Decentralized Identity Market is predicted to reach USD 91.53 billion at a CAGR of 90.20% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Decentralized Identity Market”.

The Decentralized Identity market is estimated to register a CAGR of 90.20% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Decentralized Identity market— 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), Affinidy (Singapore), Hu-manity (US), SelfKey (Mauritius).

Decentralized Identity Market Highlights

The global decentralized identity market is accounted to register a CAGR of 90.20% during the forecast period. It is estimated to reach USD 91.53 billion by 2032.

The rising use of blockchain technology and conventional identity verification procedures, which require numerous usernames, passwords, and authentication techniques, are the major drivers for the growth of the Decentralized Identity market. Lack of technical knowledge is restraining the growth of the decentralized identity market. Additionally, the extensive applications of blockchain identity solutions in banking, cybersecurity, and IoT are decentralized Identity, which is anticipated to promote the growth of the global Decentralized Identity market.

Access full report @ https://www.marketresearchfuture.com/reports/decentralized-identity-market-11652

Segment Analysis

The global Decentralized Identity market has been segmented based on identity type, end user, organization size, and verticals.

On the basis of identity type, the market is segmented into non-biometrics and biometrics. The biometrics segment was attributed to holding the largest market share in 2022 due to rising fraudulent activities.

On the bases of end users, the market is segmented into enterprises and individuals. The enterprise segment was expected to hold the largest market share in 2022 due to growing concern about lowering corporate risk.

Based on organization size, the global Decentralized Identity market has been segmented into large size and SMEs. The SMEs segment was expected to hold the largest market share in 2022 due to improved customer experience and digitalized offerings.

Based on verticals, the global Decentralized Identity market has been segmented into BFSI, government, healthcare and life sciences, telecom and IT, retail and e-commerce, transport and logistics, real estate, media and entertainment, travel and hospitality, and other verticals. The BFSI segment was expected to hold the largest market share in 2022 because KYC checks are necessary for banks to verify the identification of their clients.

Regional Analysis

The global Decentralized Identity market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Decentralized Identity market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Decentralized Identity market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Decentralized Identity market comprises of Middle East, Africa, and Latin America.

The largest market share for Decentralized Identity was maintained by the North American regional sector. This increase is attributed to the requirement for secure and productive identity authentification in the area. Additional factors promoting market growth include increased investor investments, government support, and the viability of the technology in the area. The implementation of stringent rules, the growing tech-savvy population, and the considerable presence of significant technology providers and major production companies all have an impact on the US market.

Moreover, the European market has been persistently growing over the forecast period. Rising social security agencies and government support drive the demand for Decentralized Identity.

Additionally, due to the increasing emphasis placed on cyber security, Asia Pacific is anticipated to experience the quickest growth over the forecast period. The Asia Pacific market will benefit from growing technological advancements.

Furthermore, the rest of the world's Decentralized Identity market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's rising government support and growing research and development. Government support, a rise in investor interest, and the viability of technology in the sector are all contributing factors to the expansion of the market.

Key Findings of the Study

• The global Decentralized Identity market is expected to reach USD 324.7 billion by 2032, at a CAGR of 90.20% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the increasing emphasis placed on rising awareness of cyber security.


• Based on verticals, the BFSI segment was attributed to holding the largest market in 2022, with an approximate market share of 47%.


• 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), Affinidy (Singapore), Hu-manity (US), SelfKey (Mauritius).