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The global decentralized identity market was valued at USD 181.8 million in 2021. The global decentralized identity market is expected to grow to US$ 53.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 81.1% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
The global decentralized identity market has greater potential in the coming years due to growing cloud implementation. Currently, more people are using cloud deployment since there is more automation being used to protect data from fraud and cyberattacks. Decentralized solutions are also being adopted for applications like risk-based authentication, inaccurate behavioural analysis, excessive credential detection, adaptive access certifications, and risk-based id & access provisioning. All of the potential applications of decentralized identity will boost the growth of the market during the analysis period.
Additionally, businesses thriving in the decentralized identity market are anticipated to benefit from the growing adoption of AI and machine learning technology, growing demand for mobility solutions, and increasing cases of identity theft. Therefore, it will contribute to the growth of the decentralized identity market during the analysis period.
However, the complicated IT infrastructure may limit the growth of the decentralized identity market during the analysis period.
On the flip side, growing technological advancements are expected to contribute to the growth of the decentralized identity market during the analysis period. For instance, Microsoft Corporation relaunched its identity and access products in May 2022 under the product line Entra Verified ID.
COVID-19 Impact Analysis
The COVID-19 pandemic has positively influenced the growth of the global decentralized identity market due to the sudden hike in the usage of the internet worldwide and the sudden transformation of businesses to online services. As a result, the concerns related to the security of online users increased, which drove the growth of the decentralized identity market during the analysis period.
Regional Analysis
A sizeable portion of the market is anticipated to come from the region of Europe. One of the main factors influencing the expansion of decentralized identities in the European region is favorable government policies. In this region, social security and pension organizations place a strong emphasis on using analytics to lower risk and enhance fraud prevention. For instance, BBVA in Europe and Barclays Bank, and Lloyds Bank in the UK are using machine learning for identification analytics to enhance their commercial performance. In addition, a different European bank used advanced analytics to create a superior recovery process. By understanding its nonperforming loans better, it was able to address some borrowers right away. Therefore, the advanced digital infrastructure of the region will contribute to the growth of the decentralized identity market during the analysis period.
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Competitors in the Market
1Kosmos Inc.
Accenture Plc
Affinidy
Avast
Civic Technologies
Datarella
Dragonchain
Finema Co. Ltd.
Hu-manity Rights, Inc.
Microsoft Corporation
NuID Inc.
Persistent Systems
Ping Identity
SecureKey Technologies
Wipro Limited
Other Prominent Players
Market Segmentation
The global decentralized identity market segmentation focuses on Component, Deployment Type, Organization Size, Industry Vertical, and Region.
By Component
Software
Services
By Deployment Type
On-Premises
Cloud
By Organization Size
Small & Medium-Sized Enterprises
Large Enterprises
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By Industry Vertical
BFSI
Retail
IT & Telecom
Healthcare
Government
Others
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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