Decentralized Identity Market to be Worth $102.0 Billion by 2030

Grand View Research, Inc.

SAN FRANCISCO, Sept. 26, 2022 /PRNewswire/ -- The global decentralized identity market size is expected to reach USD 102.0 billion by 2030, expanding at a CAGR of 88.2% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The ineffectiveness of conventional identity management practices and rising incidences of security breaches have fueled the demand for decentralized identity platforms. The increasing adoption of such decentralized identity platforms by businesses and individuals is further expected to drive the market over the forecast period.

Key Industry Insights & Findings from the report:

• The biometric segment is anticipated to register the fastest growth rate over the forecast period. The increasing launch of biometric identification platforms by some of the major firms, including, Innovatrics and IDEMIA, is expected to drive the segment.
• The individual segment is projected to register the fastest growth rate over the forecast period. Decentralized identity is used by individuals owing to benefits such as privacy and security concerns, which is a major factor expected to propel the segment growth.
• The small and medium enterprises segment is anticipated to emerge as the fastest growing segment over the forecast period. The growth of the segment can be attributed to the growing digitalization across all SMEs worldwide.
• The BFSI segment dominated the market in 2021. The banking firms adopting decentralized identity solutions to reduce identity fraud is one of the major factors propelling the segment growth.
• Asia Pacific is projected to register the fastest growth rate over the forecast period. The increasing demand for decentralized identity solutions across the region is anticipated to play a vital role in driving the regional market.

Read 160-page full market research report for more Insights, "Decentralized Identity Market Size, Share & Trends Analysis Report By Identity Type (Biometric, Non-biometric), By End-user, By Enterprise Size, By Vertical, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.