Accenture (Ireland) and Persistent (India) are leading players in Decentralized Identity Market
The decentralized identity market size is projected to grow from USD 285 million in 2022 to USD 6,822 million 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, inefficiency of existing identity management practices and end user advantage of retaining full control overuse of identities are the major driving factors contributing to the high growth rate of decentralized identity market.
Key and innovative vendors in decentralized identity market include Microsoft (US), Accenture (Ireland), Persistent (India), Wipro (India), SecureKey Technologies (Canada), R3 (US), Avast (Czech Repubic), Validated ID (Spain), Serto (US), Ping Identity (US), NuID (US), Dragonchain (US), Nuggets (UK), Finema (Thailand), Datarella (Germany), Civic Technologies (US), 1Kosmos (US), Affinidy (Singapore), Hu-manity (US), SelfKey (Mauritius).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in 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.
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Accenture is a global professional services company providing industry expertise, diverse skill sets and next-generation technology in digital, cloud and security. The company offers Decentralized Digital Identity, a combined approach with the capabilities of IAM and Decentralized Identity. This solution helps users to bring trusted identity in 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 over 699,000 employees at various offices across the globe.
Incorporated in May 1990, Persistent is an Indian multinational technology services company. It offers a wide range of 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 digitally issue credentials and sign them cryptographically. the credentials can be verified with the help of the distributed ledger or blockchain. This solution helps businesses with verifiable credentials that are used for rapid customer onboarding, ensuring the security of data 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, Others) and Region - Global forecast to 2027
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