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. The blockchain identity management market is expected to grow in the coming years due to the growing demand for security and privacy across various organizations. Authentication and verification are done on a digital platform, which helps ensure better security for the organizations.
Browse the full “Global Blockchain Identity Management Market Size, Trends and Insights By Component (Software, Solution), By Provider (Application, Middleware, Infrastructure), By Organization (Large enterprises, Small and medium enterprises), By End User (BFSI, Telecom and I.T., Government), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at ReportURL
Market Dynamics
Drivers
The use of this technology provides accuracy in the verification and integration of its users. This will play an instrumental role in the market’s growth in the coming years. Identifying individuals and security concerns will also play an instrumental role in the market’s growth.
The use of blockchain technology has increased in various industries. The banking and finance industries have adopted blockchain identity management technology to a great extent. For better protection of crucial information about the banking and financial sector users, the demand for this technology is expected to grow in the coming years period the use of this technology has also increased in the telecommunications and I.T. sectors. With the help of blockchain identity management techniques, the information is stored at a central hub. It helps in enhancing the security and privacy of the Organization.
Restraints
As the regulatory standards for this technology are absent, it shall hamper the market’s growth in the coming years. Certain policies about this technology will hinder the market’s growth in the coming years. Various users have issues with the technology’s authenticity, which will restrain the market’s growth during the forecast period. Some of the solutions provided in the market require a large amount of energy. And they shall hinder the market’s growth in the coming years.
Opportunities
The government or various regions took many initiatives to develop blockchain identity management technology. The government of various regions of developing and developed nations will help the market’s growth in the coming years. As there shall be an increased need for scalability and an increased demand for good transaction speed, the demand for blockchain identity management will have better opportunities for growth in the coming years. Compiling all the data at a particular location is one of the advanced features provided, which shall provide better opportunities for growth in the coming years.
Challenges
The understanding of this technology is not that a good many businesses do not have an awareness regarding the benefits offered by the adaptation of this technology. As this product is expensive and the software integration is difficult, these two factors will prove to be the major challenges in the growth of the blocks and identity management market during the forecast period.
Heavy expenses are incurred for licensing. The expenses are high even for any advancements or developments in the solutions. The software solutions used in enterprises are also expensive. The functionality of any software is used in determining the cost, and all of these factors will prove to be the major challenges in the market’s growth in the coming years.
Report Highlights
Based on the Provider, the infrastructure segment is expected to grow with the highest compound annual growth rate in the coming years. As the services provided are improvised by this technology, and the performance is enhanced, the market is expected to grow during the forecast period.
The infrastructure provider plays an extremely important role in enhancing the level of security provided to any business, and it also helps in reducing the expenses made on capital, all of these factors will help in the growth of the blockchain identity management market in the coming years. A good infrastructure plays an instrumental role in enhancing the flexibility as well as the scalability of a business. The support provided by the infrastructure helps to maintain continuity in the business, and it also helps in disaster recovery.
Based on the end user, the banking and financial sector is expected to have the maximum demand for this technology in the coming years. Various processes in the banking and financial sector are transformed to a great extent due to the adoption of blockchain technology.
This technology has greatly benefited the market’s growth in recent years. Some benefits associated with adopting blockchain identity management technology are continuity in the business, safer and secure storage, agility, billing based on usage, and cost savings.
Regional Snapshots
The North American region has dominated the market in the past period. The demand for blockchain identity management technology has increased due to its adoption in many large-scale and small-scale enterprises in the North American region. The president of various market players in this region is also expected to play an instrumental role in the market’s growth. As the cases of cyber attacks have increased in recent years, the demand for this technology has also increased.
Many market players in the North American region are constantly engaged in developing technological advancements to provide better capabilities in the future. The demand for this technology has also increased in the European region as the number of medium and small-scale businesses has increased. The Asia Pacific region is also expected to grow with a significant compound annual growth rate during the forecast period.
The demand for blockchain identity management technology has grown for various businesses in the Asia Pacific region to prevent security breaches. The presence of a large number of small and medium enterprises in the Asia Pacific region will play an instrumental role in the growth of the market in the coming years period
Report Scope
| 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 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| 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. |
Key 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.)
- DuPont (U.S.)
- Originally (Brazil)
- Neuroware (Malaysia)
- Trade (U.S.)
- The existence (Australia)
- Confirm (Poland)
- BTL Group (Canada)
- Bitnation (Switzerland)
- Nodalblock (Spain)
- EdgeSecure (Airbitz, US)
- Blockverify (U.K.)
- Peer Ledger (Canada)
- Cambridge Blockchain (U.S.)
Recent Developments
- Workday acquired Trusted Key to provide blockchain identity management technology to the Organization for a secure and seamless user experience.
Segments covered in the report
By Component
- Software
- Solution
By Provider
- Application
- Middleware
- Infrastructure
By Organization
- Large enterprises
- Small and medium enterprises
By End User
- BFSI
- Telecom and I.T.
- Government
By Region
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America