Report Ocean has released a research study titled “Decentralized Identity Market 2023 Forecast to 2032 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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The Decentralized Identity Market can be analyzed in depth with the following 10 points, providing insights into its significance within the identity and access management, cybersecurity, and digital identity industries:
- Definition and Purpose: The Decentralized Identity Market revolves around the concept of decentralized identifiers (DIDs) and verifiable credentials, enabling individuals to have more control over their digital identity by eliminating the need for a centralized identity provider.
- Industry Applications: Decentralized identity has applications in various industries, including finance, healthcare, e-commerce, and government, where secure, user-controlled digital identity is essential for transactions and services.
- User-Centric Identity: Decentralized identity puts users at the center, allowing individuals to own, control, and share their identity data securely, granting them greater privacy and control.
- Security and Data Privacy: Decentralized identity mitigates the risks associated with centralized databases and reduces the chances of data breaches, enhancing data security and privacy protection.
- Self-Sovereign Identity: Decentralized identity promotes the concept of self-sovereign identity, giving individuals the authority to manage and share their identity without relying on a third-party identity provider.
- Trust and Verification: Decentralized identity systems enable users to provide verifiable credentials and proofs, enhancing trust between parties in online interactions.
- Interoperability: Decentralized identity solutions aim for interoperability, allowing users to carry their digital identity across different services, platforms, and applications seamlessly.
- Market Growth: The Decentralized Identity Market is expected to grow as organizations and individuals recognize the benefits of user-controlled digital identity, enhanced security, and data privacy.
- Regulatory Compliance: Decentralized identity solutions need to adhere to privacy and data protection regulations, such as GDPR, to ensure compliance and user trust.
- Evolving Landscape: The market is continually evolving, with the development of standards and protocols like the W3C’s Verifiable Credentials Data Model and emerging use cases in areas like digital wallets, healthcare records, and online authentication, further promoting decentralized identity adoption.
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
Market Research Objective:
To assess market size and growth potential:
- The objective is to determine the current market size, estimate its growth rate, and identify potential opportunities for market expansion.
To understand customer preferences and behavior:
- The objective is to gain insights into customer needs, preferences, buying behaviors, and decision-making processes to develop effective marketing strategies and product offerings.
To evaluate market competition:
- The objective is to assess the competitive landscape, identify key competitors, analyze their market share, strengths, weaknesses, and strategies to formulate a competitive positioning.
To explore new market segments:
- The objective is to identify and understand untapped or emerging market segments, assess their potential demand, and evaluate the feasibility of targeting these segments.
To assess brand perception and awareness:
- The objective is to measure brand awareness, perception, and loyalty among customers and target audiences to gauge the effectiveness of branding and marketing efforts.
To evaluate product or service satisfaction:
- The objective is to gather feedback from customers regarding their satisfaction levels with a specific product or service, identify areas for improvement, and enhance customer experience.
To analyze market trends and industry dynamics:
- The objective is to identify and analyze market trends, technological advancements, regulatory changes, and other factors influencing the industry’s dynamics to inform strategic decision-making.
To explore market entry opportunities:
- The objective is to identify potential markets for expansion, assess their attractiveness, understand entry barriers, and evaluate the feasibility of entering new markets.
To conduct market segmentation and targeting:
- The objective is to segment the market based on demographics, psychographics, or other relevant factors and develop targeted marketing strategies for each segment.
To assess pricing strategies:
- The objective is to evaluate pricing strategies in the market, analyze price sensitivity among customers, and identify optimal pricing levels for products or services.
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