The global decentralized identity market revenue was around US$ 157.9 million in 2021 and is estimated to reach US$ 78.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 87.9% during the forecast period from 2022 to 2031.

Decentralized identity is an open-standard identity authentication that offers a safe platform for user identification. The platform is based on individuals' verifiable credentials with the aid of a range variety of independent and transparent data interchange technologies, including blockchain or other distributed ledger technology.

Factors Influencing Market Growth

Surge in security breaches, identity fraud, and security breaches. Thus, these factors are anticipated to drive the market growth.

Increased adoption of blockchain identification solutions in banks has a positive impact on market expansion.

Numerous applications for blockchain identification solutions and the rising popularity of mobile platforms and applications are predicted to create lucrative opportunities for the decentralized identity market.

Lack of technical experience, shifting legal conditions, and a lack of regulations. Such factors constrain market growth.

Study of the COVID-19 Pandemic

The COVID-19 pandemic had a positive impact on the market. Due to the increased pace of digital transformation among commercial businesses to ensure a reliable online platform for business operations, the COVID-19 crisis had sped up market expansion. Decentralized identification solutions were widely used to improve the identity verification process for users and offer a safe storage environment for identity information related to online services. Due to the pandemic, technology has made significant advancements. Numerous companies began offering internet services when COVID-19 outbreak. It made online users more concerned about their identity security.

Regional Insights

North America dominated the market. Enterprises in this region are investing in new technologies to increase productivity. The rapidly developing digital world needs efforts and innovations to stay up with the consequent rise in fraud and privacy problems. A different, more straightforward technique that comprehends the security model is required to keep data secure. Rising identity theft in the public and government sectors may encourage more people to use protection services. Such factors boost the decentralized market growth in this region.
Leading Competitors

The leading competitors in the global decentralized identity market are:
Ping Identity
Finema
Hu-manity.co
Persistent Ltd
Microsoft Corporation
Wipro Limited
Serto Civic Technologies
DragonChain
1Kosmos
Nuggets
Validated ID
R3
SecureKey Technologies
Accenture plc
Avast
Others
Segmentation Analysis
The global decentralized identity market segmentation focuses on Enterprise Size, End User, and Region.
Segmentation based on Enterprise Size
Large Enterprises
SMEs
Segmentation based on End User
Enterprises
o BFSI
o Government
o Healthcare
o Manufacturing
o Retail and E-commerce
o IT and Telecom
o Others
Individual
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific

Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA

South America
Brazil
Argentina
Rest of South America