According to Custom Market Insights (CMI), The Global Blockchain Identity Management Market Size was valued at USD 355.8 million in 2021 and is estimated to reach USD 21.8 billion by the end of 2030 at a CAGR of approximately 80% during the forecast period 2022-2030.
By authorizing, identifying, and authenticating, a specific user is given access to the systems and the services; this is known as identity management. In the past, the traditional system for identity management was paper-based. There was an introduction of digital systems for identity management, but even these systems had loopholes, and the systems could be tampered with, due to which there was a growing need for a better option for identity management. Hackers can very easily target centralized servers, the storage space of digital identities. Most organizations worldwide are constantly engaged in finding better solutions for identity management.
This authentication and verification tool stores the encrypted data on mobile devices with the help of cryptography. With the help of virtual networks, the stored technology of blockchain is linked to data blocks with the help of cryptography. Every data block has an entire record, which is extremely accurate for every transaction.
Blockchains are provided in two types, namely private and public. In the public blockchain, many computers are connected to one network, and the Internet, Which they are connected to, is public. And when it comes to private blockchains, only those devices are joined on a known network. The use of private blockchains is expected to be more as it provides a more secure option than the public. Blockchain identity management is a platform that provides a solution that is decentralized as well as secure.
It is built on the technology of cryptography. This technology is in great demand in various end-user industries like retail, banking, finance, healthcare, etc. The lack of standardization for adopting this technology will hamper the growth of the markets in the coming year. Apart from the lack of standardization, the lack of trained professionals or skilled technicians will also hamper the market’s growth in the coming years.
After the outbreak of the COVID-19 pandemic, they were drastic changes in the supply chains. Disrupted supply chains and logistics affected the market. The lockdowns imposed across the world also affected the market to a great extent. A ban on transportation services had led to a shortage of workforce. The production activities in various industries stopped as the supply of raw materials was stopped.
The demand for work from home-increased during the pandemic. Remote working was the reason that reduced the usage of blockchain identity management technology. It was not used in all the industries where this technology was adopted.
Many factors are helping in the growth of the market. The growing demand for security solutions and privacy are the two main reasons why the market is expected to grow in the coming years period there’s a growing demand for transparency in all the transactions that are made between the parties, and hence the trust factor due to which the market is expected to grow well in the coming years.
The governments of various nations are taking initiatives to introduce this system across various organizations, which has applications in many end-user industries. Government participation has supported the market’s growth and will provide better opportunities for growth in the coming years. In developing nations, the demand for digitalization has increased to a great extent.
These nations are adopting blockchain technology for medium- and small-scale enterprises. Internet availability is one reason why the market is expected to grow well in the coming year. This technology gives access to real-time data or information about an entity or individual. In small-scale and medium-scale businesses, the demand for self-sovereign identification has grown to a great extent.
The growing demand for smartphones and the availability of Internet rather fast speed Internet or other reasons will help in the market’s growth in the coming years. KYC assistance can be simplified with the use of blockchain identity management technology. When it comes to the banking and financial sector, the KYC process is simplified for this sector. Increased use of eCommerce platforms will also help grow the market in the coming years.
Compilation of data at a particular location would be possible with the introduction of innovations in this technology, and they shall provide better market growth opportunities in the coming years. Initiatives taken by the government of various nations for developing this technology and adopting it on a large scale for all their businesses in a particular region will also help provide major opportunities for market growth.
Based on components of the blockchain identity management market segment, the software segment is expected to have the largest market share in the coming years. The software segment is expected to grow with the highest compound annual growth rate during the forecast period. This segment has dominated the market in the past add expected to grow well in the coming years. The growing demand for security in various organizations will play an important role in the growth of the software segment in the forecast period.
- Blockchain identity management market segment based on Provider
Based on the Provider, the infrastructure provider segment is expected to have the largest market share in the coming years period the infrastructure provider segment has dominated the market of blockchain identity management in the past and is expected to dominate the market in the coming years. The infrastructure provider segment had the largest market share in revenue in recent years. The demand for sustainable and secure infrastructure has grown in recent years for various organizations worldwide.
- Blocks and identity management market segments based on the size of the Organization
Based on the size of the Organization, the adoption of the blockchain identity management technology or solution is expected to be more for medium-sized enterprises. Medium-sized enterprises are expected to drive market growth in the coming years. This technology will be adopted on a large scale by medium-sized enterprises to ensure better security and safety.
