Decentralized Identity Solution Market

Decentralized identity solutions are used for identity management and verification. Businesses use decentralized identity to streamline identity operations. This includes reducing user identity fraud, rapidly onboarding new users, reducing costs associated with provisioning and issuing digital certificates, offering end users a privacy-preserving identity verification method, and reducing security risks associated with centrally storing identity information, including regulated data such as personally identifiable information (PII).
Decentralized identity software is used by companies to validate or manage the identities of employees, customers, other end users, and even devices such as internet of things (IoT) devices. End users, such as customers, benefit from decentralized identity solutions in terms of convenience and privacy. Unlike centralized identity management software where a company retains PII about the user such as name, email address, passwords, and other identifiers, decentralized identity management allows the end user to maintain direct control over their identity information and easily share or revoke access to that data by the company validating the identity. The concept of an individual having direct control over their digital identity without the use of a centralized registry, identity provider, or certificate authority is called self-sovereign identity (SSI).
Decentralized identity solutions are often built on distributed ledger technology (DLT) systems, such as blockchain software, which provides validation, improved traceability, and documentation over traditional identity management solutions. End users store their digital identity and other credentials in a verifiable credential wallet application.
Decentralized Identity Solution Market contains market size and forecasts of Decentralized Identity Solution in Global, including the following market information:
Global Decentralized Identity Solution Market Revenue, 2017-2022, 2023-2028, ($ millions)
Global top five companies in 2021 (%)
The global Decentralized Identity Solution market was valued at million in 2021 and is projected to reach US$ million by 2028, at a CAGR of % during the forecast period 2022-2028.
The U.S. Market is Estimated at $ Million in 2021, While China is Forecast to Reach $ Million by 2028.
Cloud-based Segment to Reach $ Million by 2028, with a % CAGR in next six years.
The global key manufacturers of Decentralized Identity Solution include Blockster Labs, The Linux Foundation, Workday, Hashcove, Nxt, Verifiable, TruAnon, uPort and Accredify, etc. In 2021, the global top five players have a share approximately % in terms of revenue.
We surveyed the Decentralized Identity Solution companies, and industry experts on this industry, involving the revenue, demand, product type, recent developments and plans, industry trends, drivers, challenges, obstacles, and potential risks.
Total Market by Segment:
Global Decentralized Identity Solution Market, by Type, 2017-2022, 2023-2028 ($ millions)
Global Decentralized Identity Solution Market Segment Percentages, by Type, 2021 (%)
Cloud-based
On-premises
Global Decentralized Identity Solution Market, by Application, 2017-2022, 2023-2028 ($ millions)
Global Decentralized Identity Solution Market Segment Percentages, by Application, 2021 (%)
Large Enterprises
SMEs
Global Decentralized Identity Solution Market, By Region and Country, 2017-2022, 2023-2028 ($ Millions)
Global Decentralized Identity Solution Market Segment Percentages, By Region and Country, 2021 (%)
North America
US
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Nordic Countries
Benelux
Rest of Europe
Asia
China
Japan
South Korea
Southeast Asia
India
Rest of Asia
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Turkey
Israel
Saudi Arabia
UAE
Rest of Middle East & Africa
Competitor Analysis
The report also provides analysis of leading market participants including:
Key companies Decentralized Identity Solution revenues in global market, 2017-2022 (estimated), ($ millions)
Key companies Decentralized Identity Solution revenues share in global market, 2021 (%)
Further, the report presents profiles of competitors in the market, key players include:
Blockster Labs
The Linux Foundation
Workday
Hashcove
Nxt
Verifiable
TruAnon
uPort
Accredify
Affinidi
Block Systems
Authentiq
Digital Bazaar
BitMark
BizSecure
BlockCypher
IAP Network
1Kosmos
Filament Networks
BlockScore
Blockstack PBC
Blockverify
BlocWatch
B2Lab
Bloom
Cambridge Blockchain
Civic Technologies
C-LOG
R3
Credify