Blockchain identity management is gaining momentum as a secure and decentralized solution that offers real-time information about entities or individuals. Via leveraging a distributed trust paradigm, it enables the creation of a trusted medium through decentralized public critical infrastructure (DPKI). This tamper-proof system facilitates the distribution of encryption keys and ensures the identity holders' reliable and asymmetric verification. With simplified processes and reduced manual efforts, blockchain identity management addresses market demands for efficient and streamlined identity issuance.
According to Data Bridge Market Research, the Blockchain Identity Management Market accounted for SD 128.81 million by 2030, which is USD 1.07 million in 2022, at a CAGR of 82.00% during the forecast period.
“Blockchain technology with the existing systems will widen the scope of growth”
Blockchain identity management can enhance the onboarding process for new workers and clients by providing a safer and more efficient way to confirm identities. Previously, this process was costly and time-consuming. However, with blockchain technology, businesses can streamline and expedite identity verification at a lower cost. The market is expected to grow by integrating blockchain with existing systems, driven by improved efficiency and expanded possibilities.
What restraints the growth of the blockchain identity management market?
“Uncertain regulatory landscape”
The uncertain regulatory landscape refers to the lack of clear and consistent regulations surrounding blockchain-based identity management solutions. This ambiguity restraint the growth of the blockchain identity management market, as businesses and individuals hesitate to adopt such solutions due to potential legal and compliance risks. Without regulatory clarity, stakeholders may face challenges implementing and scaling blockchain identity management systems effectively.
Segmentation: Blockchain Identity Management Market
The blockchain identity management market is segmented on the basis of component, application, networks, provider, organization size and industry.
- On the basis of component, the blockchain identity management market is segmented into platform, services.
- On the basis of application, the blockchain identity management market is segmented into loyalty and rewards management, identity management, supply chain management, payments and smart contracts, compliance management, others.
- On the basis of networks, the blockchain identity management market is segmented into permissioned, permissionless.
- On the basis of provider, the blockchain identity management market is segmented into application, middleware, infrastructure.
- On the basis of organization size, the blockchain identity management market is segmented into large enterprises, small enterprises, medium-sized enterprises.
- On the basis of industry, the blockchain identity management market is segmented into BFSI, government, healthcare and life sciences, telecom and it, retail and e-commerce, transport and logistics, real estate, media and entertainment, travel and hospitality, others.
Regional Insights: North America Dominates the Blockchain Identity Management Market
North America's dominance in the blockchain identity management market is attributed to its adoption of advanced technologies such as the Internet of Things (IoT). This integration allows for seamless connectivity and data exchange, enhancing the effectiveness of blockchain identity management solutions. Additionally, the region benefits from a strong presence of major industry players, further driving innovation and market growth.
The highest compound annual growth rate (CAGR) in the Asia-Pacific region is projected for the blockchain identity management market. This growth is primarily due to the increasing internet penetration across the region. As more individuals and businesses gain access to the internet, the adoption of blockchain identity management systems is expected to escalate, contributing to the market's expansion in the Asia-Pacific region.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-blockchain-identity-management-market
Recent Developments in Blockchain Identity Management Market
- In 2020, IBM addressed the shortage of medical equipment through an innovative supply chain management solution. The company introduced IBM Rapid Supplier Connect, a blockchain-based network that assists healthcare organizations. Leveraging blockchain identity management, government agencies successfully identify non-traditional providers for verification, ensuring a streamlined and efficient process in the healthcare sector.
The Prominent Key Players Operating in the Blockchain Identity Management Market Include:
- Amazon Web Services, Inc. (U.S.)
- IBM (U.S.)
- Bitfury Group Limited (Netherlands)
- Civic Technologies, Inc (U.S.)
- EVERNYM INC., (U.S.)
- NETKI (U.S.)
- Microsoft (U.S.)
- Oracle (U.S.)
- KYC-CHAIN LIMITED (China)
- Factom (U.S.)
- OARO (Canada)
- Procivis AG (Germany)
- BTL Group (Ukraine)
- OriginalMy (Brazil)
- Bitnation (U.S.)
- Tracxn Technologies Limited. (India)
Above are the key players covered in the report, to know about more and exhaustive list blockchain identity management market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Blockchain Identity Management Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
