprises globally.
In an attempt to prevent such events, the rate of adoption of decentralized identity solutions is rising significantly in various industries, especially in banking and other financial institutions. Rapid incidences of cybersecurity problems and other fraudulent activities such as money laundering or bribery are quite common in the banking sector.
According to Forbes’ reports, several major banks usually spend an average of USD 400-500 million for strengthening their cybersecurity systems each year. Therefore, the use of a decentralized identity system provides organizations to prevent malicious financial activities, which ultimately leads to reducing the overall risk and enhancing operational workflows.
Biometrics and non-biometrics are two types of decentralized identity solutions and the majority of the business enterprises are increasingly moving toward biometric-based identity authentication due to offering various advantages for specific verification processes. Verification using biometric identities including fingerprint or finger access control systems, voice recognition, and facial recognition can be made unique for every user or individual.
The COVID-19 crisis had accelerated the market expansion owing to the rising rate of digital transformation among business enterprises to ensure a robust online platform for business operations. Decentralized identity solutions were extensively adopted to strengthen the verification process of users’ identities and provide a secured platform for storing identity data associated with online services.
Decentralized Identity Market Trends, Drivers, Restraints, and Opportunities
- Rising cases of identity theft related to financial activities and growing demand for highly secured cybersecurity platforms and solutions from customers to prevent fraud are boosting the market.
- Rapid introduction of advanced and cost-effective biometric software solutions along with the rapid use of blockchain technology across industries present key factors propelling the market.
- Absence of uniform regulations across countries or lack of a common international standard for the regulation of the decentralized identity solutions operation and blockchain technology acts as a major restraining factor to the market.
- Lack of awareness regarding the advantages of decentralized identity solutions, especially in developing countries are some key challenges that can hamper the market in the coming years.
- Increasing integration of advanced technology such as the Internet of Things (IoT) and Artificial Intelligence (AI) in decentralized identity systems are offering lucrative opportunities for market expansion.
Scope of Decentralized Identity Market Report
The report on the global decentralized identity market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Decentralized Identity Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Types (Non-biometrics and Biometrics), Applications (Government Departments, BFSI, Academics & Research Centers, Military & Defense, IT & Telecom, Healthcare & Life Sciences, Retail & E-commerce, Transport & Logistics, Travel & Hospitality, Media & Entertainment, Real Estate, and Others), and End-users (Enterprises [Large Enterprises and Small & Medium Enterprises] and Individuals) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Accenture PLC; Microsoft Corp.; Wipro Ltd.; NuID, Inc.; Avast Software s.r.o.; 1Kosmos Inc.; Affinidi; Civic Technologies, Inc.; Datarella GmbH; Dragonchain; Hu-manity.co.; Nuggets; Ping Identity; R3; SecureKey Technologies Inc.; SELFKEY FOUNDATION; and Validated ID, SL. |
Decentralized Identity Market Segment Insights
Rising demand for highly secured identity verification solutions drives the biometrics segment
Based on types, the global decentralized identity market is bifurcated into non-biometrics and biometrics. The biometrics segment accounted for a major market share in 2021 and is expected to expand at a robust growth rate during the forecast period.
The segment growth is attributed to the rising demand for highly secured identity verification solutions and the increasing use of biometrics by government departments and business enterprises to ensure identity fraud prevention.
As compared to non-biometric solutions, biometrics offers more secured platforms for easy verification of individual identities and fraud prevention. Moreover, the decentralized biometric solutions help end-users to formulate effective management and storage of biometric credential data related to sensitive identity information about each individual.
Wide use of customers’ KYC and authentication fuels the BFSI segment
In terms of applications, the market is divided into government departments, BFSI, academics & research centers, military & defense, IT & telecom, healthcare & life sciences, retail & e-commerce, transport & logistics, travel & hospitality, media & entertainment, real estate, and others.
The BFSI segment held a dominant market share in 2021 and is anticipated to exhibit steady growth in the coming years owing to the increasing need for advanced identity verification solutions to prevent various financial-related fraudulent activities.
