Blockchain Identity Management Market Share, Size, Trends, Industry Analysis Report, By Offerings (Software, and Services); By Provider Type; By Network; By Application; By End-User; By Region; Segment Forecast, 2024-2032
- Published Date:Jan-2024
- Pages: 119
- Format: PDF
- Report ID: PM3942
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global blockchain identity management market was valued at USD 504.09 million in 2023 and is expected to grow at a CAGR of 79.5% during the forecast period.
Blockchain Identity Management is a decentralized and secure solution that restores control to people through a distributed trust paradigm. Transparency, security, and other qualities provided by blockchain technology assist various industries, adding value to their operations. As a result, it is poised to revolutionize the current workings of identity management in a very secure manner. The current identity management system needs to be more secure and trustworthy. At each step, individuals are requested to identify themselves using a variety of government-issued IDs such as Voter ID, Passport, PAN card, and so on. Sharing numerous IDs raises privacy problems and leads to data leaks. As a result, the blockchain can lead the way to self-sovereign identity via decentralized networks, ensuring privacy and trust.
The Blockchain Identity Management Market report details key market dynamics to help industry players align their business strategies with current and future trends. It examines technological advances and breakthroughs in the industry and their impact on the market presence. Furthermore, a detailed regional analysis of the industry at the local, national, and global levels has been provided.
Blockchain technology renders details about identity confirmable and testable in seconds. With blockchain identity solutions, users might be relaxed about third parties being included in the verification procedures or offering susceptible information to anybody else but the authenticator. This sanctions superior safeguarding from trickery and identity theft, as all user data is cryptographically safeguarded and only reserved by users in their identity wallet apps.
Dissimilar to a consolidated system where only one or a restricted set of people can observe, change, and gain records of information, with blockchain technology, each computer in the network has a duplicate of the ledger. To attach a transaction, each computer is required to examine its rationality. The blockchain identity management market demand is on the rise, as when a bulk contemplates the transaction is rational, it is appended to a ledger, which generates additional lucidity and renders the record-maintaining system fraud-free.
To Understand More About this Research: Request a Free Sample Report
The increasing concentration on greater security and data management for clients with secure identities is driving market expansion. The improved security characteristics of blockchain-based identity management solutions have raised demand. Traditional systems for identity management have been vulnerable to data leaks and cyber-attacks, compromising private and sensitive information.
Furthermore, governments and regulatory agencies are realizing the value of secure identity management systems in protecting citizens' data and privacy. They are investigating blockchain-based solutions to increase the security and privacy of identity management infrastructure, which will drive demand for these solutions even higher.
The COVID-19 pandemic has posed a challenge to businesses worldwide by exposing and amplifying existing threats. The consequences for the entire third-party ecosystem, including vendors, suppliers, and business partners, have highlighted the need for organizations to be more resilient and proactive, especially when it comes to data risk. Therefore, to be safer from the various risks, the business verticals are adopting blockchain identity management technology so the data can be safe on websites or applications, and individuals can access it by just logging into it.
Industry Dynamics
Growth Drivers
- Rising government initiatives for the adoption of blockchain technology
Governments across the world are focusing on the adoption of blockchain technology across the verticals, which is driving the blockchain identity management market growth over the forecast period. In recent years, governments and other industries have shown a strong interest in blockchain technology. Below are the following points in which governments stated their initiatives for the development and adoption of blockchain identity management solutions.
Telangana government would encourage the utilization of shared infrastructure, both IT and physical, to boost blockchain research, developing prototypes, and development in the state. Telangana State will seek to develop shared infrastructure facilities that can be used at low or no cost by entrepreneurs, industry groups, and academics.
The European Commission's plan is meant to achieve these objectives. It aims to promote a 'gold standard' for blockchain technology in Europe by incorporating European principles and standards into its legal and regulatory structure. This gold standard for blockchain technology covers environmental sustainability, security of data, digital identity, computer security, and accessibility.
British Columbia was the first to adopt the "Self-Sovereign Blockchain Identity" technologies to streamline government procedures. Government officials of British Columbia, & Canada founded the Verifiable Organisations Network (VON). It includes digital IDs for 529,000 enterprises & 1.4 Mn passwords.
Report Segmentation
The market is primarily segmented based on offerings, provider type, network, application, end-user, and region.
|
By Offerings |
By Provider Type |
By Network |
By End-User |
By Application |
By Region |
|
|
|
|
|
|
To Understand the Scope of this Report: Speak to Analyst
By Network Analysis
- Permissionless segment is expected to witness highest growth during the forecast period
The permissionless segment is expected to grow at the highest CAGR during the forecast period because of its decentralized, trustless nature, which grants individuals autonomy and control over their identities. Data breach risks are reduced with increased privacy and security. Its open access and inclusivity attract a worldwide user base, and interoperability encourages a unified identity ecosystem. Furthermore, resistance to censorship and scalability make permissionless blockchains particularly appealing for identity management across verticals including healthcare and finance, supporting its rapid expansion.
The permissioned segment led the industry market with a substantial revenue share in 2022, largely driven by the rising adoption of this in electronic health records. Blockchain has emerged as a decentralized technology capable of ensuring the integrity of medical data. The benefit of blockchain technology is that it allows for the decentralized storage of medical data. Permissioned blockchain incorporates the blockchain with a collection of known, particular participants and offers a means to enable interaction between a collection of entities with shared objectives but not complete trust in each other.
