Dublin, Sept. 08, 2022 (GLOBE NEWSWIRE) — The “Global Decentralized Identity Market Size, Share & Industry Trends Analysis Report 2022-2028” has been added to ResearchAndMarkets.com’s offering.
The Global Decentralized Identity Market size is expected to reach $8.9 billion by 2028, rising at a market growth of 78.5% CAGR during the forecast period.
Data breaches and the unauthorized access of personal data have destroyed trust in the absence of an identity layer. A decentralized identification method based on distributed ledger technologies (DLT) is gaining traction, backed by businesses like IBM and Microsoft and standardized by W3C and the Decentralized Identity Foundation (DIF). The distributed ledger system that underpins it might be utilized to allow asset exchanges.
Numerous experts believe that password-based logins are insecure, and that multi-factor solutions add friction to online interactions, reducing user uptake and productivity. Providing reliable identification of a person’s identity whereas complying to new data privacy rules and regulations is a costly and ineffective maze of security and customer experience challenges. Several businesses have discovered that two-factor authentication is a band-aid solution.
Passwords have long been regarded as insufficient by security experts, but blockchain technology is finally providing some feasible alternative authentication techniques that businesses may explore to keep their data safe. Using identification instruments to interact with the world is a part of daily existence, yet today’s digital representations of identities are far from safe. But, the realm of self-sovereign identification today allows people to live a digital existence that is safer, simpler, and more intuitive.
Companies are working on decentralized identities that will comply with ‘know your customer’ and anti-money laundering requirements in general. Decentralized identifiers are, in that sense, the correct solution at the right time. Businesses address fundamental issues that the tech press has been covering for years.
Decentralized finance assets and cryptocurrencies, for example, are frequently referred to as servicing the unbanked or underbanked, or persons who have struggled with existing centralized banking systems and the upkeep of conventional check and savings accounts.
COVID-19 Impact Analysis
The digital ecosystem has become increasingly important around the world. COVID-19 has resulted in significant advancements in decentralised identity technologies. Many firms have started offering online services since the onset of COVID-19. As a result, online consumers’ fears about their identity security have grown, which has created demand for various digital security of data as well as people in the market.
Decentralized identity is important for confirming user identities and securely storing them. Furthermore, enterprises all around the world have increased their efforts to implement decentralised identification systems. This is expected to increase overall demand for decentralised identity technology.
Market Growth Factors
Increasing cases of security breaches and frauds
As the globe continues its digitization journey, data being posted to the web is becoming increasingly vulnerable to dangers. Personal information about each customer is stored on hundreds of servers around the world, increasing the risk of identity theft.
According to the Federal Trade Commission (FTC), identity fraud incidents worldwide increased by around 45 percent in 2020, resulting in massive financial losses. The rise in cyberattacks is credited to technologies like machine learning (ML), which allows attackers to create several various variants of malicious code each day.
Rise in applications of blockchain identity solutions in banks
Blockchain identity management technology offers a lot of potential in sectors like banking, cybersecurity, and the Internet of Things. This technology has the potential to change the world by overcoming the myriad issues in traditional banking operations and ensuring that banking services are available at all times.
Low transaction fees and a shorter transaction time is expected to enhance the effectiveness and security of commercial transactions. The data is less likely to be hacked or changed without consent because blockchain technology is built on distributed ledger technology and the blocks are encrypted utilizing powerful encryption.
Market Restraining Factors
Changing regulatory status and an absence of a unified set of guidelines
Regulatory agencies have a difficult time keeping up with technological advancements. Regulatory agencies must assess what gaps exist in current legislation and how they may affect overall technological applications as technology advances. Within that decentralized identity market, regulatory uncertainty continues to be a source of concern.
The lack of rules and the related uncertainty are now one of the most serious obstacles to the widespread implementation of blockchain technology across industries. Financial companies from all across the world are collaborating to establish a number of standards for blockchain technology.
Identity Type Outlook
Based on Identity Type, the market is segmented into Non- biometrics and Biometrics. Biometrics segment garnered a significant revenue share in the decentralized identity market in 2021. Biometric identification is primarily combining with other kinds of data, data systems and communication technologies like metadata, smartphones and social media and since the main security features on smartphones and by expansion, social media accounts, online identity and profiles.
Vertical Outlook
Based on Vertical, the market is segmented into BFSI, Telecom & IT, Real Estate, Retail & Ecommerce, Government & Public Sector, Healthcare & Life Sciences, Media & Entertainment, Transport & Logistics, Travel & Hospitality, and Others. Retail & E-Commerce segment recorded a substantial revenue share in the decentralized identity market in 2021. Decentralized identity offers numerous advantages separate of the greater identity autonomy it delivers to customers. In addition, decentralized identity is expected to enable customers to engage in the same activities & transactions without really transferring data. Owing to this, the growth of the segment is expected to witness a surge over the forecast period.
Organization size Outlook
Based on Organization size, the market is segmented into Large Enterprises and SMEs. SMEs segment procured a significant revenue share in the decentralized identity market in 2021. It is owing to the various benefits offered by decentralized identity solutions to small enterprises. Since SMEs have limited budget, they are widely adopting solutions that are low in cost and offer more benefits to secure their data. In addition, rapid pace of technological advancement is expected to surge the growth of the segment over the forecast period.
End user Outlook
Based on End user, the market is segmented into Enterprises and Individual. Enterprises segment garnered the highest revenue share in the decentralized identity market in 2021. A decentralized identity framework helps companies the capability to maintain their own identities, without being affected by the issuer. In addition, enterprises are getting advantages of the decentralized identity in order to gather and store data in the place.
