North America Blockchain Identity Management Market Segmentation, By Component (Software, Solution), Networks (Permissioned, Permissionless), Provider (Application Providers, Middleware Providers, Infrastructure Providers), Organization Size (Large Enterprises, Small Enterprises, Medium-Sized Enterprises), Industry (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) – Industry Trends and Forecast to 2031.
Blockchain Identity Management Market Analysis
Blockchain identity management provides a decentralized and secure solution. Using blockchain identity management technology, industries such as retail, healthcare, BFSI and others can easily access real-time information on individuals or specific entities for any type of authentication. Moreover, the requirement to build transaction transparency and trust between parties is a fundamental reason for boosting the demand of the blockchain identity management and impelling market growth.
North America Blockchain Identity Management Market Size
North America blockchain identity management market size was valued at USD 885.06 million in 2023 and is projected to reach USD 26.71 billion by 2031, with a CAGR of 53.1% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Blockchain Identity Management Key Market Insights
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Segmentation
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Countries Covered
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U.S., Canada and Mexico in North America
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Key Market Players
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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)
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Market Opportunities
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Blockchain Identity Management Market Definition
Blockchain identity management market is a tool that contains consist authentication process and blockchain-based digital verification. This tool encrypts and stores data on the user’s mobile device by using cryptography. This blockchain technology links and stored data blocks using cryptography through virtual networks. Every information block contains a complete and accurate record of every transaction without any change after verification.
Blockchain Identity Management Market Dynamics
Drivers
- Rising demand for privacy and security solutions
Increasing demand for privacy and security solutions among enterprises may increase the grwth of the blockchain identity management market. The users can take the control of their data and centralize it by using blockchain identity management. These determinants may upsurge the blockchain identity management market demand and increase the market growth rate during the forecast period.
- Growing digitization
The rising need for digitization will increase market growth during the forecast period. Several industries such as manufacturing, retail, consumer products, and healthcare are embracing digitalization more broadly. These industries are more vulnerable to cyber-attacks due to the utilization of IT resources. Blockchain identity management solution helps stop invasions becoming more popular among several industries.
Opportunities
- Advantages associated with conversational computing
The blockchain can accumulate data at one location when the data is put online with the help of advanced innovations, which may create lucrative opportunity for the blockchain identity management market growth In the coming years. Moreover, the increasing government initiatives in developed and developing countries for blockchain technology development are predicted to be an opportunity for the growth of the market rate. Furthermore, the blockchain identity management market is expected to grow significantly due to the increase in demand for better transaction speed and scalability.
Restraints
- Issues associated with security and data privacy
The market's growth is anticipated to be hindered by a lack of knowledge of blockchain technology during the forecast period. When there are so many users on the network, which creases blockchain. Additionally, blockchains are more difficult to grow due to their consensus mechanism. Some solutions use extreme amounts of energy. Since data cannot be changed and the blockchain cannot go back. As a result of this, all these factors are hindering growth of the market.
This blockchain identity management market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the blockchain identity management market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Blockchain Identity Management Market
Globally the population is disturbed adversely owing to the dominance of the COVID-19 pandemic. It has severely impacted several sectors due to supply chain disruptions, lockdowns, transportation bans, lack of raw materials, and shortage of workers, leading to office work lags and production halts. To avoid this lagging, enterprises are choosing work from home remote working. As a result, the usage of blockchain identity management technology has considerably decreased in several industries such as banking, healthcare, retail and others. Subsequently, the COVID-19 pandemic increases interest in blockchain identity management. Additionally, several countries are coming up with relaxations on imposing regulations and the blockchain identity management market will likely recover its substantial position soon.
Blockchain Identity Management Market Scope
The blockchain identity management market is segmented on the basis of component, networks, provider, organization size and industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Software
- Solution
Networks
- Permissioned
- Permissionless
Provider
- Application Providers
- Middleware Providers
- Infrastructure Providers
Organization Size
- Large Enterprises
- Small Enterprises
- Medium-Sized Enterprises
Industry
- 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
Blockchain Identity Management Market Regional Analysis
The blockchain identity management market is analyzed and market size insights and trends are provided by country, component, networks, provider, organization size and industry as referenced above.
The countries covered in the blockchain identity management market report are U.S., Canada and Mexico in North America.
U.S. is leading in the North America as region, followed by Mexico and Canada for blockchain identity management market. The growing digitalization in businesses and the increase of digital transactions are propelling the market growth. The U.S. country is leading the market due to the acceptance for advanced technology and strong infrastructure availability.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Blockchain Identity Management Market Share
The blockchain identity management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to blockchain identity management market.
Blockchain Identity Management Market Leaders Operating in the Market Are:
- 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)
Latest Developments in Blockchain Identity Management Market
- In April 2020, IBM Corporation introduced a new initiative to resolve the shortage of medical equipment with the help of innovative and advanced supply chain management solutions. The IBM Rapid Supplier Connect has introduced a blockchain-based network to aid healthcare organizations. The government agencies to find new non-traditional providers with the support of blockchain identity management solution for verification.
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