Increasing competitive advantages such as high accuracy and enhanced reliability, over the traditional centralized and federated identity management are expected to aid the users in significantly leveraging the benefits of the decentralization in identity management. The level of control and authority these self-sovereign decentralized identities provide to an individual, is resulting in a growth of consumer confidence to shift toward digitization. Moreover, the increasing data breaches and a surging demand for connected IoT devices is leading to a rise in the requirement for decentralized identity among consumers.
The decentralized identity market research study offers a wide perspective on the analysis of the identity ecosystem. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools, that have been used to build the forecast and the predictive models.
The report is a compilation of various segmentations including market classification by DID class, user type, and identity modality. While highlighting the key driving and restraining forces for this market, the report also provides a study of the different applications such as finance, healthcare, mobility, and government, among others. The report is based on discussions and interviews with the top management of several leading platform providers, trust authorities, regulatory body, and technology providers.
The decentralized identity market is not expected to play out the same way for every region or platform, hence, this report segments the market as follows: North America, Europe, Asia-Pacific, and Rest-of-the-World. The analysis of each region details the individual push and pull forces, in addition to the key players from that particular region.
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Evolution from the widespread usage of paper to the deployment of electronic mode, to digital, and now biometric, has played a crucial role in shaping the global economy. Similarly, the effective management of these identities has significantly transformed the business landscape and shifted consumer as well as government’s interests from centralized and federated systems toward decentralized systems. This form of evolution has resulted in enhancing the operational capabilities of various industries such as automotive, manufacturing, and construction, in terms of enhanced safety measures, connectivity, cost reduction, and convenience for users. Such technological enhancement have been witnessed in varied human interactions occurring in the digital world. In the context of human interaction, it is necessary to accurately identify and prove individual identities.
These cyberthreats indicate how the extent of data risk when it comes to using personalized information by various organizations. Moreover, another factor which acts as a growth enabler for decentralized identity market is the increasing demand of non-human digital IDs among the consumers. Non-human digital IDs simply refers to the identity of common objects seen in day-to-day lives. The growing demand of connected objects such as connected cars, smartphones, connected grid, and smart cities, among others, is further enabling the growth of IoT-driven products in the marketplace.
