Decentralized Identity Market to Expand with Significant CAGR During 2023 – 2030: Grand View Research Inc.

 Decentralized Identity Market Growth & Trends

The global decentralized identity market size is expected to reach USD 102.0 billion by 2030, expanding at a CAGR of 90.3% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The ineffectiveness of conventional identity management practices and rising incidences of security breaches have fueled the demand for decentralized identity platforms. The increasing adoption of such decentralized identity platforms by businesses and individuals is further expected to drive the market over the forecast period.

Additionally, several regulatory bodies and monetary organizations have launched guidelines to enable users to leverage digital identity platforms. For instance, in April 2020, the Arab Monetary Fund (AMF) published the latest guidelines for Electronic Know Your Customer (e-KYC) to enable the onboarding of new banking customers remotely through non-face-to-face authorization. Hence, initiatives aiming at utilizing digital identity platforms are expected to create new growth opportunities for the market over the forecast period.

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 what data 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 is expected to play a significant role in driving the market over the forecast period. With the growing digitalization owing to the pandemic outbreak globally, there is an increasing need to protect online users' identities. Verifying user identities and securely storing them depend greatly on decentralized identity.

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Decentralized Identity Market Report Highlights

• The biometric segment is anticipated to register the fastest growth rate over the forecast period. The increasing launch of biometric identification platforms by some of the major firms, including, Innovatrics and IDEMIA, is expected to drive the segment
• The individual segment is projected to register the fastest growth rate over the forecast period. Decentralized identity is used by individuals owing to benefits such as privacy and security concerns, which is a major factor expected to propel the segment growth
• The small and medium enterprises segment is anticipated to emerge as the fastest growing segment over the forecast period. The growth of the segment can be attributed to the growing digitalization across all SMEs worldwide
• The BFSI segment dominated the market in 2022. The banking firms adopting decentralized identity solutions to reduce identity fraud is one of the major factors propelling the segment growth
• Asia Pacific is projected to register the fastest growth rate over the forecast period. The increasing demand for decentralized identity solutions across the region is anticipated to play a vital role in driving the regional market

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Decentralized Identity Market Segmentation

Grand View Research has segmented the global decentralized identity market based on identity type, end-user, enterprise size, vertical, and region:

Decentralized Identity Type Outlook (Revenue, USD Million, 2019 - 2030)

• Biometric
• Non-biometric

Decentralized Identity End-user Outlook (Revenue, USD Million, 2019 - 2030)

• Individual
• Enterprises

Decentralized Identity Enterprise Size Outlook (Revenue, USD Million, 2019 - 2030)

• Large Enterprises
• Small & Medium Enterprises

Decentralized Identity Vertical Outlook (Revenue, USD Million, 2019 - 2030)

• BFSI
• Government
• Healthcare & Life Sciences
• Retail& E-commerce
• Telecom & IT
• Transport & Logistics
• Real Estate
• Media & Entertainment
• Travel & Hospitality
• Others

Decentralized Identity Regional Outlook (Revenue, USD Million, 2019 - 2030)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • UK.
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa (MEA)

List of Key Players of Decentralized Identity Market

• 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
• 1Kosmos Inc.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.