Decentralized Identity Market

According to a research report "Decentralized Identity Market by Identity Type, End User, Organization Size, Vertical (BFSI, Government, Healthcare and Life Sciences, Retail and eCommerce, Telecom and IT, Transport and Logistics, Real Estate) and Region - Global Forecast to 2027" published by MarketsandMarkets, the decentralized identity market size is projected to grow from USD 0.2 billion in 2022 to USD 6.8 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 88.7% during the forecast period. The major driving factors contributing to the high growth rate of the decentralized identity market include rising instances of security breaches and identity-related fraud, the inefficiency of existing identity management practices, and the end-user advantage of retaining complete control over the use of identities.

Browse 111 market data Tables and 29 Figures spread through 146 Pages and in-depth TOC on "Decentralized Identity Market by Identity Type, End User, Organization Size, Vertical (BFSI, Government, Healthcare and Life Sciences, Retail and eCommerce, Telecom and IT, Transport and Logistics, Real Estate) and Region - Global Forecast to 2027"
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By organization size, the large enterprises hold the largest market share during the forecast period.

The increasing investments in blockchain technology for identity management have led large enterprises to experiment and embrace the innovative technology. Faster interactions, cost reduction, business expansion capability, and enhanced security aspects are expected to fuel the expansion of blockchain technology among large enterprises. Several companies from different industry verticals, such as logistics and transportation, automobiles, and manufacturing, are testing traditional record-keeping platforms for new requirements. IBM, Microsoft, and AWS have adopted blockchain technology significantly. The large enterprises segment is projected to have a larger market share in the global decentralized identity market.

Based on verticals, the real estate segment to grow at the highest CAGR during the forecast period

Enterprises are developing integrated decentralized identities within blockchain-based applications across many industries, including real estate. Using decentralized identity in real estate is increasing with the rise in smart city initiatives. Decentralized identities support the automation of payments in real estate. They also play a significant role in background checks for Anti Money Laundering (AML) or enhanced Know Your Customer (KYC) processes.

Blockchain-based transactions are traceable and transparent,  though the access and visibility can be permission-based. Decentralized identities can be tied to various entities such as land registries, realtors behind property listings, banks, insurance companies, and other services. Without sacrificing privacy or the security of sensitive information, decentralized identities help to develop an end-to-end solution with transparent, verifiable processes in a trustless environment on the personal, business, or government level. Many processes in real estate are still being carried out on paper, which could be expensive and result in more manual errors. A blockchain-based system with decentralized identities can streamline time-consuming processes, like purchasing a new home or making rental agreements, while reducing costs and chances of error. Due to these advantages, the demand for decentralized identity in real estate is increasing.

The Asia Pacific region is to grow at the highest CAGR during the forecast period.

Asia Pacific is riding the wave of digitalization, and more people are becoming part of the internet economy. The amount of personal data found online has increased exponentially due to the growing online commerce, mobile commerce, and social media usage. This leads to a rise in fraud attempts, which businesses find harder to combat. Asia Pacific is thus seeing a broader adoption of decentralized identity solutions. China and India have always grappled with criminal activities related to identity theft and theft of personal information. The Indian government has drafted a national blockchain strategy to develop a uniform blockchain platform. This platform will host an identity management application that can be a single access point for government-issued IDs such as the Unique Health ID and other IDs under AgriStack, EduStack, etc.

Market Players

Key and innovative vendors in the Decentralized identity market include Microsoft (US), Accenture (Ireland), Persistent (India), Wipro (India), SecureKey Technologies (Canada), R3 (US), Avast (Czech Republic), Validated ID (Spain), Serto (US), Ping Identity (US), NuID (US), Dragonchain (US), Nuggets (UK), Finema (Thailand), Datarella (Germany), Civic Technologies (US), 1Kosmos (US), Affinity (Singapore), Hu-manity (US), SelfKey (Mauritius), Gataca (Spain)

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