Published Date: 28-Jul-2022
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According to a new report, published by KBV research, The Global Decentralized Identity Market size is expected to reach $8.9 billion by 2028, rising at a market growth of 78.5% CAGR during the forecast period.
The Non- biometrics segment acquired maximum revenue share in the Global Decentralized Identity Market by Identity Type in 2021, thereby, achieving a market value of $5.96 billion by 2028. It is due to the fact that non-biometric authentication is generally acknowledged as a backup or utilized along with the biometric password less security. In addition, there are several advantages offered by this kind of identity type, which is contributing to the growth of the segment over the forecast period.
The Real Estate segment is showcasing a CAGR of 79.9% during (2022 - 2028). Many industries, including real estate, are actively building integrated decentralized identities within blockchain-based apps. With the advent of smart city initiatives, the usage of decentralized identification in real estate is expanding. Real estate payments can be automated with the help of decentralized identities. They also play an important role in anti-money laundering (AML) and improved Know Your Customer (KYC) background checks.
The Large Enterprises segment dominated the Global Decentralized Identity Market by Organization size in 2021 thereby, achieving a market value of $6.06 billion by 2028. Large corporations are experimenting with and using blockchain technology for identity management as a result of increased investments in the technology. The adoption of blockchain technology across large organizations is likely to be fueled by faster interactions, cost savings, business expansion capabilities, and better security elements. Several organizations from diverse industry verticals, including logistics and transportation, autos, and manufacturing, are testing traditional record-keeping platforms for new needs at various phases.
The Individual segment has shown growth rate of CAGR of 81.1% during (2022 - 2028). It is because decentralized identity enables users to gather and control their own digital identity. In addition, the rising investment by the individuals on such kind of decentralized identity solutions would surge the growth of the segment over the forecast period. Along with that, many people are adopting such solutions to strengthen their security framework.
North America is the fastest growing region in the Global Decentralized Identity Market in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3.71 billion by 2028. The Europe market is estimated to witness a CAGR of 77.8% during (2022 - 2028). Additionally, The Asia Pacific market would experience a CAGR of 79.6% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Accenture PLC, Microsoft Corporation, Ping Identity Holding Corp. (Vista Equity Partners), Avast Software s.r.o., Wipro Limited, Persistent Systems Limited, Civic Technologies, Inc., Nuggets Ltd., R3 LLC, and Validated ID, SL.
By Identity Type
By Organization size
By End user
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