The global decentralized identity market size is expected to reach USD 102.0 billion by 2030, expanding at a CAGR of 88.2% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The ineffectiveness of conventional identity management practices and rising incidences of security breaches have fueled the demand for decentralized identity platforms. The increasing adoption of such decentralized identity platforms by businesses and individuals is further expected to drive the market over the forecast period.
Key Industry Insights & Findings from the report:
- The biometric segment is anticipated to register the fastest growth rate over the forecast period. The increasing launch of biometric identification platforms by some of the major firms, including, Innovatrics and IDEMIA, is expected to drive the segment.
- The individual segment is projected to register the fastest growth rate over the forecast period. Decentralized identity is used by individuals owing to benefits such as privacy and security concerns, which is a major factor expected to propel the segment growth.
- The small and medium enterprises segment is anticipated to emerge as the fastest growing segment over the forecast period. The growth of the segment can be attributed to the growing digitalization across all SMEs worldwide.
- The BFSI segment dominated the market in 2021. The banking firms adopting decentralized identity solutions to reduce identity fraud is one of the major factors propelling the segment growth.
- Asia Pacific is projected to register the fastest growth rate over the forecast period. The increasing demand for decentralized identity solutions across the region is anticipated to play a vital role in driving the regional market.
KXCO has a Chain built to handle this type of ID
The Knights™ Armature blockchain is a proprietary blockchain that was developed to handle complex financial transactions and is using a proof-of-Authority validation concept. The Knights™ Armature blockchain was built with KYC, AML and Banking regulation in mind and a focus on speed of transaction and offers the following features:
• Proof-of-Authority (PoA) – Validation of on-chain activity within the Armature is done through permissioned and pre-approved validators that are being given the role of authorising the transactions. POA is a modified form of PoS where instead of stake with the monetary value, a validator’s identity performs the role of stake.
• High Speed: Today the Transaction per second ranges from 353,907 to 1,238,675 TPS. In comparison, Solana reaches 55,000 TPS and Bitcoin 7 TPS.
• No transaction Fees: As opposed to other chains, Knights™ Armature Blockchain does not charge any transaction fees to validate the blocks.
• Elastic Armature: An extensive amount of work is required to set up a sidechain because infrastructure must be created from scratch. Knights™ Armature Blockchain’s technology automatically makes the sidechain when a new coin pair is added to the chain. Chains can then be separated, isolated and enhanced for specific functions.
• Beehive Model: The idea is to use a sidechain for each bank / client. Each sidechain can be bridged to another and as such communicate with each other at a deep level but they don’t have access to each other and can be developed individually.
Read 160-page full market research report for more Insights, “Decentralized Identity Market Size, Share & Trends Analysis Report By Identity Type (Biometric, Non-biometric), By End-user, By Enterprise Size, By Vertical, By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.