Decentralized Identity Market

Top Companies in Decentralized Identity Industry - Accenture (Ireland) Persistent (India)

The decentralized identity market size is projected to grow from USD 0.2 billion in 2022 to USD 6.8 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 88.7% during the forecast period. Rising instances of security breaches and identity-related fraud, the inefficiency of existing identity management practices, and the end-user advantage of retaining complete control over the overuse of identities are the major driving factors contributing to the high decentralized identity market growth rate.

Key and innovative vendors in the decentralized identity market include Microsoft (US), Accenture (Ireland), Persistent (India), Wipro (India), SecureKey Technologies (Canada), R3 (US), Avast (Czech Republic), Validated ID (Spain), Serto (US), Ping Identity (US), NuID (US), Dragonchain (US), Nuggets (UK), Finema (Thailand), Datarella (Germany), Civic Technologies (US), 1Kosmos (US), Affinity (Singapore), Hu-manity (US), SelfKey (Mauritius), Gataca (Spain)

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These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and enhancements, and acquisitions to expand their presence in the decentralized identity market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2019 to 2022 to innovate their offerings and broaden their customer base.

Accenture is a global professional services company that provides industry expertise, diverse skill sets, and next-generation digital, cloud, and security technology. The company offers Decentralized Digital Identity, a combined approach with IAM and Decentralized Identity capabilities. This solution helps users to bring a trusted identity into the digital world. With Accenture’s decentralized Digital Identity, organizations can offer personalized services to users in an efficient, privacy-preserving way with operational efficiency and access to a broader range of trusted data. Accenture has experience and specialized skills across more than 40 industries. It has a global network of over 100 innovation hubs around the world. The company has more than 699,000 workers at various offices across the globe.

Incorporated in May 1990, Persistent is an Indian multinational technology services company. It offers various services, including Digital Strategy & Design, software product engineering, intelligent automation, cloud & infrastructure, enterprise IT security, data & analytics, and enterprise applications & integration. The company’s Decentralized Identity and Verifiable Credential solution allows users to issue credentials and sign them cryptographically digitally. The credentials can be verified with the help of the distributed ledger or blockchain. This solution helps businesses with verifiable credentials used for rapid customer onboarding, ensuring data security and online transactions. Persistent caters to industries like banking and financial services, healthcare, insurance, life sciences, telecom and media, and software and hi-tech solutions. Its clients include industry-leading organizations across 18 countries; among these are 80% of the largest banks in the US and India,14 of the 30 most innovative US companies, and numerous innovators across the healthcare ecosystem.

Related Reports:

Decentralized Identity Market by Identity Type, End User, Organization Size, Vertical (BFSI, Government, Healthcare and Life Sciences, Retail and eCommerce, Telecom and IT, Transport and Logistics, Real Estate) and Region - Global Forecast to 2027

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Decentralized Identity Market Size,  Share & Growth Report
Report Code
TC 8108
RI Published ON
5/30/2022
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