Overview and Scope
The decentralized identifiers (DIDs) technology market consists of revenues earned by entities by providing services such as secure digital identity management, verifiable credentials issuance and verification, decentralized authentication solutions, and privacy-preserving identity transactions. The market value includes the value of related goods sold by the service provider or included within the service offering. The decentralized identifiers (DIDs) technology market also includes sales of digital identity wallets, cryptographic key management tools, decentralized identity platforms, and blockchain-based identity solutions. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The decentralized identifiers (DIDs) technology market size has grown exponentially in recent years. It will grow from $0.57 billion in 2023 to $1.07 billion in 2024 at a compound annual growth rate (CAGR) of 86.6%. The growth in the historic period can be attributed to security concerns and data breaches, cyber threats, inadequate cybersecurity measures, human error, supply chain vulnerabilities, a lack of regulatory compliance, and growing demand for identity and authentication solutions.
The decentralized identifiers (DIDs) technology market size is expected to see exponential growth in the next few years. It will grow to $12.98 billion in 2028 at a compound annual growth rate (CAGR) of 86.7%. The growth in the forecast period can be attributed to increasing adoption of decentralized technologies, privacy and data ownership concerns, regulatory mandates for data protection, technological advancements in identity management, the rise of decentralized finance (defi), the integration of DID with internet of things (iot) devices, and collaboration between industry players for standardization and interoperability. Major trends in the forecast period include advancements in blockchain and distributed ledger technology, the emergence of self-sovereign identity (SSI) solutions, the implementation of zero-knowledge proof techniques, the adoption of decentralized authentication methods, the use of biometric authentication for identity verification, the integration of decentralized identifiers with digital wallets, and the and the evolution of interoperable identity protocols.
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Segmentation & Regional Insights
The decentralized identifiers (DIDs) technology market covered in this report is segmented –
1) By Type: Biometric, Non-Biometric
2) By Enterprise Size: Large Enterprises, Small And Medium Enterprises
3) By Application: Banking Financial Services And Insurance (BFSI), Government, Healthcare And Life Sciences, Telecom And IT, Retail And E-Commerce, Transport And Logistics, Media And Entertainment, Other Applications
North America was the largest region in the decentralized identifiers (DIDs) technology market in 2023. The regions covered in the decentralized identifiers (DIDs) technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising security concerns and data breaches are expected to propel the growth of the decentralized identifiers (DIDs) technology market going forward. Security and data breach concerns refer to actions that pertain the protection of data, systems, and networks from unauthorized access, use, disclosure, disruption, modification, or destruction. Security concerns and data breaches occur due to cyber threats, inadequate cybersecurity measures, human error, supply chain vulnerabilities, and a lack of regulatory compliance. Decentralized identifiers (DIDs) technology enhances security against data breaches and cyberattacks by providing tamper-proof, verifiable, and privacy-preserving digital identities. For instance, in January 2023, according to a report by Check Point, an Israel-based software security provider, there was a 38% surge in global cyberattacks in 2022 compared to 2021. The communications industry experienced an average of 1,380 weekly attacks per organization, marking a 27% increase compared to 2021. Similarly, the Internet service provider/managed service provider (ISP/MSP) industry encountered an average of 1,372 attacks per organization per week in 2022, reflecting a 28% increase from the previous year. Therefore, rising security concerns and data breaches drive the decentralized identifiers (DIDs) technology market.
Key Industry Players
Major companies operating in the decentralized identifiers (DIDs) technology market are Microsoft Corporation, Accenture Plc, International Business Machines Corporation (IBM), Wipro Limited , Avast Software s.r.o., Ping Identity Corporation, ConsenSys AG, R3, Ontology Foundation Ltd., Hyperledger Foundation, EMURGO, Dock Labs AG, World Wide Web Consortium (W3C), SecureKey Technologies, Civic Technologies Inc., Identity.com Technologies Inc., Evernym Inc., Validated ID S.L., BiiLabs Co. Ltd., Verifiable Inc., Factom Inc., Metadium Technologies Inc., Extrimian, SelfKey Foundation, LifeID Inc., Datarella, Trinsic Inc., Sovrin Foundation, Civic Ledger Pty Ltd
The decentralized identifiers (dids) technology market report table of contents includes:
1. Executive Summary
2. Decentralized Identifiers (DIDs) Technology Market Characteristics
3. Decentralized Identifiers (DIDs) Technology Market Trends And Strategies
4. Decentralized Identifiers (DIDs) Technology Market – Macro Economic Scenario
5. Global Decentralized Identifiers (DIDs) Technology Market Size and Growth
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32. Global Decentralized Identifiers (DIDs) Technology Market Competitive Benchmarking
33. Global Decentralized Identifiers (DIDs) Technology Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Decentralized Identifiers (DIDs) Technology Market
35. Decentralized Identifiers (DIDs) Technology Market Future Outlook and Potential Analysis
36. Appendix
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