What Fueled The Previous Growth In The Decentralized Identifiers (DIDs) Technology Market?
The decentralized identifiers (dids) technology market has seen considerable growth due to a variety of factors.
• The decentralized identifiers (DIDs) technology market has grown rapidly in recent years. It will increase from $1.07 billion in 2024 to $2 billion in 2025, at a remarkable CAGR of 86.9%.
This surge can be attributed to growing concerns about security breaches, cyber threats, inadequate cybersecurity measures, supply chain vulnerabilities, regulatory compliance issues, and the increasing demand for robust identity and authentication solutions.
What Can Be Expected from the Decentralized Identifiers (DIDs) Technology Market Size?
The decentralized identifiers (dids) technology market is expected to maintain its strong growth trajectory in upcoming years.
• The decentralized identifiers (DIDs) technology market is expected to grow to $24.22 billion by 2029, expanding at a CAGR of 86.6%.
This rapid growth is driven by the adoption of decentralized technologies, data privacy concerns, regulatory mandates, identity management advancements, decentralized finance (DeFi) rise, IoT integration, and industry standardization efforts. Key trends include blockchain advancements, self-sovereign identity (SSI) solutions, zero-knowledge proofs, decentralized authentication, biometric identity verification, and interoperable identity protocols.
What Are the Critical Driver Fuelling The Decentralized Identifiers (DIDs) Technology Market's Growth?
The increasing security concerns and rising data breaches are expected to fuel the growth of the decentralized identifiers (DIDs) technology market. Security and data breaches involve threats to data, systems, and networks from unauthorized access, disruption, or destruction. These breaches are often caused by cyberattacks, inadequate security, human error, supply chain weaknesses, and non-compliance with regulations. Decentralized identifiers (DIDs) technology improves security against such breaches by providing verifiable, tamper-proof, and privacy-preserving digital identities. For instance, a January 2023 report by Check Point revealed a 38% rise in global cyberattacks in 2022, compared to 2021. The communications and ISP/MSP industries saw significant increases in attacks. Therefore, growing security concerns and data breaches are driving the DIDs technology market.
How Is The Decentralized Identifiers (DIDs) Technology Market segmented?
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
Subsegments:
1) By Biometric: Fingerprint-Based Dids, Face Recognition-Based Dids, Iris Scan-Based Dids, Voice Recognition-Based Dids, Other Biometric Methods (Palm Print, Dna-Based Dids)
2) By Non-Biometric: Password Or Pin-Based Dids, Public Key Infrastructure (Pki)-Based Dids, Qr Code-Based Dids, Blockchain-Based Dids, Smartcard Or Token-Based Dids
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What Trends Are Shaping The Decentralized Identifiers (DIDs) Technology Market?
Companies in the decentralized identifiers (DIDs) technology market are incorporating blockchain to enhance digital identification and credential verification platforms. These platforms ensure secure, tamper-proof personal data through decentralized identity management. In February 2023, Wipro Limited, an India-based tech company, launched DICE ID, a blockchain-based initiative that empowers users to control their personal data. DICE ID enables the issuance and verification of digital credentials, providing secure storage and sharing of verified personal information.
Who Are the Key Players In The Decentralized Identifiers (DIDs) Technology Market?
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
What Is The Most Dominant Region In The Decentralized Identifiers (DIDs) Technology Market?
North America was the largest region in the decentralized identifiers (DIDs) technology market in 2024. 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.