Competitive Landscape
The major strategies followed by the market participants are partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation are the forerunners in the Decentralized Identity Market. Companies such as Accenture PLC, Wipro Limited, Civic Technologies, Inc. are some of the key innovators in the Market.
Key Market Players
Accenture PLC
Microsoft Corporation
Ping Identity Holding Corp. (Vista Equity Partners)
Avast Software s.r.o.
Wipro Limited
Persistent Systems Limited
Civic Technologies, Inc.
Nuggets Ltd
R3 LLC
Validated ID, SL
Scope of the Study
Market Segments Covered in the Report:
By Identity Type
Non- biometrics
Biometrics
By Vertical
BFSI
Telecom & IT
Real Estate
Retail & Ecommerce
Government & Public Sector
Healthcare & Life Sciences
Media & Entertainment
Transport & Logistics
Travel & Hospitality
Others
By Organization size
Large Enterprises
SMEs
By End user
Enterprises
Individual
By Country
Germany
UK
France
Russia
Spain
Italy
Rest of Europe
North America
US
Canada
Mexico
Rest of North America
Europe
Germany
UK
France
Russia
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Singapore
Malaysia
Rest of Asia Pacific
LAMEA
Brazil
Argentina
UAE
Saudi Arabia
South Africa
Nigeria
Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/aqyt7s
Canada Health Infoway (Infoway) and Microquest are pleased to announce that Microquest's Healthquest electronic medical record (EMR) has become the first EMR to integrate V5.0 of Infoway's PrescribeIT® electronic prescribing service, and close to 1,200 prescribers in Alberta will soon benefit from the new features.
Tokyo resident Shoji Morimoto previously worked at a publishing company where he was often reprimanded for “doing nothing,” so he turned his skill into a business.
As we close in on the final quarter of 2022, investors are looking for an answer to one question: was June’s low the bottom for stocks, or do they have more room to fall? It’s a serious question, and there may be no easy answer. Markets are facing a series of headwinds, from the high inflation and rising interest rates that we’ve grown familiar with to an increasingly strong dollar that will put pressure on the upcoming Q3 earnings. Weighing in on current conditions from Charles Schwab, the $8 t
Gary Gensler had strong words for the crypto industry in a Thursday speech, telling an audience of lawyers that the "vast majority" of the nearly 10,000 existing crypto tokens are securities.
With Apple set to release a new generation of sleek products – including the iPhone 14, new smartwatches and updated AirPods – investors are excited about the pop the AAPL stock might see amid the fanfare. A perennial tech juggernaut … Continue reading → The post If You Invested $1,000 in Apple 5 Years Ago, What Would It Be Worth Now? appeared first on SmartAsset Blog.
There has been no respite for the markets since Fed Chair Jerome Powell took to the podium at Jackson Hole and suggested the central bank will do whatever it needs to do in order to tame inflation, and if more rate hikes are required – so be it. The market might have gotten a case of the heebee jeebees in response, but it’s a plan that billionaire hedge fund manager Bill Ackman thinks is going to work. By next year, the CEO and founder of Pershing Square Capital expects inflation will be slashed
Yahoo Finance’s Pras Subramanian joins the Live show to discuss Tesla's near-record deliveries from its China factory.
It’s time to consider this contrarian play.
(Bloomberg) — Oil headed for a back-to-back weekly loss, burdened by demand concerns, rising stockpiles, and the possibility the Biden administration may make a fresh release from emergency reserves.West Texas Intermediate edged above $84 a barrel, but is still down more than 3% this week after hitting the lowest since January. There’s concern consumption will take a hit as central banks raise rates and China sticks to its Covid Zero strategy. The dollar’s rally to a record has also been a head
Vale and Zim Integrated Shipping Services sport ultra-high dividend yields and compelling long-term valuations.
Yahoo Finance reporter Jen Schonberger details an upcoming Treasury report that will highlight the economic danger of cryptocurrency.
Overnight there was a steep sell-off across the entire cryptocurrency market with over $15bn wiped out.
A thousand workers told Schwab that they need an average of $1.7 million in savings to pay for retirement. But inflation, monthly expenses, stock market volatility and other retirement obstacles are keeping them from reaching their goals. Here's what the … Continue reading → The post Here's How Much Schwab Says You Need for Retirement appeared first on SmartAsset Blog.
In this article, we discuss 10 dividend stocks with over 8% yield to buy in September. You can skip our detailed analysis of top high dividend stocks, and go directly to read 5 Best Dividend Stocks with Over 8% You Can Buy in September. In the current market situation, investors are looking for different ways […]
Is this the ultimate safe haven?
I'm constantly losing money on stock and cryptocurrency investments. And I paid for the advice that has given me the information that I've used to do this. For example, I was told to buy SoFi and lost money the whole … Continue reading → The post Ask an Advisor: I'm Losing Money on Investments. How Can My Advisor Let This Happen? appeared first on SmartAsset Blog.
What's better than a big fat S&P 500 dividend? One that's rising fast. And there's a surprising number of S&P 500 stocks doing it.
SmartAsset compares three of the largest investment companies based on usability, trade experience, offerings and cost. Learn more here.
Tencent Holding Ltd (OTC: TCEHY) shareholders added $7.6 billion in shares to Hong Kong's clearing and settlement system, spurring speculation that its biggest shareholder, Naspers Ltd (OTC: NAPRF), offloaded part of its 29% stake, the Financial Times reports. Earlier, Tencent's international investment arm Prosus backed out of its pledge not to sell stock in Tencent. Global investors downsized their holdings in Chinese technology stocks following a government crackdown and regulatory onslaught.
A closely watched bond-market gauge of near-term inflation expectations has fallen below the Federal Reserve's 2% target for the first time in two years.