Strong presence of industry giants offering blockchain identity management and the increasing threat for identity theft with the conventional model is increasing the growth of the market.
According to the current analysis of Introspective Market Research, the global Blockchain Identity Management market was valued at USD 75.38 Million in 2019 and is expected to reach USD 3843.50 Million by the year 2026, at a CAGR of 76.11%.
Among the majority key players for the market, IBM is the prominent player for the blockchain identity management. The organization is affiliated with many other digital identity giants to design and implement authentic standards to provide a secured, on point exchange of information about people, organizations and other things that are associated with the blockchain. Civic Technologies has enabled itself as one of the strongest market players by establishing its visionary blockchain identity verification technology that allows the users to enable their identity in real-time.
According to the analyst, the United States, Canada, India and Hongkong are the largest emerging countries for the Blockchain Identity Management market. Also, the major factor that is driving the market in the United States is the US government that has initiated delivering public services to develop business applications and the strong presence of the industry players in the region.
Blockchain technology in identity management offers to integrate and verify the users more precisely. Self-identification and rising security concerns associated with traditional models are the major factors driving the blockchain identity management market. Initiatives for blockchain technology identity management makes the KYC processes for BFSI organizations easy as well as secures user's personal information. Using blockchain identity management solution helps the users to take over the control of their data and centralize it.
The Blockchain Identity Management market is by Networks Type (Permissioned and Permission less), by Provider Type (Application Provider, Middleware Providers, Infrastructure Providers), by Organization Size Type (Small & Medium Sized Enterprises and Large Enterprises), by Industry Verticals (BFSI, IT & Telecom, Government & Public Sector, Real Estate, Retail and E-Commerce, Transport and Logistics, Media & Entertainment, Healthcare & Life Sciences, and Others). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings From The Report Suggest:
- Lack of technical awareness and requires skillsets among the organizations regarding the implementation of the blockchain identity management is expected to prove a restrain in the growth of the market.
- The increased usage of this market in the industries like cyber security, banking sector, and IoT is expected to boost the market share in the forecast period.
- ·North-America held the largest market share of 32.36% with the estimated market size of USD 1238.98 million in the year 2026.
- From the industry verticals, the BFSI, healthcare and retail & E-commerce segments are the fastest growing segment in the market with the highest CAGR expected in the forecast period.
Key Participants include IBM, Microsoft, Amazon Web Services, Civic Technologies, KYC-Chain, Bitfury, Evernym, Factom, Netki, ShoCard, UniquID, Microsoft, Oracle, Bitnation, Nodalblock, Edge Secure, Blockverify, Peer Ledger, Cambridge Blockjain, uPort.
For this report, Introspective Market Research have segmented the Blockchain Identity Management markets market on the basis of Region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2019-2025)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM