Market 2023 Forecast to 2031 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Decentralized Identity Market is valued at approximately USD 151.03 million in 2021 and is anticipated to grow with a healthy growth rate of more than 88.7% over the forecast period 2022-2028. A decentralized identity is an approach to identity and access management (IAM). It enables users to create and control their own digital identity without relying on a particular service vendor. Factors such as the growing instances of security breaches and identity-related fraud, the rising need for non-human digital IDs and security in consumer goods, coupled with the increasing number of tactical initiatives by the key companies are some prominent factors that impel the global market demand.
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For instance, in March 2022, SecureKey was acquired by Avast with the aim of accessing Avast decentralized identity expertise and large customer base. Also, it will help Avast to expand its geographic footprints. Likewise, in April 2021, Accenture entered into a partnership agreement with Nuggets- a self-sovereign digital ID and payments platform. The objective of this partnership is to support Nuggets to enhance and develop the company’s business models and decentralized identity technologies. Accordingly, the rising number of strategic actions by the market players is fostering the demand for a decentralized identity, which boosts market growth across the globe. However, a lack of technical knowledge and understanding of the blockchain concept, along with the uncertain regulatory status and unavailability of a common set of standards curbs the growth of the market over the forecast period of 2022-2028. Also, the rising integration of blockchain in decentralized identity and the growing adoption of SSIs are anticipated to act as a catalyzing factor for the market demand during the forecast period
Major market players included in this report are:
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Certainly, here are eight key trends in the Metaverse market:
- Virtual Worlds and Digital Twins: The development of immersive virtual worlds and digital twins of physical spaces, offering diverse experiences and applications, including gaming, social interaction, and simulations.
- NFTs and Digital Assets: The integration of non-fungible tokens (NFTs) and digital assets within the metaverse, allowing users to own and trade unique virtual items, real estate, and art.
- Cross-Platform Accessibility: The trend of making the metaverse accessible across various platforms, including virtual reality (VR), augmented reality (AR), mobile devices, and web browsers.
- Metaverse Economies: The emergence of virtual economies and currencies within the metaverse, enabling transactions, virtual businesses, and job opportunities for users.
- Blockchain and Decentralization: Increased use of blockchain technology to secure and authenticate metaverse assets and interactions, emphasizing decentralization and data ownership.
- Social Interaction and Collaboration: The metaverse is fostering social interaction, collaboration, and virtual events, transforming how people connect and work remotely.
- Education and Training: The use of the metaverse for immersive and interactive education, training, and simulations in fields such as healthcare, aerospace, and gaming.
- Metaverse Regulation and Governance: Ongoing discussions around metaverse regulation, intellectual property, and governance, addressing legal and ethical concerns in the digital realm.
The detailed segments and sub-segment of the market are explained below:
By Identity Type:
By Organization Size:
Small and Medium Enterprises
Healthcare and life sciences
Telecom and IT
Retail & E-Commerce
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Rest of the World
Table of Contents:
- Executive Summary
- Market Overview
- Market Analysis
- Market Size and Forecast
- Market Trends
- Market Dynamics
- Market Segmentation
- Competitive Landscape
- Competitive Scenario
- Key Players
- Regional Analysis
- Regional Market Overview
- Market Size and Forecast by Region
- Product/Service Analysis
- Product/Service Overview
- Market Size and Forecast by Product/Service
- End-User Analysis
- End-User Overview
- Market Size and Forecast by End-User
- Industry Structure
- Key Findings and Recommendations
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