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Decentralized Identifiers (DIDs) Technology Global Market 2024 To Reach $12.98 Billion By 2028 At Rate Of 86.7%
The Business Research Company's Decentralized Identifiers (DIDs) Technology Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, August 16, 2024 /EINPresswire.com/ -- The decentralized identifiers (DIDs) technology market has experienced robust growth in recent years, expanding from $0.57 billion in 2023 to $1.07 billion in 2024 at a compound annual growth rate (CAGR) of 86.6%. The growth in the historic period can be attributed to security concerns and data breaches, cyber threats, inadequate cybersecurity measures, human error, supply chain vulnerabilities, a lack of regulatory compliance, and growing demand for identity and authentication solutions.
Strong Future Growth Anticipated
The decentralized identifiers (DIDs) technology market is projected to continue its strong growth, reaching $12.98 billion in 2028 at a compound annual growth rate (CAGR) of 86.7%. The growth in the forecast period can be attributed to increasing adoption of decentralized technologies, privacy and data ownership concerns, regulatory mandates for data protection, technological advancements in identity management, the rise of decentralized finance (defi), the integration of DID with internet of things (IoT) devices, and collaboration between industry players for standardization and interoperability.
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Growth Driver Of The Decentralized Identifiers (DIDs) Technology Market
The rising security concerns and data breaches are expected to propel the growth of the decentralized identifiers (DIDs) technology market going forward. Security and data breach concerns refer to actions that pertain the protection of data, systems, and networks from unauthorized access, use, disclosure, disruption, modification, or destruction. Security concerns and data breaches occur due to cyber threats, inadequate cybersecurity measures, human error, supply chain vulnerabilities, and a lack of regulatory compliance. Decentralized identifiers (DIDs) technology enhances security against data breaches and cyberattacks by providing tamper-proof, verifiable, and privacy-preserving digital identities.
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Major Players And Market Trends
Key players in the decentralized identifiers (DIDs) technology market include Microsoft Corporation, Accenture Plc, International Business Machines Corporation (IBM), Wipro Limited, Avast Software s.r.o.
Major companies operating in the decentralized identifiers (DIDs) technology market are integrating blockchain technology, such as digital identification and credential verification platforms, to enhance user control over personal data and improve trust and security in online interactions. Digital identification and credential verification platforms ensure secure, tamper-proof, and private user information across various industries through encrypted storage, interoperable exchanges, and decentralized identity management.
Segments:
1) By Type: Biometric, Non-Biometric
2) By Enterprise Size: Large Enterprises, Small And Medium Enterprises
3) By Application: Banking Financial Services And Insurance (BFSI), Government, Healthcare And Life Sciences, Telecom And IT, Retail And E-Commerce, Transport And Logistics, Media And Entertainment, Other Applications
Geographical Insights: North America Leading The Market
North America was the largest region in the decentralized identifiers (DIDs) technology market in 2023. The regions covered in the decentralized identifiers (DIDs) technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Decentralized Identifiers (DIDs) Technology Market Definition
Decentralized Identifiers (DIDs) technology refers to a new type of identifier that enables verifiable, self-sovereign digital identities. DIDs are designed to work across different domains, systems, and applications, providing a secure and decentralized way to manage identities and credentials.
Decentralized Identifiers (DIDs) Technology Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Decentralized Identifiers (DIDs) Technology Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on decentralized identifiers (DIDs) technology market size, decentralized identifiers (DIDs) technology market drivers and trends, decentralized identifiers (DIDs) technology market major players, decentralized identifiers (DIDs) technology competitors' revenues, decentralized identifiers (DIDs) technology market positioning, and decentralized identifiers (DIDs) technology market growth across geographies. The decentralized identifiers (DIDs) technology market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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