By End-User Analysis
- BFSI segment accounted for the largest market share in 2022
The banking, financial, services, and insurance (BFSI) segment accounted for the largest market share. The use of this technology would make it possible for the secure and reliable movement of currencies in the financial industry. It additionally assists in strengthening security and lowering the danger of fraud, while making financial transactions easier and more effective. The demand for blockchain identity management in the BFSI sector is rising owing to the various advantages such as it assists in improving efficiency, cost-effectiveness, reducing risk, and improving customer engagement for various financial institutions.
The telecom and IT segment are expected to grow at the fastest growth rate over the next coming years owing to its offerings such as it can be utilized to offer a secure, decentralized, and tamper-proof framework for maintaining user identities and access security. The benefits that blockchain identity technology offers for telecom encompass improved security, data durability, transparency, and management across the whole ecosystem and at each transaction point. Blockchain technology can be used to allow self-sovereign identity, which implies people can control their individuality and personal data without relying on a centralized authority. This is especially helpful when consumers are getting services from various suppliers.
By Provider type Analysis
- Middleware provider type sector held a significant revenue share in 2022
The middleware provider type segment holds the largest share in 2022 owing to various factors. Middleware suppliers provide critical infrastructure and services enabling parties to communicate safe identification information. Identity registration, verification, storage, and management in a secure manner are among the services provided. They provide authentication and authorization while also ensuring interoperability among different blockchain computer systems and networks.
Region Insights
- North America region dominated the global market in 2022
The North American region dominated the global market with the largest market share. This technology adoption is rapidly expanding, owing to the increasing acceptance of digital identity solutions. As more firms and individuals conduct business online, safe and decentralized identity management becomes critical.
With the increased demand for privacy and security, blockchain-based solutions provide improved protection against fraud and information breaches. The availability of such solutions from well-known technology firms has aided in their widespread acceptance. Furthermore, North America's favorable regulatory framework has created a favorable atmosphere for the growth of the market, confirming the region's position as the market leader.
Asia Pacific will grow at rapid pace due to the region's expansion of internet penetration. This aspect is expected to drive the technology demand in Asia-Pacific shortly. Furthermore, the widespread implementation of blockchain identity management solutions will drive market expansion in this area. China has been researching the use of blockchain technology for a variety of purposes, including identity management. As the government and commercial sector recognize the benefits of employing blockchain technology for identity verification and authentication, blockchain identity management is gaining steam in China.
Key Market Players & Competitive Insights
In the blockchain identity management market, fierce competition is driven by both established tech giants who are investing in interoperable and user-friendly identity solutions to maintain their market presence and disruptive startups offering innovative self-sovereign identity platforms that challenge the status quo. Notably, the market is experiencing a shift towards hybrid solutions, which combine blockchain technology with traditional identity management, aiming to address scalability and regulatory compliance challenges while responding to the growing demand for secure and user-centric digital identities.
Some of the major players operating in the global market include:
- Amazon Web Services Inc.
- Bitfury Group Limited
- Blockchains Inc.
- Civic Technologies Inc.
- Cognizant Corporation
- Evernym Inc.
- Infosys Limited
- International Business Machines Corporation
- Microsoft Corporation, Oracle Corporation
- Tata Consultancy Services Limited
Recent Developments
- In March 2023, AllianceBlock, which is establishing decentralized and trustless intermediaries between traditional finance (TradFi) and decentralized finance (DeFi), recently unveiled a collaboration with ABO Digital, to offer tokenized structured products to financial institutions as well as crypto projects and organizations seeking alternative funding.
- In January 2023, Amazon Web Services (AWS) announced an exclusive partnership with Ava Labs, the startup developing layer-1 blockchain Avalanche, to assist in growing blockchain usage across corporations, organizations, and governments.
Blockchain Identity Management Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2024 |
USD 903.88 million |
|
Revenue Forecast in 2032 |
USD 97,371.87 million |
|
CAGR |
79.5% from 2024-2032 |
|
Base year |
2023 |
|
Historical data |
2019-2022 |
|
Forecast period |
2024-2032 |
|
Quantitative units |
Revenue in USD million and CAGR from 2024-2032 |
|
Segments Covered |
By Provider Type, By End-User, By Offerings, By Network, By Application, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Customization |
Report customization as per your requirements with respect to countries, regions, and segmentation. |
We provide our clients the option to personalize the Blockchain Identity Management Market report to suit their needs. By customizing the report, you can get data as per your format and definition. Also, the customization option allows you to gain a deeper dive into a specific segment, region, customer, or market competitor.
Browse Our Top Selling Reports
Network Point-Of-Care Glucose Testing Market Size, Share 2024 Research Report
Ophthalmic Packaging Market Size, Share 2024 Research Report
Personal Health Record Software Market Size, Share 2024 Research Report
Endometrial Ablation Market Size, Share 2024 Research Report
Artificial Intelligence (AI) in Diagnostics Market Size, Share 2024 Research Report
© 2024 Polaris Market Research and Consulting. All rights reserved
