Understanding the Basics of Decentralized Identity
Global decentralized identity market size & share was valued at USD 181.8 million in 2021 and is expected to reach USD 46,457.5 Million By 2030, growing at a CAGR of 89.1% during the forecast period.
The demand for decentralized identity solutions is primarily driven due to the overloading of IT infrastructure on account of the huge influx of information produced on a daily basis in organizations. In addition, this data puts a huge burden on the IT infrastructure, causing numerous problems such as server failure, data breaching, and others.
According to the research report, the global decentralized identity market size & share was valued at USD 181.8 million in 2021 and is expected to reach USD 46,457.5 Million By 2030, growing at a CAGR 89.1% during the forecast period.
Moreover, many organizations now offer to bring your own device (BYOD) policy to avoid IT infrastructure complexity. However, such devices become more vulnerable to threats such as malware, security and data breach, and others. Furthermore, due to the increase in complexity of IT infrastructure majority of employees fail to do their job properly. Also, IT teams are at risk of losing control over decentralized systems and the IT environment of their organizations.
Artificial intelligence algorithms are starting to self-improve to become more capable of providing search rankings, search results, and automated investing, which are the major factors expected to provide opportunities for market growth in upcoming years. Moreover, decentralized identity and access management technologies are emerging, and AI-powered verification is gaining popularity.
For instance, at the time of an online purchase or transaction, the verification tools seek to confirm that a digital persona matches up with the physical person behind that persona. Furthermore, with the help of machine learning, software programs are able to analyze data and learn from it. Also, it further helps in identifying patterns and eventually making decisions, which provides major opportunities for organizations; thereby driving the industry growth.
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Decentralized Identity Market Report Highlights
- Software segment is expected to hold a significant share in 2021 owing to the extensive use of predictive analysis, analysis of user behavior, and fraud detection across various industries
- Cloud segment is expected to be the fastest growing during the forecast period. This is because cloud-based services are relatively cheaper than on-premises services, owing to the requirement of less workforce for overseeing overall support and maintenance
- The large enterprises segment dominated the global market in 2021 owing to greater access to data and need to offer enhanced services to customers
- IT and Telecom segment expected to be the fastest growing during the forecast period owing to the adoption of cloud identity and access management in telecom firms
- Europe region is expected account for a significant share in the global market by 2030 owing to greater adoption of decentralized identity solutions by government and public organizations
- The global market is highly competitive owing to the existence of large market players with global presence including Accenture Plc, Wipro Limited, Avast, Civic Technologies, Datarella, Dragonchain, and Microsoft Corporation among others