Blockchain Identity Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Blockchain Identity Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global blockchain identity management market size reached US$ 797.7 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 36,591.4 Million by 2028, exhibiting a growth rate (CAGR) of 84% during 2023-2028.

Blockchain identity management is a process of providing a decentralized and secure solution that offers real-time information about a person or an entity via a distributed trust paradigm. It enables decentralized public key infrastructure (DPKI), which creates a tamper-proof and trusted medium to distribute the asymmetric verification and encryption keys of the identity holders. It simplifies processes for users by reducing the time and manual efforts required for issuing identities. Apart from this, it ensures the security, reliability, and authenticity of the data of users with its cryptographic security. As a result, it finds extensive applications in the banking, financial services, and insurance (BFSI), government, healthcare, automotive, transportation, retail, information and technology (IT), and telecom sectors.

Blockchain Identity Management Market Trends:

At present, there is a surge in cyber-attacks and data breaches to steal confidential data of private companies and government organizations across the globe. This, along with the growing demand for effective identity management models in various organizations to help in regulatory compliance and keep track of employee activities, represents one of the key factors driving the market. Moreover, the escalating demand for self-sovereign identification technology in various industries to store minimum personal data of users while also increasing the efficiency of the identification process is propelling the market growth. In addition, the rising utilization of blockchain identity management for building trust and transaction transparency between two or more businesses to ensure the authenticity of the data is positively influencing the market. Additionally, governments of several countries are taking initiatives to promote the employment of blockchain identity management for enhanced scalability and transaction speed. Other growth-inducing factors are the growing sales of smartphones, especially in developing economies, and the increasing proliferation of the internet worldwide.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global blockchain identity management market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, provider, organization size and industry vertical.

Breakup by Component:

Platform
Services

Breakup by Provider:

Application Providers
Middleware Providers
Infrastructure Providers

Breakup by Organization Size:

Large Enterprises
Small and Medium-sized Enterprises (SMEs)

Breakup by Industry Vertical:

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

Breakup by Region:

North America

United States
Canada

Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others

Latin America

Brazil
Mexico
Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Amazon Web Services Inc. (Amazon.com Inc.), Bitfury Group Limited, Blockchains Inc., Civic Technologies Inc., Cognizant, Evernym Inc. (Avast Software s.r.o.), Infosys Limited, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation and Tata Consultancy Services Limited (Tata Group).

Key Questions Answered in This Report:

How has the global blockchain identity management market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global blockchain identity management market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the provider?
What is the breakup of the market based on the organization size?
What is the breakup of the market based on the industry vertical?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global blockchain identity management market and who are the key players?
What is the degree of competition in the industry?