Decentralized Identity Market By Type (Non-Biometrics, Biometrics), By Enterprise Size (Large Enterprises, SMEs), By End User (Enterprises, Individual): Global Opportunity Analysis and Industry Forecast, 2021-2031
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.
Decentralized identity is an open-standard identity authentication solution that provides a secured platform for user verification. The platform is widely operated on the basis of verifiable credentials of individuals with the help of a range of independent and transparent data exchange technology such as blockchain or other distributed ledger technology. In a digitalized platform, verifiable credential constitutes a key aspect of identity claims, and organizations issue these encrypted digital identity cards to secure identity data. As per reports of the Federal Trade Commission, the occurrence of identity fraud incidents increased by about 45% in 2020 that leading to massive financial loss for several business enterprises globally. In an attempt to prevent such events, the rate of adoption of decentralized identity solutions is rising significantly in various industries, especially in banking and other financial institutions. Rapid incidences of cybersecurity problems and other fraudulent activities such as money laundering or bribery are quite common in the banking sector.
The decentralized identity market is segmented on the basis of component, enterprise size, end user, and region. By type, it is segmented into biometrics and non-biometrics. By enterprise size, it is categorized into SMEs and large enterprises. By end user, it is categorized into enterprise and individual. By enterprise, it is segmented into BFSI, government, healthcare, manufacturing, retail and ecommerce, IT and telecom, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The market players operating in the decentralized identity platform market includes 1Kosmos, Accenture, Avast, Civic Technologies, DragonChain, Finema, Hu-manity.co, Microsoft Corporation, Nuggets, NuID, Persistent Ltd., Ping Identity, R3, SecureKey Technologies, Serto, ValidatedID, and Wipro. These key players have adopted numerous key development strategies such as partnership and new product launches, which help to strengthen their grip in the Decentralized identity market.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the decentralized identity market analysis from 2021 to 2031 to identify the prevailing decentralized identity market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the decentralized identity market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global decentralized identity market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
Non-Biometrics
Biometrics
By Enterprise Size
Large Enterprises
SMEs
By End User
Enterprises
BFSI
Government
Healthcare
Manufacturing
Retail and Ecommerce
IT and Telecom
Others
Individual
By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
1Kosmos
Accenture plc
Avast
Civic Technologies
DragonChain
Finema
Hu-manity.co
Microsoft Corporation
Nuggets
NuID
Ping Identity
Persistent Ltd.
R3
SecureKey Technologies
Serto
ValidatedID
Wipro Limited
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