The decentralized identifiers (dids) technology global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Decentralized Identifiers (DIDs) Technology Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Decentralized Identifiers (DIDs) Technology Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Decentralized Identifiers (DIDs) Technology Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the decentralized identifiers (DIDs) technology market are integrating blockchain technology, such as digital identification and credential verification platforms, to enhance user control over personal data and improve trust and security in online interactions. Digital identification and credential verification platforms ensure secure, tamper-proof, and private user information across various industries through encrypted storage, interoperable exchanges, and decentralized identity management. For instance, in February 2023, Wipro Limited, an India-based technology services and consulting company, launched Decentralized Identity and Credential Exchange (DICE) ID. This initiative aims to empower users by letting them control their personal data through blockchain-based technology. DICE ID enables the issuance and verification of tamper-proof digital credentials, allowing users to store verified personal information in their identity wallet. This wallet can securely share identity or credentials for various purposes, such as employment, healthcare, financial services, or education.
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
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Regional Insights –
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.
Key Companies –
Major companies operating in the decentralized identifiers (DIDs) technology market are <b>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</b>
Table of Contents
1. Executive Summary
2. Decentralized Identifiers (DIDs) Technology Market Report Structure
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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