What is Decentralized Identity Software Market?
Decentralized identity software is software used for identity management and verification by companies. With the help of this software companies can validate or manage the identities of employees, customers, other end users, and even devices like the internet of things (IoT) devices. Decentralized identity software helps in rapidly onboarding new users, reducing user identity fraud, reducing costs associated with provisioning and issuing digital certificates, offering end users a privacy-preserving identity verification method, and reducing security risks associated with centrally storing identity information, including regulated data such as personally identifiable information (PII).
The market study is being classified by Type (Software and Service) and major geographies with country level break-up.
Microsoft (United States), IBM (United States), Authenteq Tarbena GmbH (Germany), Civic Technologies, Inc. (United States), Evernym, Inc. (United States), Cambridge Blockchain Inc. (United States), Finema Co., Ltd. (Thailand), Jolocom GmbH (Germany), Okta, Inc. (United States) and Keyp GmbH (Germany) are some of the key players profiled in the study.
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Decentralized Identity Software market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Decentralized Identity Software market by Type, Application and Region.
On the basis of geography, the market of Decentralized Identity Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rise in the Incidences of Data Breaches
- Increased Number of Cyberattacks, Frauds and Other Financial Crimes
- Growing Need of Non-Human Digital IDs and Security in Consumer Goods
- Interoperability Among the Identity System
- Integration of Blockchain in Decentralized Identity
- Emerging Need of Smart Contracts
- Lack of Regulatory Guidelines and Standardization
Key Target AudienceDecentralized Identity Software Developers, Emerging Companies, Research Professionals and End-users
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