FREMONT, California, Dec. 18, 2019 /PRNewswire/ -- The global decentralized identity market is projected to grow manifold in the coming decade, according to a new market intelligence report by BIS Research titled "Global Decentralized Identity Market− Strategic Analysis and Future Outlook." The global decentralized identity market is expected to be majorly driven by increasing data breach incidents and rising concerns for an individual's data protection and privacy.
The implementation of decentralized identity since 2018 has been gaining an extensive consumer attention due to a myriad of benefits such as transferring the entire control of a user's identity directly to the respective user. This is expected to bolster the consumer confidence in switching over to digital decentralized identity system from centralized identity system.
With the rise in the degree of technological advancements in the digital industry, the demand for non-human digital IDs for consumer goods, legal entities, natural resources, and assets is rapidly increasing. The rising number of IoT connected devices, increasing cybersecurity threats, escalating growth of population, and growing security concerns are some of the key factors contributing to the growth of decentralized identity market. However, the interoperability of various sub-systems in the decentralized identity ecosystem and lack of regulatory guidelines/standards are pressing concerns that need to be analyzed in the current scenario.
Additionally, integration of blockchain in decentralized identity model, coupled with an emerging need of smart contracts, are some of the major opportunities for the global decentralized identity market. Owing to the rising popularity of decentralized identity, major players including EVERNYM, uPort, and Civic Technologies, among others, are competing with each other so as to increase their respective market share.
Geographically, Europe is leading the global decentralized identity market growth in 2019, followed by North America, and is expected to maintain its dominance during the forecast period. This unprecedented development in deploying the decentralized identity use cases is primarily attributed to the widespread awareness among end users and increasing degree of government initiatives to safeguard the consumers' right to data protection. Moreover, the region is currently known for being one of the fastest technology adopters and acts as a major hub to many key players. These factors further lead to major breakthroughs in the European market.
According to Paarijaat Sharma, Principal Analyst at BIS Research, "The decentralized identity market is witnessing a huge demand majorly from the end-user segment due to the considerable level of control it offers to own and manage the respective identity entirely to the user/individual. Moreover, an increase in data breaches and cybersecurity threats is significantly creating a strong need for higher security measures and enhanced safety protocols in the enterprise sector. Further, the decentralized identity market in countries such as Canada, the U.S., and Switzerland, among others, is currently among the leading markets for deploying a decentralized identity-based solution."
The BIS Research report provides a detailed analysis of the trends influencing the global decentralized identity market, along with a comprehensive study of the future trends and developments. It also includes ecosystem analysis, technology trends, decentralized identity use cases, stakeholder analysis, and an overview of emerging start-ups playing a crucial role in this industry. The overall market has been segmented on the basis of DID class, user type, application, identity modality, and region. The report also includes a comprehensive section on the geographical analysis which has been sub-segmented into four major regions, namely North America, Europe, Asia-Pacific, and Rest-of-the-World.
This report is a meticulous compilation of research on more than 500 major players in the Decentralized Identity space. Moreover, it draws upon insights and in-depth interviews of key industry leaders of more than 100 leading companies, market participants, and vendors.
Key Questions Answered in the Report:
What does decentralized identity refer to, and what are some of the concepts surrounding the same?
What is the chief importance of decentralized identity?
What are the key technological trends prevailing in the identity ecosystem?
What are the major driving forces, trends, restraints, and growth opportunities that can influence the global decentralized identity market during the forecast period 2019-2024?
Who are the key players in the decentralized identity space among platform providers, software/technology providers, network operators, and trust and authentication service providers, among others?
How is each of the segments and sub-segments of the market projected to grow during the forecast period on the basis of:
user type, including individual and enterprise
DID class, including public DID and pairwise DIDs
identity modality, including physiological and behavioral
application, including finance, government, healthcare, housing, mobility, and others
region, including North America, Europe, Asia-Pacific, Rest-of-the-World (ROW)
What is the holistic point of view of the industry analysts in terms of latest trends, upcoming technologies in the space of decentralized identity, and the scope of its adoption in the future?
Which are the key start-ups that are currently playing an active role in the growth of decentralized identity ecosystem?
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
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Contact: Bhavya Banga Email: [email protected] BIS Research Inc. 39111 PASEO PADRE PKWY STE 313, FREMONT CA 94538-1686