Decentralized Identity Market to grow at a CAGR of 87.9% and to hit $77.8 billion by 2031
WILMINGTON, DE, UNITED STATES, February 29, 2024 /EINPresswire.com/ — The decentralized identity industry size was valued at $156.80 million in 2021, and is estimated to reach $77.8 billion by 2031, growing at a CAGR of 87.9% from 2022 to 2031.
The non-biometric segment is expected to experience fastest growth in the coming years, owing The non-biometrics segment is expected to witness highest growth, owing that non-biometric authentication is often seen as a back-up or is used alongside biometric password less security, however, it in fact can be just as secure as biometric systems. to growing number of cyberattacks on hospitals and other healthcare institutes.
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Decentralized Identity Management (IAM) is reshaping the landscape of digital security by offering consumers the autonomy to develop and manage their digital identities independently. Let’s delve into the transformative impact of decentralized identity management:
Decentralized IAM enables consumers to take control of their digital identities, independent of specific service providers. This empowerment enhances privacy, security, and convenience for users, fostering trust in digital interactions. The global market for decentralized identity is fueled by various factors, including the rise in security breaches and identity-related fraud cases. The demand for non-human digital IDs and the need for enhanced consumer product security are also significant drivers propelling market growth. Decentralized identity systems offer organizations robust security measures to prevent malicious financial activities and reduce overall risk. By implementing decentralized IAM, organizations can enhance operational workflows and safeguard sensitive information effectively.
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Decentralized identity solutions encompass biometric and non-biometric authentication methods. While both offer advantages, biometric-based identity authentication, including fingerprint, voice, and facial recognition, is gaining traction due to its unique verification capabilities and enhanced security. Despite challenges such as lack of technical expertise and fluctuating regulatory status, the decentralized identity market presents lucrative opportunities for expansion. The increasing application of blockchain identity solutions in banks and the adoption of mobile device applications and platforms are driving market growth.
As organizations prioritize digital security and privacy, decentralized identity management will continue to gain prominence. With the potential to revolutionize digital interactions, decentralized IAM is poised to play a pivotal role in shaping the future of digital identity management.
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Decentralized identity management offers a transformative approach to digital security, empowering consumers and organizations alike. By embracing decentralized IAM solutions, businesses can enhance security, mitigate risks, and foster trust in digital transactions, paving the way for a more secure and resilient digital ecosystem.
This report gives an in-depth profile of some key market players in the decentralized identity market analysis include 1Kosmos, Accenture, Avast, Civic Technologies, DragonChain, Finema, Hu-manity.co, Microsoft Corporation, Nuggets, NuID, Persistent Ltd., Ping Identity, R3, SecureKey Technologies, Serto, ValidatedID, and Wipro.
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