PUBLISHER: Allied Market Research | PRODUCT CODE: 1179763
PUBLISHER: Allied Market Research | PRODUCT CODE: 1179763
A decentralized identity is an approach to identity and access management (IAM). It enables users to create and control their own digital identity without relying on a particular service vendor. Factors such as the growing instances of security breaches and identity-related fraud, the rising need for non-human digital IDs and security in consumer goods, coupled with the increasing number of tactical initiatives by the key companies are some prominent factors that impel the global market demand.
Decentralized identity is an open-standard identity authentication solution that provides a secured platform for user verification. The platform is widely operated on the basis of verifiable credentials of individuals with the help of a range of independent and transparent data exchange technology such as blockchain or other distributed ledger technology. In a digitalized platform, verifiable credential constitutes a key aspect of identity claims, and organizations issue these encrypted digital identity cards to secure identity data. As per reports of the Federal Trade Commission, the occurrence of identity fraud incidents increased by about 45% in 2020 that leading to massive financial loss for several business enterprises globally. In an attempt to prevent such events, the rate of adoption of decentralized identity solutions is rising significantly in various industries, especially in banking and other financial institutions. Rapid incidences of cybersecurity problems and other fraudulent activities such as money laundering or bribery are quite common in the banking sector.
The decentralized identity market is segmented on the basis of component, enterprise size, end user, and region. By type, it is segmented into biometrics and non-biometrics. By enterprise size, it is categorized into SMEs and large enterprises. By end user, it is categorized into enterprise and individual. By enterprise, it is segmented into BFSI, government, healthcare, manufacturing, retail and ecommerce, IT and telecom, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The market players operating in the decentralized identity platform market includes 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. These key players have adopted numerous key development strategies such as partnership and new product launches, which help to strengthen their grip in the Decentralized identity market.
Key Benefits For Stakeholders
By Type
By Enterprise Size
By End User
By Region