PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1331458
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1331458
The global blockchain identity management market size is projected to grow from USD 1.3 billion in 2023 to USD 35.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 92.7% during the forecast period. The blockchain identity management market is expected to experience significant growth due to rising concerns over security in centralized identity systems. As hackers increasingly target traditional identity management systems for valuable data, industries are turning to blockchain identity management solutions to enhance security, driving the expansion of the market.
Furthermore, verticals, such as Real Estate and Construction, healthcare, BFSI, and retail and eCommerce, are driving demand for blockchain-based identity solutions, benefiting from enhanced efficiency and data integrity provided by decentralized and immutable systems. These factors indicate promising substantial growth in the demand for blockchain identity management solutions in the foreseeable future.
"By vertical, the BFSI segment accounts for a larger market share."
The BFSI holds the largest market share in the blockchain identity management market for various reasons. It relies on blockchain for secure and compliant identity management by ensuring tamper-proof storage and management of identity data. Additionally, the sector benefits from blockchain automation, which enhances efficiency and cost-effectiveness in identity management. Moreover, blockchain improves the customer experience by enabling a secure single identity across multiple financial institutions. The BFSI's proactive investment in blockchain innovation further cements its dominant market share and promising growth prospects.
"By network, the permission segment accounts for a larger market share."
"By region, Asia Pacific is to grow at the highest CAGR during the forecast period"
The Asia Pacific region's fast-growing population and focus on digital transformation have led to a high demand for secure identity verification solutions. Governments in the region are actively exploring blockchain technology, supported by favorable regulations and increasing internet access. It has driven adoption across finance, trade, and government services. Moreover, the rising awareness of cybersecurity risks and the importance of data privacy have further accelerated the adoption of blockchain-based identity management solutions in the region, making it the fastest-growing market for such technologies.
Breakdown of primaries
Major vendors in the global blockchain identity management market include AWS (US), IBM (US), Oracle (US), Microsoft (US), Bitfury (US), NEC (Japan), Dock (Switzerland), and Hu-manity.co (US), Metadium (Cayman Islands), Serto (US), Coinfirm (UK), Accumulate (US), Neuroware (Malaysia), Tradle (US), Peer Ledger (Canada), Procivis (Switzerland), SpringRole (US), Blockchains (US), Oaro (Canada), Fractal (Germany), NuID (US), Validated ID (Spain), KYC-Chain (Hong Kong), TRM Labs (US) and Factom (US).
The study includes an in-depth competitive analysis of the key players in the blockchain identity management market, their company profiles, recent developments, and key market strategies.
Research Coverage
The report segments the blockchain identity management market and forecasts its size by offering (Software and Services), Provider Type (Application provider, Middleware Provider, and Infrastructure Provider), Organization Size (SMEs and Large Enterprises), Network (Permissioned and Permissionless), Vertical (BFSI, IT and ITeS, Telecom, Government, Real Estate and Construction, Healthcare, Retail and eCommerce, Media and Entertainment, Travel and Hospitality, and other Verticals), and Region (North America, Europe, Asia Pacific, Middle East and Africa, and Latin America).
The study also includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall blockchain identity management market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.