The decentralized identity solutions are widely used by the banking and insurance sector for customers’ KYC and authentication as well as addressing the rapid occurrence of cyberthreats and privacy issues by the consumers.
Enterprises segment to register a considerable CAGR
On the basis of end-users, the global decentralized identity market is bifurcated into enterprises and individuals. The enterprises segment is further segmented into large enterprises and small & medium enterprises.
The enterprises segment is projected to register a considerable CAGR during the forecast period due to the rapid expansion of small & medium business organizations and the increasing use of decentralized identity solutions by these organizations. Decentralized biometric systems are extensively used by large enterprises to control their employees’ identity data and prevent any illegal financial activities associated with the organizations.
Regional Analysis
In terms of regions, the decentralized identity market share is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market in 2021 and the trend is expected to continue in the market during the projected period due to the early adoption of novel technology and solutions for identity authentication and the increasing use of decentralized identity systems for regulation compliances.
High awareness regarding the benefits of using effective secured authentication systems and the rising use of the service to track or monitor identity fabrication by the majority of business enterprises present another key driver of the regional market.
Moreover, the presence of key global players in the region and the increasing integration of blockchain technology across industries are key factors boosting the market in the region further. On the other hand, the market of Asia Pacific is projected to constitute a key market share in the coming years owing to the high occurrence of identity thefts and rising fraudulent activities in the BSFI industry in the region.
Segments
The global decentralized identity market has been segmented on the basis of
Types
- Non-biometrics
- Biometrics
Applications
- Government Departments
- BFSI
- Academics & Research Centers
- Military & Defense
- IT & Telecom
- Healthcare & Life Sciences
- Retail & E-commerce
- Transport & Logistics
- Travel & Hospitality
- Media & Entertainment
- Real Estate
- Others
End-users
- Enterprises
- Large Enterprises
- Small & Medium Enterprises
- Individuals
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Accenture PLC
- Microsoft Corp.
- Wipro Ltd.
- NuID, Inc.
- Avast Software s.r.o.
- 1Kosmos Inc.
- Affinidi
- Civic Technologies, Inc.
- Datarella GmbH
- Dragonchain
- Hu-manity.co.
- Nuggets
- Ping Identity
- R3
- SecureKey Technologies Inc.
- SELFKEY FOUNDATION
- Validated ID, SL
Competitive Landscape
Key players competing in the global decentralized identity market share are Accenture PLC; Microsoft Corp.; Wipro Ltd.; NuID, Inc.; Avast Software s.r.o.; 1Kosmos Inc.; Affinidi; Civic Technologies, Inc.; Datarella GmbH; Dragonchain; Hu-manity.co.; Nuggets; Ping Identity; R3; SecureKey Technologies Inc.; SELFKEY FOUNDATION; and Validated ID, SL.
Some of these players have adopted a series of business development strategies including merger and acquisition, entering into partnerships and collaboration, R&D programs, and innovative technology solutions for secured identity verification to expand their consumer base and enhance their market share.
For instance,
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In March 2022, a Czech multinational cybersecurity software company Avast Software s.r.o. (Avast) acquired a Canada-based software solution provider, SecureKey Technologies Inc. The acquisition deal was aimed at Avast’s expansion of decentralized identity and digital security services across various geographical locations worldwide.
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In April 2021, Microsoft Corp. entered into a collaboration with a UK-based technology company, Onfido to expand its services associated with identity verification and secured onboarding processes for its Azure Active Directory (Azure AD) verifiable credentials.
Frequently Asked Questions
The key players of the market are Accenture PLC; Microsoft Corp.; Wipro Ltd.; NuID, Inc.; Avast Software s.r.o.; 1Kosmos Inc.; Affinidi; Civic Technologies, Inc.; Datarella GmbH; Dragonchain; Hu-manity.co.; Nuggets; Ping Identity; R3; Securekey Technologies Inc.; SELFKEY FOUNDATION; and Validated ID, SL.
