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Global Decentralized Identifiers DIDs Technology Market Share 2024, Forecast To 2033

19 Sep, 2024

The decentralized identifiers (DIDs) technology market is experiencing remarkable growth, escalating from $0.57 billion in 2023 to $1.07 billion in 2024, representing a compound annual growth rate (CAGR) of 86.6%. This surge is fueled by rising security concerns, data breaches, and a growing demand for robust identity and authentication solutions. Forecasts indicate the market could reach $12.98 billion by 2028, with a CAGR of 86.7%. Key drivers include the adoption of decentralized technologies, privacy concerns, and advancements in identity management. Emerging trends involve self-sovereign identity solutions and enhanced integration with IoT devices.

Major Driver In The Decentralized Identifiers DIDs Technology Market

Rising security concerns and data breaches are propelling growth in the decentralized identifiers (DIDs) technology market. As cyber threats increase, the need for tamper-proof and privacy-preserving digital identities becomes critical. In January 2023, Check Point reported a 38% rise in global cyberattacks in 2022. This escalating concern is driving the DIDs technology market, which was valued at $6.2 billion in 2023, with projections reaching $11.3 billion by 2028.

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Decentralized Identifiers DIDs Technology Market Competitive Landscape

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

Key Decentralized Identifiers DIDs Technology Market Trend

Companies in the decentralized identifiers (DIDs) technology market are integrating blockchain to enhance user control over personal data. In February 2023, Wipro Limited, an India-based tech firm, launched Decentralized Identity and Credential Exchange (DICE) ID, empowering users to manage their personal data through blockchain technology. This platform allows for the issuance and verification of tamper-proof digital credentials, enhancing security and trust in online interactions.

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Decentralized Identifiers DIDs Technology Market Segmentation

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
By Geography:The regions covered in the decentralized identifiers (DIDs) technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. North America was the largest region in the decentralized identifiers (DIDs) technology market in 2023.

The Decentralized Identifiers DIDs Technology Global Market Report 2024 furnishes information about the global decentralized identifiers dids technology market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.