The global decentralized identity market size is expected to reach USD 46,457.5 million by 2030, according to a new study by Polaris Market Research. The report “Decentralized Identity Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, Services); By Deployment Type; By Organization Size; By Industry Vertical; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for decentralized identity solutions is primarily driven due to the overloading of IT infrastructure on account of the huge influx of information produced on a daily basis in organizations. In addition, this data puts a huge burden on the IT infrastructure, causing numerous problems such as server failure, data breaching, and others.
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Moreover, many organizations now offer to bring your own device (BYOD) policy to avoid IT infrastructure complexity. However, such devices become more vulnerable to threats such as malware, security and data breach, and others. Furthermore, due to the increase in complexity of IT infrastructure majority of employees fail to do their job properly. Also, IT teams are at risk of losing control over decentralized systems and the IT environment of their organizations.
Artificial intelligence algorithms are starting to self-improve to become more capable of providing search rankings, search results, and automated investing, which are the major factors expected to provide opportunities for market growth in upcoming years. Moreover, decentralized identity and access management technologies are emerging, and AI-powered verification is gaining popularity.
For instance, at the time of an online purchase or transaction, the verification tools seek to confirm that a digital persona matches up with the physical person behind that persona. Furthermore, with the help of machine learning, software programs are able to analyze data and learn from it. Also, it further helps in identifying patterns and eventually making decisions, which provides major opportunities for organizations; thereby driving the industry growth.
Decentralized Identity Market Report Highlights
Polaris Market Research has segmented the decentralized identity market report based on component, deployment type, organization size, industry vertical, and region:
Decentralized Identity, Component Outlook (Revenue - USD Million, 2018 - 2030)
Decentralized Identity, Deployment Type Outlook (Revenue - USD Million, 2018 - 2030)
Decentralized Identity, Organization Size Outlook (Revenue - USD Million, 2018 - 2030)
Decentralized Identity, Industry Vertical Outlook (Revenue - USD Million, 2018 - 2030)
Decentralized Identity, Regional Outlook (Revenue - USD Million, 2018 - 2030)