The market for blockchain identity management has experienced significant growth in recent years, with a current market size of US$ 797.7 million as of 2022. Moreover, market analysts predict that the market will continue to expand at an impressive rate, with projections reaching up to US$ 36,591.4 million by 2028. Therefore, this growth trend will maintain a Compound Annual Growth Rate (CAGR) of 84% from 2023 to 2028.
What is Blockchain Identity Management?
Blockchain identification management is a process that provides a secure and decentralized solution for the real-time verification of individuals or entities through distributed trust mechanisms. This advanced technology ensures a tamper-proof and trusted medium for distributing asymmetric verification and encryption keys to identity holders, simplifying processes and enhancing security. Therefore, the application of blockchain identity software is not limited to a specific sector. However, rather spans banking, financial services, government, healthcare, automotive, transportation, retail, information technology (IT), and telecommunications.
Factors Fuelling Growth in the Blockchain Identity Management Market
A number of significant trends are fueling the growth of the blockchain identification management market.
Increasing Cybersecurity Issues
The surge in cyber-attacks and data breaches targeting both private and government organizations worldwide has led to an increase in demand for efficient identity management solutions. Organizations are now in search of reliable models that can ensure regulatory compliance and monitor employee activities effectively.
SSI Technology
Self-sovereign identification technology is gaining popularity across industries as it offers a streamlined identification process while minimizing the storage of user data. As a result, there has been a surge in demand for this technology in the market.
Transparency & Trust
The utilization of blockchain identification management is becoming increasingly popular in various industries as it helps to establish trust and transaction transparency between businesses. Thereafter, by ensuring data authenticity and minimizing the risks of fraud, this technology has become more appealing to businesses across sectors.
Government to Adopt SSI Technology
Several governments worldwide are taking steps to encourage the implementation of blockchain identity management. Thereafter, to enhance scalability and transaction speed.
Increase in Smartphone Adoption
The increasing sales of smartphones in developing countries, and the widespread accessibility of the internet is fuelling the market growth.
What are the Key Market Segments of Blockchain Identity Management?
The market has been divided into several key segments, as classified by the report.
- Provider: It includes services and platforms.
- Component: The market for blockchain identity management has been categorized into three main provider segments, namely application providers, middleware providers, and infrastructure providers.
- Enterprise size: The market segmentation of blockchain identity management includes two categories based on enterprise size – large enterprises and small and medium-sized enterprises (SMEs).
- Industry diagonal: The industry diagonal for blockchain identity management encompasses a wide range of sectors, including BFSI, government, healthcare, telecommunications and IT, retail and e-commerce, transportation and logistics, real estate, media and entertainment, travel and hospitality, and many others.
Geographical Analysis
The report provides a regional analysis of the global blockchain identity management market. Thereafter, it covers key regions such as North America. This includes the US and Canada. Asia-Pacific which includes China, Japan, India, South Korea, Australia, Indonesia, and others. Europe, including Germany, France, the United Kingdom, Italy, Spain, Russia, and others. Latin America including Brazil, Mexico, and others). Thereafter, the Middle East and Africa.
Key Players in Blockchain Identity Management
The SSI technology market has numerous key players, such as Amazon Web Services Inc. (Amazon.com Inc.), Bitfury Group Limited, Blockchains Inc., Civic Technologies Inc., Cognizant, Evernym Inc. (Avast Software s.r.o.), Infosys Limited, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, and Tata Consultancy Services Limited (Tata Group).
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In Conclusion
Experts predict the blockchain identity management market to witness significant growth in the coming years. Thereafter, factors such as increasing cybersecurity threats, the adoption of SSI technology, and the need for transaction transparency and trust. The market segmentation includes several key segments. Moreover, the report provides a regional analysis covering major regions across the globe. With numerous key players already operating in the market, the industry is ready for growth and innovation.
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