North America dominated the market in 2021 and the trend is expected to continue in the market during the projected period.
The BFSI segment held a dominant market share in 2021 and is anticipated to exhibit steady growth in the coming years.
The key drivers of the market include the rapid incidences of security breaches related to identity fraud and the high adoption of advanced identity authentication solutions by the banking and insurance sector.
The global decentralized identity market size was valued at USD 429.88 million in 2022 and is expected to surpass USD 117342.89 million by 2031
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Decentralized Identity Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Decentralized Identity Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Decentralized Identity Market - Supply Chain
4.5. Global Decentralized Identity Market Forecast
4.5.1. Decentralized Identity Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Decentralized Identity Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Decentralized Identity Market Absolute $ Opportunity
5. Global Decentralized Identity Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Decentralized Identity Market Size and Volume Forecast by Types
5.3.1. Non-biometrics
5.3.2. Biometrics
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Decentralized Identity Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Decentralized Identity Market Size and Volume Forecast by Applications
6.3.1. Government Departments
6.3.2. BFSI
6.3.3. Academics & Research Centers
6.3.4. Military & Defense
6.3.5. IT & Telecom
6.3.6. Healthcare & Life Sciences
6.3.7. Retail & E-commerce
6.3.8. Tra
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Decentralized Identity Market Analysis and Forecast by End Users
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by End Users
7.2.2. Y-o-Y Growth Projections by End Users
7.3. Decentralized Identity Market Size and Volume Forecast by End Users
7.3.1. Enterprises Large Enterprises Small & Medium Enterprises Individuals
7.4. Absolute $ Opportunity Assessment by End Users
7.5. Market Attractiveness/Growth Potential Analysis by End Users
8. Global Decentralized Identity Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Decentralized Identity Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Decentralized Identity Demand Share Forecast, 2019-2026
9. North America Decentralized Identity Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Decentralized Identity Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Decentralized Identity Market Size and Volume Forecast by Types
9.4.1. Non-biometrics
9.4.2. Biometrics
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. North America Decentralized Identity Market Size and Volume Forecast by Applications
9.7.1. Government Departments
9.7.2. BFSI
9.7.3. Academics & Research Centers
9.7.4. Military & Defense
9.7.5. IT & Telecom
9.7.6. Healthcare & Life Sciences
9.7.7. Retail & E-commerce
9.7.8. Tra
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. North America Decentralized Identity Market Size and Volume Forecast by End Users
9.10.1. Enterprises Large Enterprises Small & Medium Enterprises Individuals
9.11. Basis Point Share (BPS) Analysis by End Users
9.12. Y-o-Y Growth Projections by End Users
9.13. Market Attractiveness/Growth Potential Analysis
9.13.1. By Country
9.13.2. By Product Type
9.13.3. By Application
9.14. North America Decentralized Identity Demand Share Forecast, 2019-2026
10. Latin America Decentralized Identity Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Decentralized Identity Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Decentralized Identity Market Size and Volume Forecast by Types
10.4.1. Non-biometrics
10.4.2. Biometrics
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Latin America Decentralized Identity Market Size and Volume Forecast by Applications
10.7.1. Government Departments
10.7.2. BFSI
10.7.3. Academics & Research Centers
10.7.4. Military & Defense
10.7.5. IT & Telecom
10.7.6. Healthcare & Life Sciences
10.7.7. Retail & E-commerce
10.7.8. Tra
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Latin America Decentralized Identity Market Size and Volume Forecast by End Users
10.10.1. Enterprises Large Enterprises Small & Medium Enterprises Individuals
