[196+ Pages Report] We at Facts & Factors have recently published a report titled “Global Blockchain Identity Management Market” that encompasses the spectacle of the market in an analytical and comprehensive manner. We at Facts & Factors estimate that the global blockchain identity management market will be valued at USD 1,865.3 Million by 2026 from an initial value of USD 59.3 Million in the year 2020 growing at a CAGR value of 83.7% during the forecast period of 2021-2026.
Global Blockchain Identity Management Market: Overview
Blockchain technology is the penultimate process of managing a completely decentralized form of currency and regulating financial transactions under the guise of a digital ledger. Blockchain technology provides a clear pathway for securely sharing information through a secured network of decentralized means while delivering a wide range of extensive security measures that further help its users and organization save money and time.
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Global Blockchain Identity Management Market: Growth Factors
The global blockchain identity management market is expected to be occupied by contributing factors such as the rising amount of security concerns regarding the current generation of models coupled with rising demand for identity blockchain management solutions in terms of self-sovereign identification to name a few. Additionally, carefully implemented blockchain identity management measures lead to rapid business transactions while offering attainable immutability which is expected to increase the footprint of the global blockchain identity management market during the advent of the forecast. Moreover, remote working conditions due to the ongoing pandemic coupled with rising demand for integration and verification of users for financial transactions are expected to fuel the growth of the global blockchain identity management market during the advent of the forecast period.
The global blockchain identity management market is expected to be driven by the integration of advanced technologies such as AI, ML, and neural networks coupled with rising demand for privacy and security concerns among enterprises to name a few. Factors pertaining to the rising awareness among consumers about increased controls coupled with rising government support for widespread integration will further boost the growth of the global blockchain identity management market for a larger consumer base. However, a shortage of global regulatory standards and a lack of skilled workforce are expected to hamper the growth of the global blockchain identity management market during the advent of the forecast period to some extent.
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Global Blockchain Identity Management Market: Segmentation
The global blockchain identity management market is segmented into provider, industry vertical, and region.
On the basis of provider, the global blockchain identity management market is classified into application provider, middleware provider, and infrastructure provider. The segment pertaining to infrastructure providers is expected to witness the largest market share during the advent of the forecast owing to rising demand for the technology from a wider spread of end-use coupled with rising scalability for a longer period of time to name a few. Based on industry vertical, the global blockchain identity management market is divided intoBSFI, government, healthcare & life sciences, retail and e-commerce, transport & logistics, real estate, media & entertainment, travel & hospitality, and others. The BSFI category is expected to witness the largest market share during the advent of the forecast owing to increasing security and privacy concerns in the banking sectors for their users coupled with increasing cases of phishing scams to name a few.
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Global Blockchain Identity Management Market: Regional Analysis
North America is expected to witness the largest market share during the advent of the forecast owing to the region is the most advanced in terms of technological prowess coupled with an increasing presence of key market participants to name a few. Additionally, favorable government support for blockchain identity management coupled with the integration of the latter by SMEs is expected to increase the footprint of the blockchain identity management market during the advent of the forecast period. Rising encryption needs and increasing consumer awareness regarding data privacy and security are expected to fuel the growth of the blockchain identity management market during the advent of the forecast period.
Global Blockchain Identity Management Market: Competitive Players
The key market participants for the global blockchain identity management market are IBM, AWS, Civic Technologies, KYC-Chain, Bitfury, Evernym, Factom, Netki, ShoCard, UniquID, Microsoft Corporation, Oracle Corporation, EdgeSecure, Blockverify, Peer Ledger, Cambridge Blockchain, uPort, Originalmy, Neuroware, Tradle, and Coinfirm, among others.
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Global Blockchain Identity Management Market: By Provider Segment Analysis
- Application Provider
- Middleware Provider
- Infrastructure Provider
Global Blockchain Identity Management Market: By Industry Vertical Segment Analysis
- BSFI
- Government
- Healthcare & Life Sciences
- Retail And E-Commerce
- Transport & Logistics
- Real Estate
- Media & Entertainment
- Travel & Hospitality
- Others
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