- Blockchain identity management market segment based on the End User
Based on the end user, the banking and financial sector segment is expected to have the largest market share in the coming years. The segment will dominate the market as the demand for this technology increases. The growing concerns for safety and security are the two main reasons driving the market growth of technology in this sector.
As the banking and the financial sector deal with crucial information and the cases of cyber-attacks will have an extremely negative impact on the banking and the financial sector, the demand for security has grown to a great extent, and it will continue to grow in the coming years period the introduction of blockchain technology for identity management has played an extremely important role for such industries. The adoption of this technology for banking and the financial sector is expected to be more in the coming years.
Advancements in technology will also play an instrumental role in creating more demand for technology. The banking and financial sector is expected to generate a revenue of about 3 billion U.S. dollars in the coming years, which is expected to be the highest revenue from any industry.
|Feature of the Report||Details|
|Market Size in 2021||USD 355.8 Million|
|Projected Market Size in 2030||USD 21.8 Billion|
|CAGR Growth Rate||80% CAGR|
|Prominent Players||IBM (U.S.), AWS (U.S.), Civic Technologies (U.S.), KYC-Chain (Hong Kong), Bitfury (U.S.), Evernym (U.S.), Factom (U.S.), Netki (U.S.), ShoCard (U.S.), UniquID (U.S.), Microsoft (U.S.), Oracle (U.S.), uPort (U.S.), Originally (Brazil), Neuroware (Malaysia), Trade (U.S.), Existence (Australia), Coinfirm (Poland), BTL Group (Canada), Bitnation (Switzerland), Nodalblock (Spain), EdgeSecure (Airbitz, US), Blockverify (U.K.), Peer Ledger (Canada), Cambridge Blockchain (U.S.), and Others|
|Key Segment||By Component, Provider, Organization, End User, and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends|
|Regional Scope||North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America|
|Buying Options||Request tailored purchasing options to fulfill your requirements for research.|
The North American region is expected to dominate the market in the coming years. The segment has dominated the market in the past with the maximum share in terms of revenue, and it is expected to grow with the highest compound annual growth rate in the coming years period as many key market players present in the North American region there have been major developments in this technology. It is adopted on a large scale in this region.
The growing concerns about data security are one of the main reasons expected to drive the market for blockchain identity management in the North American region. The presence of various companies like IBM, Amazon Web Services, Microsoft, and Oracle in the North American region is expected to play an instrumental role in the growth of the technology in the coming year. There shall be increased adoption of this technology in various industries of the North American region.
Due to the growing concerns for regulation and security, the demand for identity management technology or blockchain identity management technology is expected to grow further European region. In the countries like Spain, Italy, and Germany, the demand for this technology is expected to increase in the coming years. As medium and small-sized businesses are growing in the European region, the increasing need for compliance with European rules and regulations will drive market growth in the coming years.
The Asia Pacific region is also expected to have a good amount of market demand in the coming years. This region is expected to grow well due to the adoption of blockchain identity management technology in medium-scale and small-scale enterprises across most nations in the Asia Pacific region. As many small and medium-scale businesses are present in the Asia Pacific region, the demand for this technology is expected to grow in the coming years.
- IBM (US)
- AWS (US)
- Civic Technologies (US)
- KYC-Chain (Hong Kong)
- Bitfury (US)
- Evernym (US)
- Factom (US)
- Netki (US)
- ShoCard (US)
- UniquID (US)
- Microsoft (US)
- Oracle (US)
- uPort (US)
- Originalmy (Brazil)
- Neuroware (Malaysia)
- Tradle (US)
- Existenceid (Australia)
- Coinfirm (Poland)
- BTL Group (Canada)
- Bitnation (Switzerland)
- Nodalblock (Spain)
- EdgeSecure (Airbitz, US)
- Blockverify (UK)
- Peer Ledger (Canada)
- Cambridge Blockchain (US)
- Clipper’s court vision announced that it shows Amazon Web Services Toby its provider for cloud computing and machine learning this announcement was made in the year 2019.
Segments covered in the report
- Large enterprises
- Small and medium enterprises
By End User
- Telecom and IT
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Rest of Latin America