The decentralized identity market size is projected to grow from USD 285 million in 2022 to USD 6,822 million by 2027, at a Compound Annual Growth Rate (CAGR) of 88.7% during the forecast period. Rising instances of security breaches and identity related fraud, inefficiency of existing identity management practices and end user advantage of retaining full control overuse of identities are the major driving factors contributing to the high growth rate of decentralized identity market.
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By organization size, the large enterprises to hold largest market share during the forecast period
The increasing investments in the 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 the blockchain technology among large enterprises. Several companies from different industry verticals, such as logistics and transportation, automobiles, and manufacturing, are at various stages of testing traditional record keeping platforms for new requirements. IBM, Microsoft, and AWS have adopted blockchain technology to a significant extent. 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 actively developing integrated decentralized identities within blockchain based applications across many industries including real estate. The use of decentralized identity in real estate is increasing with the rise in smart cities 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 by nature, 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 many 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. The demand for decentralized identity in real estate is increasing due to these advantages.
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Key and innovative vendors in decentralized identity market include Microsoft (US), Accenture (Ireland), Persistent (India), Wipro (India), SecureKey Technologies (Canada), R3 (US), Avast (Czech Repubic), 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).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in decentralized identity market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2019 to 2022 to innovate their offerings and broaden their customer base.
Accenture is a global professional services company providing industry expertise, diverse skill sets and next-generation technology in digital, cloud and security. The company offers Decentralized Digital Identity, a combined approach with the capabilities of IAM and Decentralized Identity. This solution helps users to bring trusted identity in the digital world. With Accenture’s decentralized Digital Identity, organizations can offer personalized services to users in an efficient, privacy-preserving way with operational efficiency and access to a broader range of trusted data. Accenture has experience and specialized skills across more than 40 industries. It has a global network of over 100 innovation hubs around the world. The company has over 699,000 employees at various offices across the globe.
Incorporated in May 1990, Persistent is an Indian multinational technology services company. It offers a wide range of services including Digital Strategy & Design, software product engineering, intelligent automation, cloud & infrastructure, enterprise IT security, data & analytics, and enterprise applications & integration. The company’s Decentralized Identity and Verifiable Credential solution allows users to digitally issue credentials and sign them cryptographically. the credentials can be verified with the help of the distributed ledger or blockchain. This solution helps businesses with verifiable credentials that are used for rapid customer onboarding, ensuring the security of data and online transactions.
Persistent caters to industries like banking and financial services, healthcare, insurance, life sciences, telecom and media, and software and hi-tech solutions. Its clients include industry leading organizations across 18 countries; among these are 80% of the largest banks in the US and India,14 of the 30 most innovative US companies and numerous innovators across the healthcare ecosystem.
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