The North America Decentralized Identity Market would witness market growth of 77.7% CAGR during the forecast period (2022-2028).
Decentralized identification is a new concept that gives consumers back control of their identities by allowing them to obtain verifiable information about them from certified issuers via an identity wallet like the Government. The user may effectively regulate their identity online and their privacy by limiting what information is transmitted from the wallet to asking 3rd parties - for example, merely showing confirmation that they're over 18 without having to divulge their actual Date of Birth.
In addition, decentralized IDs would aid persons who have been victims of a data breach caused by the negligence of a third party. Companies would be able to protect their personal information not just from hackers, but also from unauthorized advertisements and third-party data buyers. All of this will make the concept of decentralized identification increasingly appealing to individuals and businesses in the future.
Users have more power with decentralised identification also known as self-sovereign identity, personal identity, and distributed identity. Individuals can save identification-related information in a mobile wallet on their own smart phone using the decentralised identity concept. They can keep that information up to date and share only the information they need with businesses or other people in order to open a bank account, buy a car, or start a new job, for example.
The US government has revealed its plans for the Internet and digital technologies. Safeguarding human rights and fundamental freedoms online, fostering an Internet that promotes free flow of information, and assuring that everyone benefits from the digital economy are among the objectives. Last year, almost 42 million Americans were targets of digital identity fraud, according to a report. It also showed that there is a 109 percent increase in new-account fraud and 90 percent increase in account takeovers on pandemic-related shifts to digital services in the US economy. To protect clients, the research firm recommends that banks use behavioral biometrics techniques in conjunction with private information and device-based controls.
The high adoption rate of the latest technologies and solutions across this region is among the key aspects augmenting the growth of the market. In addition, the presence of technological giants in developed nations like US and Canada would lead to the introduction of various latest products in the market. There are many companies that are greatly implementing such advanced solutions for generating better results and adhere to the regulations associated with the use of personal information.
The US market dominated the North America Decentralized Identity Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,677.6 million by 2028. The Canada market is poised to grow at a CAGR of 81.8% during (2022 - 2028). Additionally, The Mexico market would display a CAGR of 80.2% during (2022 - 2028).
Based on Identity Type, the market is segmented into Non- biometrics and Biometrics. Based on Vertical, the market is segmented into BFSI, Telecom & IT, Real Estate, Retail & Ecommerce, Government & Public Sector, Healthcare & Life Sciences, Media & Entertainment, Transport & Logistics, Travel & Hospitality, and Others. Based on Organization size, the market is segmented into Large Enterprises and SMEs. Based on End user, the market is segmented into Enterprises and Individual. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Decentralized Identity Market is Estimated to reach $8.9 Billion by 2028, at a CAGR of 78.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, Microsoft Corporation, Ping Identity Holding Corp. (Vista Equity Partners), Avast Software s.r.o., Wipro Limited, Persistent Systems Limited, Civic Technologies, Inc., Nuggets Ltd., R3 LLC, and Validated ID, SL.
By Identity Type
By Vertical
By Organization size
By End user
By Country
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