According to a comprehensive research report by Market Research Future (MRFR), “Blockchain Identity Management Market Analysis by Component, Provider, Organization Size, Vertical - Global Forecast till 2027” valuation is poised to reach USD 17.81 Billion by 2030, registering an 52.60% CAGR throughout the forecast period (2022–2030).
Blockchain Identity Management Market Overview
Market expansion is predicted to be aided via the expansion of governmental initiatives for the blockchain technology development in both developed emerging nations.
Blockchain Identity Management Market Report Scope:
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Drivers
Growing Need for Digitization to Boost Market Growth
The growing need for digitization will boost market growth over the forecast period. Several industries, including consumer products, healthcare, manufacturing, retail, are embracing digitalization more broadly. This industry is more vulnerable to cyber-attacks because of the utilization of IT resources. Blockchain identity management solution that helps to stop invasions is becoming more popular.
Lack of Awareness to Remain Market Restraint
Lack of awareness concerning the perks of blockchain technology among enterprises may act as market restraints over the forecast period.
Uncertain Regulatory Landscape to act as Market Challenge
Uncertain regulatory landscape, issues about the user’s authenticity, and shortage of common sets of regulatory standards may act as market challenges over the forecast period.
Blockchain Identity Management Market Segments
The global blockchain identity management market is bifurcated based on vertical, organization size, provider, and component.
By component, the blockchain identity management market is segmented into solution and software.
By provider, infrastructure will lead the market over the forecast period.
By organization size, medium-sized will dominate the market over the forecast period.
By vertical, BFSI will spearhead the market over the forecast period.
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Blockchain Identity Management Market Regional Analysis
North America to Spearhead Blockchain Identity Management Market
Due to its highly developed infrastructure and technological breakthroughs, North America currently retains the highest market share. The main driving force in the area is the existence of key market players that provide blockchain identity management solutions. The US government made the decision to provide public services in order to recognize the potential of the technology and to create corporate applications. When it comes to infrastructure development and technological adoption, North America is regarded as the most advanced region. The region's substantial concentration of major providers of blockchain technology services is the market's primary driver. Governments in North America and other organizations are using blockchain identity management systems.
Due to the presence of significant market players and ongoing advancements in blockchain technology, North America accounted for the biggest share of the market during 2018 and is anticipated to maintain this position during the projected period. The primary factor that is anticipated to propel the market expansion in this region in the approaching years is also the rise in data security concerns among merchants. Because of the increased use of cutting-edge technologies like the internet of things and the presence of key companies in the region, North America now dominates the market for block chain identity management, and its market share will keep growing over the course of the projection period.
North America now holds an uncomfortably high share of the market and is anticipated to hold it throughout the forecast period as a result of the existence of significant market players and ongoing innovations in blockchain technology. Additionally, the primary element anticipated to fuel the expansion of the market in this region over the course of the forecast period is the rise in merchants' concerns over data security. The market is dominated by North America, which also had the biggest market share. The main reason propelling the market in this area is the significant concentration of major industry players providing solutions. The US government has begun to offer public services to develop corporate applications since it recognizes the technology's potential.
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APAC to Have Significant Growth in Blockchain Identity Management Market
Due to rising venture capital funding, a large increase in the number of companies entering the market, and governments concentrating on regulating blockchain technology, APAC is anticipated to develop at the fastest rate during the projection period. There are numerous prospects for the adoption of blockchain identity management solutions in major APAC nations including Japan, New Zealand, Australia, Singapore, and Hong Kong thanks to their important financial centers and governmental institutions. An important aspect boosting the market development rate is the increasing internet penetration. Due to the increasing acceptance of blockchain identity management systems on a broad scale, together with the rising number of numerous start-ups in different countries, the Asia Pacific market is expected to have the quickest growth with regards to revenue during the near future. Customers' requests and rising data security concerns are the main drivers of blockchain adoption among merchants in this region.
COVID-19 Analysis
Due of the COVID-19 pandemic's widespread prevalence, the population is greatly disturbed around the world. Due to transit restrictions, lockdowns, the supply chain disruptions, workforce shortages, and raw material shortages that cause production to halt and office operations to lag, it has had a significant impact on a number of industries. Enterprises choose work-from-home remote working to prevent this delay caused by lockdown and disturbances. As a result, the usage of the blockchain identity management technology has significantly decreased across a variety of industries, including banking, healthcare, retail, others, as a result of the increase in remote labour. Consequently, the COVID-19 raises interest in blockchain identity management. Additionally, a number of nations are introducing regulatory easing measures, and it is anticipated that the global blockchain identity management market will soon reclaim its dominant position.
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Blockchain Identity Management Market Competitive Analysis
Dominant Key Players on Blockchain Identity Management Market Covered are:
- IBM (U.S.)
- Civic Technologies (U.S.)
- AWS (U.S.)
- KYC-Chain (Hong Kong)
- Evernym (U.S.)
- Bitfury (U.S.)
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