Blockchain Identity Management Market Overview:
the blockchain identity management market size is estimated at US$355.8 million and is anticipated to reach USD 16,771.67 Million and growing at a CAGR of 80% during the forecast period (2017-2023).
Blockchain Identity Management Market is a tool consist of a blockchain-based digital verification and authentication process. This tool stores and encrypts data on the user’s mobile device using cryptography. This blockchain technology is stored and links data blocks using cryptography through virtual networks. Every information block contains an accurate and complete record of every transaction without any change after verification.
Two types of blockchains are available which are public and private. The blockchain allows the participation of other computers that are connected to the same network and computers are connected to the public internet, these are called a public blockchain. Whereas, the private blockchain allows only known devices to join their network. For using a private blockchain, there is a need for participant’s identity to confirm membership and can identify with whom the data is sharing. So, the private blockchain is more secure compared to the public blockchain.
Blockchain Identity Management Market COVID-19 Analysis:
Worldwide the population is disturbed severely due to the prevalence of the COVID-19 pandemic. It has impacted drastically on various sectors due to the lockdowns, supply chain disruptions, transportation bans, shortage of workers, lack of raw materials which leads to production halts and office works lags. To avoid this lagging due to lockdown and disruptions, enterprises are preferring work from home remote working.
Therefore, due to the rise in remote working leads to a significant decline in the use of blockchain identity management technology in various industries like healthcare, banks, retail, and others. Hence the COVID-19 increases the demand for blockchain identity management. Further, various countries are coming up with relaxations on existing regulations and it is expected to the blockchain identity management market to retrieve its significant position soon.
Blockchain identity management technology gives accurate results for the integration and verification of the users. Self-sovereign identification and growing security concerns behind the existing models are the factors that propel market growth. Blockchain technology is used for identity management which can simplify the KYC processes for BFSI organizations and also provides strong protection to the user’s personal information. A rise in the proliferation of E-commerce is expected to accelerate the growth of the market.
Growing demand for privacy & security solutions among enterprises may boost the market growth. The users can take over the control of their data and centralize it using blockchain identity management. These factors may increase the demand over the blockchain identity management market and accelerates the market growth.
The shortage of a common set of regulatory standards and uncertain regulatory landscape and issues regarding the authenticity of the user are the factors restraining the market growth.
In the coming years, with the advanced innovations, the blockchain can compile the data at one location when the data is put online which may be the blockchain identity management market opportunity to increase the market growth. Moreover, the growing government initiatives for blockchain technology development in developed and developing countries are predicted to be the opportunity for the market growth rate. Growing demand for increasing scalability and transaction speed is anticipated to bolster market growth.
Lack of awareness among the enterprises regarding the benefits of blockchain technology is one of the challenging factors to the blockchain identity management market growth.
To provide detailed information about the blockchain identity management market structure along with various forecast segments and subsegments for the next 10 years.
To provide the factors that are affecting the growth of the blockchain identity management market value.
To analyze the blockchain identity management market industry analysis based on porter’s five force analysis, factors-price analysis, supply chain analysis, etc.
To provide history and forecast revenue segments and sub-segments of the blockchain identity management market revenue for the main geographies.
To provide the country-level analysis of the current blockchain identity management market size and future prospective.
To provide country-level analysis of the blockchain identity management market industry growth by region, form, and application.
To provide a strategic profile of the prominent key players in the market, analyze their core competencies, and draw a global blockchain identity management market growth landscape.
To track and analyze new product developments, strategic alliances, and global blockchain identity management market research.
The segmentation of the global blockchain identity management market industry is classified into the provider, organization size, industry verticals, and region.
Based on Provider:
The blockchain identity management market based on the provider is classified into three types as application providers, middleware providers, and infrastructure providers. Among them, the infrastructure provider segment accounts for the largest market share and is expected to remain dominant during the review period for the growing need to scale the organization’s infrastructure securely and sustainably.
Based on Organization Size:
By organization size, the blockchain identity management market is bifurcated into three types as large enterprises, small enterprises, and medium-sized enterprises. Among them, medium-sized enterprises are estimated to grow at the highest CAGR during the review period.
Based on Industry Verticals:
The global blockchain identity management market is divided into various verticals such as BFSI, government, healthcare & life sciences, telecom and IT, retail & e-commerce, transport & logistics, real estate, media & entertainment, travel & hospitality, and others. Among these verticals, the BFSI segment is dominating the largest market share and is expected to reach the highest revenue of $3 billion during the forecast period.
Based on Region:
The blockchain identity management market is classified into four major regions which are North America, Asia-Pacific, Europe, and the rest of the world. North America has dominated the largest blockchain identity management market share for the presence of strong industry key players in this region.
Globally, the blockchain identity management market based on regions is divided into four main geographies like North America, Europe, Asia Pacific, and the rest of the world. Out of these regions, North America holds the largest market share due to the advanced innovations in technology and infrastructure. The presence of strong industry blockchain identity management market key players who offers blockchain identity management solutions is the major driving factor in this region. To recognize the potential of this technology and to develop business applications, the U.S government decided to deliver public services.
In addition to that, The Canada Federal Government also started to explore blockchain technology to propel market growth for their economy. Due to the rise in venture capital funding, several startups, and the rising government’s stringent focus on regulating blockchain technology management, Asia-Pacific is expected to dominate the market during the assessment period.
The prominent key players in the blockchain identity management market trends are the following:
Civic Technologies (U.S.)
KYC-Chain (Hong Kong)
In February 2019, Amazon web services released the report that Clippers Court vision has made its primary machine learning, artificial intelligence, and cloud computing provider. Clippers Court vision is one of the augmented game-watching platforms created by Los Angeles Clippers and second spectrum.
In January 2019, a popular enterprise, Bitfury Group limited informed the release of the latest division, music & entertainment. The bitcoin blockchain secured this open-source music platform which encourages collaboration and innovation programs.
In November 2018, one of the most populous enterprises, Amazon web service released its 13 latest machine learning capabilities and services that include 1/18 scaling autonomous racing car for developers and a custom chip used for machine learning interface.
This global blockchain identity management market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the blockchain identity management market drivers, restraints, challenges, and opportunities. The forecast segments of the blockchain identity management market are industry verticals, organization size, provider, and region.
The segmentations of blockchain identity management market trends are based on provider, organization size, industry verticals, and region.
Application providers, middleware providers, and infrastructure providers.
By Organization Size:
Large enterprises, small enterprises, and medium-sized enterprises.
By Industry Verticals:
Government, media & entertainment, healthcare & life sciences, BFSI, telecom and IT, retail & e-commerce, transport & logistics, real estate, travel & hospitality, and others.
The four main geographies included in this market are Asia-Pacific, Europe, North America, and the rest of the world.
Frequently Asked Questions (FAQ) :
The global blockchain identity management market is poised to record a market value of USD 16771.67 Billion by 2023.
The global blockchain identity management market is maturing at a whopping 85% CAGR over the review period of 2017 to 2023.
A few significant players of the global blockchain identity management market are IBM (U.S.), Civic Technologies (U.S.), AWS (U.S.), KYC-Chain (Hong Kong), Evernym (U.S.), Bitfury (U.S.), and others.
The SMEs segment is expected to drive market growth over the review period.
The BFSI segment is likely to witness the highest demand in the blockchain identity management market.