The Rise of Online Activities: A Catalyst for Secure Identity Solutions

With the increasing digital age, people prioritize having power and control over their identities and information sharing. As online activities surpass offline activities, the demand for secure and decentralized identity management solutions rises. Blockchain identity management systems emerge as core building blocks for authenticating and managing digital identities. This technology's ability to enhance privacy, security, and user autonomy fuels market growth. Organizations across various sectors, such as finance, healthcare, and government, are adopting blockchain identity management solutions to meet evolving consumer demands.

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Data Bridge Market Research analyses that the Global Blockchain Identity Management Market is expected to reach USD 128.81 million by 2030, which was USD 1.07 million in 2022, at a CAGR of 82.00% during the forecast period of 2023-2030. Ongoing research and technological advancements in blockchain drive the blockchain identity management market by enhancing the capabilities and scalability of identity management solutions, contributing to market expansion and adoption

Key Findings of the Study

The growing recognition of blockchain's potential in managing identities and facilitating secure transactions by governments and enterprises is expected to drive the market's growth rate

The growing recognition of blockchain's potential in managing identities and facilitating secure transactions by governments and enterprises acts as a significant driver in the blockchain identity management market. The adoption of blockchain-based identity management solutions enhances data security, improves operational efficiency, and ensures compliance with regulations. As government agencies and businesses seek robust and trustworthy identity verification systems, the market experiences accelerated growth, driven by the increasing demand for secure and reliable digital identity solutions.

Report Scope and Market Segmentation

Segment Analysis:

The global blockchain identity management market is segmented on the basis of component, application, networks, provider, organization size and industry.

• On the basis of component, the global blockchain identity management market is segmented into platform, services.
• On the basis of application, the global 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 global blockchain identity management market is segmented into permissioned, permissionless.
• On the basis of provider, the global blockchain identity management market is segmented into application, middleware, and infrastructure.
• On the basis of organization size, the global blockchain identity management market is segmented into large enterprises, small enterprises, and medium-sized enterprises.
• On the basis of industry, the global 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.

Major Players

Data Bridge Market Research recognizes the following companies as the major global blockchain identity management market players in global blockchain identity management 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).

Market Developments

• In 2020, IBM addressed the shortage of medical equipment through an innovative supply chain management solution. The IBM Rapid Supplier Connect initiative introduced a blockchain-based network to support healthcare organizations. With the help of blockchain identity management, government agencies found new non-traditional providers for verification, ensuring faster and more reliable access to critical medical supplies during the COVID-19 pandemic.
• In January 2023, AWS (US) collaborated with Ava Labs to promote blockchain adoption in enterprises, institutions, and governments. Their partnership aims to simplify node deployment and management on the Avalanche network, strengthening its infrastructure, and fostering the growth of the decentralized application (dApp) ecosystem.
• In July 2021, Oracle Financial Services Software Ltd and Everest joined forces to introduce blockchain technology to global banks. The partnership allows Oracle's banking clients to securely verify customer credentials and store them on the blockchain platform across multiple countries. Additionally, the integration enhances Oracle's banking software, facilitating remote customer onboarding for financial institutions.
• In May 2022, Microsoft launched Microsoft Entra, a new product family featuring Azure Active Directory (Azure AD), including two new categories: Microsoft Entra Permissions Management and Microsoft Entra Verified ID. The latter offers a secure, interoperable, and self-owned decentralized identity solution based on decentralized identity standards. Entra Permissions Management provides comprehensive visibility and management of permissions across multi-cloud environments, reducing access risks.

Regional Analysis

Geographically, the countries covered in the global blockchain identity management market  report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in global blockchain identity management market during the forecast period 2023 - 2030

North America's dominance in the blockchain identity management market is driven by its swift adoption of advanced technologies, particularly the Internet of Things (IOT). Additionally, the region's abundance of major industry players plays a crucial role in propelling market growth and establishing North America as a leader in the adoption and implementation of blockchain-based identity management solutions. 

Asia-Pacific is estimated to be the fastest-growing region in global blockchain identity management market in the forecast period 2023 - 2030

The Asia-Pacific region is projected to experience the highest compound annual growth rate in the blockchain identity management market from 2023 to 2030. This growth is attributed to the region's increasing internet penetration, which opens doors for broader adoption of blockchain identity management systems. The rising demand for secure and efficient identity solutions further propels the market's growth in this dynamic and technologically advancing region.

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