Although the decentralized identity market is still in its infancy, it has been gaining traction in recent years and has the potential to change existing identity, authentication, and access for the better. In 2022, the decentralized identity market was projected to reach $270 million.
Through decentralization and blockchain technology, there are an increasing number of people taking back control of their data. Although the digital identity space is still in its initial stages, it is possible that decentralized identity with blockchain could make identity management decentralized, simplified, and seamless, completely transforming the market landscape. Startups and DID initiatives continue to develop proofs of concept (PoC) for decentralized identity in government, finance, healthcare, and other fields, and the opportunities for decentralized identity continue to grow and evolve.