Study: Market for Decentralized Identity Solutions to Grow by $3.6 Billion by 2025

The compound annual growth rate of the market for decentralized identity applications through 2025 will be about 71%. Its capacity will increase by $3.58 billion, according to the ReportLinker study.

Analysts examined use-case scenarios across government services, healthcare, banking and financial services, as well as by geography and by application type.

The report drew on data from Accenture, Amazon, Bitfury Group, BLOCKCHAINS, Broadcom, Civic Technologies, IBM, Oracle, SAP, SecureKey Technologies.

According to the researchers, the market driver will be the continued expansion of online services and cloud applications.

In July, the developer of the decentralized identity solution built on Ethereum and other blockchains, Magic Labs (formerly Fortmatic), raised $27 million.

In April, Cardano-backed company IOG (formerly IOHK) and the government of Ethiopia signed an agreement to deploy in the country a decentralized identity system, Atala PRISM.

Earlier, Microsoft launched the open-source ION decentralized identity (DID) solution on the Bitcoin blockchain.

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