Blockchain Identity Management Market surpassing a valuation of US$ 2733.60 million in 2027

United States, New York, 2023-Feb-16 — /EPR Network/ —The global blockchain identity management market is estimated to be USD 77.23 million in 2021 and reach USD 2733.60 million in 2027, registering a CAGR of 81.20% during the forecast period, 2021-2027. With the critically growing importance of identity verification during any authentication process, the blockchain identity management market is anticipated to witness robust growth over the forecast period. The rising need for critical real-time information of organizations, employees, and customers is primarily driving demand for blockchain identity management across sectors like banking, retail, education, and retail. The main challenges associated with blockchain identity include risks of identity theft, username and password combinations, know your customer (KYC) onboarding, and lack of control. Here is when the blockchain identity management offers a potential solution to overcome these challenges by allowing users a sense of security that no third party can share their personal identity information (PII) without their consent.

Top Factors to be Influencing Blockchain Identity Management Industry over Forecast Period

There has been an increasingly growing need to establish trust in transactions between the concerned parties over the recent past. Moreover, the advent of technology brings an equally advanced threat to cybersecurity, which demands effective, reliable assistance like blockchain identity management. The rise in demand for privacy and security solutions among enterprises will likely complement the market growth through 2025. The cryptographic security-enabled blockchain warrants user data authenticity and safety, remaining the prime factor driving market expansion.

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The exponential proliferation of E-commerce is another strong factor that will be boosting the blockchain identity management market growth in the near future. Government initiatives toward promoting the utilization of advanced technologies are likely to benefit the market performance. A significant rise in demand for scalability and high transaction speed/instant transactions is also expected to be creating major growth opportunities for blockchain identity management market players in the near future. However, the lack of awareness about blockchain technology and its host benefits will continue to impede market growth during the forecast period.

Impact of COVID-19 on Blockchain Identity Management Market

The outbreak of COVID-19 initially led to nationwide lockdowns, which gave rise to the new exploding trend worldwide – working from home/remote working. Consequently, there has been a significant spike in the inclination toward the adoption of blockchain technology. It is increasingly preferred as a viable tool to ensure identity protection and authentication. Amid the pandemic, blockchain identity management has gained traction among businesses struggling to overcome their visibility and security issues. The dire need to operate along secured supply chains amid the COVID-19 pandemic further accelerated the growth of the blockchain identity management market. Furthermore, dramatic E-commerce expansion, coupled with the terrific boom in digital currency, has boosted market growth during the pandemic.

Scope of the Report

The report outlines the global Blockchain Identity Management market study based on provider and type.

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Based on the provider, the blockchain identity management market has been segmented into –

• Application Providers
• Middleware Providers
• Infrastructure Providers

Based on the type, the blockchain identity management market has been segmented into –

• BFSI
• Government
• Healthcare and Life Sciences
• Telecom and IT
• Retail and e-Commerce
• Transport and Logistics
• Real Estate
• Media and Entertainment
• Travel and Hospitality
• Others (Automotive, Education, and Energy & Utilities)

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Blockchain Identity Management Market Regional Outlook

Based on the region, the blockchain identity management printing market has been segmented into five geographical regions: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2020, North America held the largest share in the global blockchain identity management market, followed by the Asia Pacific. North America is further estimated to dominate the global blockchain identity management market during the forecast period, whereas Asia Pacific is expected to project the highest CAGR in the global market over the forecast period.

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Key Global Blockchain Identity Management Market Competitors Includes

The global blockchain identity management market has a large number of players operating across the globe. Some of the prominent players in the global blockchain identity management market are –

• IBM
• AWS
• Civic Technologies
• Bitfury
• Evernym
• Netki
• ShoCard
• UniquID
• Microsoft
• Bitnation
• Nodalblock
• EdgeSecure
• Blockverify
• Peer Ledger
• Cambridge Blockchain
• Neuroware.

The blockchain identity management market report thoroughly analyzes macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players’ presence in the respective segment and region/country. The information concluded in the report includes the inputs.