Report Ocean has released a research study titled “Decentralized Identity Market 2023 Forecast to 2032 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Decentralized Identity Market is valued at approximately USD 151.03 million in 2021 and is anticipated to grow with a healthy growth rate of more than 88.7% over the forecast period 2022-2028. 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.
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For instance, in March 2022, SecureKey was acquired by Avast with the aim of accessing Avast decentralized identity expertise and large customer base. Also, it will help Avast to expand its geographic footprints. Likewise, in April 2021, Accenture entered into a partnership agreement with Nuggets- a self-sovereign digital ID and payments platform. The objective of this partnership is to support Nuggets to enhance and develop the company’s business models and decentralized identity technologies. Accordingly, the rising number of strategic actions by the market players is fostering the demand for a decentralized identity, which boosts market growth across the globe. However, a lack of technical knowledge and understanding of the blockchain concept, along with the uncertain regulatory status and unavailability of a common set of standards curbs the growth of the market over the forecast period of 2022-2028. Also, the rising integration of blockchain in decentralized identity and the growing adoption of SSIs are anticipated to act as a catalyzing factor for the market demand during the forecast period.
Major market players included in this report are:
Microsoft
Accenture
Persistent
Wipro
SecureKey Technologies
Validated ID
Serto
Ping Identity
Dragonchain
Datarella
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MARKET OVERVIEW
The Decentralized Identity Market revolves around the development and adoption of decentralized identity systems, offering individuals greater control over their personal information. Here’s a deep analysis of this market in 10 key points:
Market Definition: The Decentralized Identity Market involves solutions and technologies that enable individuals to have control over their digital identities without relying on central authorities.
User-Centric Identity: Decentralized identity systems shift control from centralized entities to users, allowing individuals to own, manage, and share their identity information as needed.
Blockchain and Distributed Ledger Technology: Many decentralized identity solutions leverage blockchain or other distributed ledger technologies to ensure the integrity, security, and transparency of identity transactions.
Interoperability: The market emphasizes interoperability, enabling individuals to use their decentralized identities across various platforms, services, and applications without the need for multiple credentials.
Privacy and Consent: Decentralized identity solutions prioritize privacy by giving users the ability to grant or deny consent when sharing their identity information, enhancing control over personal data.
Self-Sovereign Identity (SSI): SSI is a key concept in the market, emphasizing the individual’s ownership and control over their identity without the need for central authorities.
Industry Applications: Decentralized identity finds applications in various industries, including finance, healthcare, e-commerce, and government, where secure and user-centric identity management is crucial.
Market Players: Companies involved in the Decentralized Identity Market include organizations like Microsoft, IBM, and various startups, contributing to the development and adoption of decentralized identity solutions.
Standards and Protocols: The market is influenced by the development and adoption of standards and protocols, such as W3C’s Decentralized Identifiers (DIDs) and Verifiable Credentials, to ensure consistency and interoperability.
Challenges and Adoption: Challenges include addressing legal and regulatory frameworks, establishing trust in decentralized systems, and fostering widespread adoption. However, the market is growing as organizations and users recognize the benefits of enhanced privacy, security, and user control over identity.
The detailed segments and sub-segment of the market are explained below:
By Identity Type:
Non- biometrics
Biometrics
By Organization Size:
Large Enterprises
Small and Medium Enterprises
By Verticals:
BFSI
Government
Healthcare and life sciences
Telecom and IT
Retail & E-Commerce
Other Verticals
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Executive Summary
Introduction
Methodology
Market Overview
Market Analysis
Market Size and Forecast
Market Trends
Market Dynamics
Market Segmentation
Competitive Landscape
Competitive Scenario
Key Players
Regional Analysis
Regional Market Overview
Market Size and Forecast by Region
Product/Service Analysis
Product/Service Overview
Market Size and Forecast by Product/Service
End-User Analysis
End-User Overview
Market Size and Forecast by End-User
Industry Structure
Key Findings and Recommendations
Conclusion
Market Research Objective:
To assess market size and growth potential:
The objective is to determine the current market size, estimate its growth rate, and identify potential opportunities for market expansion.
To understand customer preferences and behavior:
The objective is to gain insights into customer needs, preferences, buying behaviors, and decision-making processes to develop effective marketing strategies and product offerings.
To evaluate market competition:
The objective is to assess the competitive landscape, identify key competitors, analyze their market share, strengths, weaknesses, and strategies to formulate a competitive positioning.
To explore new market segments:
The objective is to identify and understand untapped or emerging market segments, assess their potential demand, and evaluate the feasibility of targeting these segments.
To assess brand perception and awareness:
The objective is to measure brand awareness, perception, and loyalty among customers and target audiences to gauge the effectiveness of branding and marketing efforts.
To evaluate product or service satisfaction:
The objective is to gather feedback from customers regarding their satisfaction levels with a specific product or service, identify areas for improvement, and enhance customer experience.
To analyze market trends and industry dynamics:
The objective is to identify and analyze market trends, technological advancements, regulatory changes, and other factors influencing the industry’s dynamics to inform strategic decision-making.
To explore market entry opportunities:
The objective is to identify potential markets for expansion, assess their attractiveness, understand entry barriers, and evaluate the feasibility of entering new markets.
To conduct market segmentation and targeting:
The objective is to segment the market based on demographics, psychographics, or other relevant factors and develop targeted marketing strategies for each segment.
To assess pricing strategies:
The objective is to evaluate pricing strategies in the market, analyze price sensitivity among customers, and identify optimal pricing levels for products or services.
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