Decentralized Identity Market Continues to grow, with $77.8 Billion Valuation and 87.9% CAGR by 2031
According to a new report published by Allied Market Research, titled, “Decentralized Identity Market Share by Type (Non-Biometrics, Biometrics), by Enterprise Size (Large Enterprises, SMEs), by End User (Enterprises, Individual): Global Opportunity Analysis and Industry Forecast, 2021–2031,”
The decentralized identity market size was valued at $156.80 million in 2021, and is estimated to reach $77.8 billion by 2031, growing at a CAGR of 87.9% from 2022 to 2031.
A way of managing identities and access is called decentralized identity (IAM). It gives consumers the ability to develop and manage their own digital identities independently of a specific service provider. The rise in security breaches and identity-related fraud cases, the demand for non-human digital IDs, the requirement for consumer product security, and the rising number of strategic initiatives by the major companies are some significant drivers driving the global market demand. 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.
Furthermore, rise in security breaches and increasing numbers of identity fraud and security breaches is boosting the growth of the global decentralized identity market. In addition, rise in applications of blockchain identity solutions in banks is positively impacts growth of the decentralized identity market. However, lack of technical expertise, and fluctuating regulatory status and a lack of rules is hampering the decentralized identity decentralized identity market growth. On the contrary, numerous uses for blockchain identity solutions, and increase in adoption of mobile device applications and platforms is expected to offer remunerative opportunities for expansion during the decentralized identity market forecast.
Source:https://www.openpr.com/news/3486761/decentralized-identity-market-continues-to-grow-with-77-8