10.11. Basis Point Share (BPS) Analysis by End Users
10.12. Y-o-Y Growth Projections by End Users
10.13. Market Attractiveness/Growth Potential Analysis
10.13.1. By Country
10.13.2. By Product Type
10.13.3. By Application
10.14. Latin America Decentralized Identity Demand Share Forecast, 2019-2026
11. Europe Decentralized Identity Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Decentralized Identity Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Decentralized Identity Market Size and Volume Forecast by Types
11.4.1. Non-biometrics
11.4.2. Biometrics
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Europe Decentralized Identity Market Size and Volume Forecast by Applications
11.7.1. Government Departments
11.7.2. BFSI
11.7.3. Academics & Research Centers
11.7.4. Military & Defense
11.7.5. IT & Telecom
11.7.6. Healthcare & Life Sciences
11.7.7. Retail & E-commerce
11.7.8. Tra
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Europe Decentralized Identity Market Size and Volume Forecast by End Users
11.10.1. Enterprises Large Enterprises Small & Medium Enterprises Individuals
11.11. Basis Point Share (BPS) Analysis by End Users
11.12. Y-o-Y Growth Projections by End Users
11.13. Market Attractiveness/Growth Potential Analysis
11.13.1. By Country
11.13.2. By Product Type
11.13.3. By Application
11.14. Europe Decentralized Identity Demand Share Forecast, 2019-2026
12. Asia Pacific Decentralized Identity Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Decentralized Identity Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Decentralized Identity Market Size and Volume Forecast by Types
12.4.1. Non-biometrics
12.4.2. Biometrics
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Asia Pacific Decentralized Identity Market Size and Volume Forecast by Applications
12.7.1. Government Departments
12.7.2. BFSI
12.7.3. Academics & Research Centers
12.7.4. Military & Defense
12.7.5. IT & Telecom
12.7.6. Healthcare & Life Sciences
12.7.7. Retail & E-commerce
12.7.8. Tra
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Asia Pacific Decentralized Identity Market Size and Volume Forecast by End Users
12.10.1. Enterprises Large Enterprises Small & Medium Enterprises Individuals
12.11. Basis Point Share (BPS) Analysis by End Users
12.12. Y-o-Y Growth Projections by End Users
12.13. Market Attractiveness/Growth Potential Analysis
12.13.1. By Country
12.13.2. By Product Type
12.13.3. By Application
12.14. Asia Pacific Decentralized Identity Demand Share Forecast, 2019-2026
13. Middle East & Africa Decentralized Identity Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Middle East & Africa Average Pricing Analysis
13.2. Middle East & Africa Decentralized Identity Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Decentralized Identity Market Size and Volume Forecast by Types
13.4.1. Non-biometrics
13.4.2. Biometrics
13.5. Basis Point Share (BPS) Analysis by Types
13.6. Y-o-Y Growth Projections by Types
13.7. Middle East & Africa Decentralized Identity Market Size and Volume Forecast by Applications
13.7.1. Government Departments
13.7.2. BFSI
13.7.3. Academics & Research Centers
13.7.4. Military & Defense
13.7.5. IT & Telecom
13.7.6. Healthcare & Life Sciences
13.7.7. Retail & E-commerce
13.7.8. Tra
13.8. Basis Point Share (BPS) Analysis by Applications
13.9. Y-o-Y Growth Projections by Applications
13.10. Middle East & Africa Decentralized Identity Market Size and Volume Forecast by End Users
13.10.1. Enterprises Large Enterprises Small & Medium Enterprises Individuals
13.11. Basis Point Share (BPS) Analysis by End Users
13.12. Y-o-Y Growth Projections by End Users
13.13. Market Attractiveness/Growth Potential Analysis
13.13.1. By Country
13.13.2. By Product Type
13.13.3. By Application
13.14. Middle East & Africa Decentralized Identity Demand Share Forecast, 2019-2026
14. Competition Landscape
14.1. Global Decentralized Identity Market: Market Share Analysis
14.2. Decentralized Identity Distributors and Customers
14.3. Decentralized Identity Market: Competitive Dashboard
14.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
14.4.1. Accenture PLC
14.4.2. Microsoft Corp.
14.4.3. Wipro Ltd.
14.4.4. NuID, Inc.
14.4.5. Avast Software s.r.o.
14.4.6. 1Kosmos Inc.
14.4.7. Affinidi
14.4.8. Civic Technologies, Inc.
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