About Blockchain Identity Management
The global Blockchain Identity Management market is expected to boost in the forecasted period due to rising security concerns with existing models across the globe. Blockchain identity management provides the freedom to create encrypted digital identities which control replace username and passwords while offering security features. Since blockchain enables decentralization, it eliminates the aforementioned intermediaries between any interaction and communication. Blockchain technology helps to improve the existing identity management by resolving the issues of identity theft, KYC onboarding, and lack of control over personal data. Blockchain technology restructures transaction management by replacing intermediaries with encrypted digital records. In addition, instead of being managed by the central mediator, blockchain orchestrates all transactions and data over the blockchain network, which comprises connected systems or groups of people. Moreover, without actually storing any personal data on the blockchain, it creates trust between the parties further assuring the authenticity of the data and attestations for the digital identity blockchain management system.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 5.7% |
The global Blockchain Identity Management market is dominated by major market players. the key players are focusing on on-going developments in blockchain technology. the rapid innovation in technology will help to boost the global market. for instance, Bitfury Group Limited announced the release of a new division, music, and entertainment. This division will be created to provide an open-source music platform, secured by the bitcoin blockchain. This new open-source platform will encourage collaboration and innovation promotion. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Blockchain Identity Management market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM (United States), AWS (United States), Civic Technologies (United States), KYC-Chain (Hong Kong), Bitfury (United States), Evernym (United States), Factom (United States), Netki (United States), UniquID (United States), Microsoft (United States) and Oracle (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are ShoCard (United States), Blockverify (United Kingdom), Peer Ledger (Canada), Cambridge Blockchain (United States), uPort (United States), Bitnation (Switzerland), Nodalblock (Spain), EdgeSecure (United States), Existenceid (Australia), Coinfirm (Poland), BTL Group (Canada), Originalmy (Brazil), Neuroware (Malaysia) and Tradle (United States).
Segmentation Overview
AMA Research has segmented the market of Global Blockchain Identity Management market by and Region.
On the basis of geography, the market of Blockchain Identity Management has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Service Providers, the sub-segment i.e. Application Providers will boost the Blockchain Identity Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. BFSI will boost the Blockchain Identity Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Size , the sub-segment i.e. Large Enterprises will boost the Blockchain Identity Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Basis Of Networks, the sub-segment i.e. Permissioned will boost the Blockchain Identity Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The Growing Demand of Blockchain Identity Solutions in End-User Industries and The Increasing Requirement of Established Trust and Transparency
Market Growth Drivers:
Upsurging Demand for Self-Sovereign Identification and High Demand for Self-Sovereign Identification
Challenges:
Lack of Awareness about Blockchain Identity Management and The Dearth of the Skilled Workforce
Restraints:
The Growing Concerns Related to the Authenticity of Users and Uncertain Regulatory Status and Lack of A Common Set of Standards
Opportunities:
Extensive Applications of Blockchain Identity Solutions in Banking, Cybersecurity, and IoT and The Rise in Data Privacy Concerns in Various Industries of Developing Countries
Market Leaders and their expansionary development strategies
On 28th February 2019, IBM unveiled its latest product portfolio for the Internet of things (IoT) solutions which involve advanced analytics and artificial intelligence for assisting intensive organizations such as Metropolitan Atlanta Rapid Transit Authority.
On 15th February 2019, Amazon Web Services announced that Clippers CourtVision has made its primary machine learning, artificial intelligence, and cloud computing provider. Clippers CourtVision is an augmented game-watching platform that is created by Los Angeles Clippers and Second Spectrum.
Key Target Audience
Blockchain Technology Solution Vendors, Independent Software Vendors, Government Regulatory Bodies, Government Research Organizations, Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.