Decentralized Identity Market Size, Share, Growth, Insights, Trends and Forecasts Analysis 2031
Decentralized identity can streamline authentication processes, reducing friction for users and enhancing the user experience
AUSTIN, TEXAS, UNITED STATES, May 25, 2024 The Decentralized Identity Market size was valued at USD 536.4 Million in 2023 and is estimated to reach over USD 86,609.6 Million in 2031 with a growing CAGR of 88.8% Over the Forecast Period of 2024–2031.
The decentralized identity market is rapidly emerging as a transformative force in digital identity management, driven by the need for enhanced privacy, security, and user control. Unlike traditional centralized systems where identity data is stored and controlled by third parties, decentralized identity solutions leverage blockchain technology to allow individuals to own and manage their identity credentials. This shift is particularly appealing in an era where data breaches and identity theft are rampant, offering a more secure and transparent method for identity verification. By using cryptographic methods, users can verify their identities without exposing sensitive information, significantly reducing the risk of unauthorized access and misuse of personal data. The market is also being shaped by the growing adoption of decentralized applications (dApps) and the increasing importance of digital identity in various sectors such as finance, healthcare, and government services. Decentralized identity platforms enable seamless and secure access to services across different domains, eliminating the need for repetitive identity verifications and enhancing user experience..
Covid 19 impact analysis:
The latest report is the most recent study that offers 360 coverage of the Decentralized Identity industry that has been facing the brunt of the adverse economic impact of the COVID-19 outbreak since the beginning of this year. The global health crisis has affected nearly every aspect of the business vertical and led to massive disruptions to the globalDecentralized Identity market demand and supply chains. Researchers draw predictions for the market scenario in the post-COVID era. The report, additionally, assesses the present market situation and estimates its future outcomes, keeping in mind the impact of the pandemic on the global economic landscape.
Major companies profiled in the market report include
Validated ID, Persistent, Microsoft, Wipro, Dragonchain, SecureKey Technologies, Accenture, R3, Avast, Datarella, Serto, Ping Identity, NuID, SelfKey, Nuggets, Finema, Civic Technologies, Affinidy, Hu-manity, 1Kosmos, and others.
