Increasing competitive advantages such as high accuracy and enhanced reliability, over the traditional centralized and federated identity management are expected to aid the users in significantly leveraging the benefits of the decentralization in identity management. The level of control and authority these self-sovereign decentralized identities provide to an individual, is resulting in a growth of consumer confidence to shift toward digitization. Moreover, the increasing data breaches and a surging demand for connected IoT devices is leading to a rise in the requirement for decentralized identity among consumers.
The decentralized identity market research study offers a wide perspective on the analysis of the identity ecosystem. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools, that have been used to build the forecast and the predictive models.
Evolution from the widespread usage of paper to the deployment of electronic mode, to digital, and now biometric, has played a crucial role in shaping the global economy. Similarly, the effective management of these identities has significantly transformed the business landscape and shifted consumer as well as government’s interests from centralized and federated systems toward decentralized systems. This form of evolution has resulted in enhancing the operational capabilities of various industries such as automotive, manufacturing, and construction, in terms of enhanced safety measures, connectivity, cost reduction, and convenience for users. Such technological enhancement have been witnessed in varied human interactions occurring in the digital world. In the context of human interaction, it is necessary to accurately identify and prove individual identities. This is where identification technologies such as biometrics come into picture.
The competitive landscape of the decentralized identity market includes different strategies undertaken by the key stakeholders to gain market presence. As the system is currently under development and testing phase, therefore, all the stakeholder companies are working together to assist government and regulatory authorities for drafting standards and regulations. Some of the strategies adopted by the companies are product launches and developments, partnerships, collaborations, and mergers & acquisitions. Some of the key players in the decentralized identity ecosystem are Civic Technologies, Inc. (U.S.), EVERNYM INC. (U.S.), uPort (U.S.), Jolocom GmbH (Germany), and Microsoft Corporation (U.S.). The report includes companies across the ecosystem including trust providers, decentralized application providers, software/technology providers, and regulators. This gives a clear picture of how the companies are moving forward in the decentralized identity space. The growing cybersecurity market has led to a large number of developments being undertaken by these companies to stay ahead in the competition. The rising consumer inclination to safeguard their own interest in terms of privacy has been a major factor for the decentralized identity market to further flourish in the coming years.
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The funding scenario in decentralized identity market is quite noteworthy. Most of the funding is likely to come from sources such as seed money from the public sectors, investors, and companies with adequate cash reserves that are committed to drive the market and willing to invest in the coming future. Numerous investments have taken place in the recent past in the decentralized identity space, which showcases the degree of interest among industry leaders in this ecosystem. However, the key challenge lies in coordinating these endeavors, keeping in mind, the regulatory and infrastructure framework in order to support these services. It is anticipated that as the technology further develops, the decentralized identity are expected to garner a larger degree of clarity through necessary procedures undertaken by both government and private players.
UPCOMING INDUSTRY TRENDS 