Global Blockchain Identity Management Market – Industry Trends and Forecast to 2030

Global Blockchain Identity Management Market, By Component (Platform, Services),  Application (Loyalty and Rewards Management, Identity Management, Supply Chain Management, Payments and Smart Contracts, Compliance Management, Others), Networks (Permissioned, Permission less), Provider (Application, Middleware, Infrastructure), Organization Size (Large Enterprises, Small Enterprises, Medium-Sized Enterprises), Industry (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) – Industry Trends and Forecast to 2030.

Blockchain Identity Management Market Analysis and Size

With increasing digital age, people are becoming more dependent on online activities than offline activities. Now, people want power and control over their identities over with whom and how their information is shared. Blockchain identity management system is becoming a core building block for the authenticating and managing digital identities due to which the demand for this technology increases and enhances the market growth. 

Data Bridge Market Research analyses that the blockchain identity management market is expected to reach USD 128.81 million by 2030, which is USD 1.07 million in 2022, at a CAGR of 82.00% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Blockchain Identity Management Market Scope and Segmentation

Market Definition

Blockchain identity management is a process of providing a secure and decentralized solution which delivers real-time information about an entity or a person through distributed trust paradigm. It allows decentralized public key infrastructure (DPKI) to create a trusted medium and tamper-proof to distribute the encryption keys and asymmetric verification of the identity holders. It simplifies processes for customers by decreasing the manual efforts and time required for issuing identities. 

Global Blockchain Identity Management Market

Drivers

• Blockchain technology with the existing systems will widen the scope of growth

Blockchain identity management can make safer and easier to onboard new workers and clients. It was expensive and time-consuming to confirm the identification of new clients and employees but with blockchain identity management now businesses could quickly and inexpensively confirm the identities of new workers and clients. Hence, blockchain technology with the existing systems will widen the scope of growth is expected to drive the market growth.

• Increasing usage of blockchain identity management

The usage of blockchain for identity management is leading to the development of a more diverse financial system. There are currently billions of individuals without access to conventional banking banking services all over the globe. With the help of blockchain identity management, now people can use their blockchain-based identities to access the financial services and also participate in the global economy.

Opportunities

• Increasing demand for secure and effective identity management systems

Blockchain identity management is widely used blockchain technology in last few years. This technology has potential to transform the way to maintain professional and personal identities by offering a secure, and tamper-proof mechanism to manage and store identity data. The demand for the secure and effective identity management systems will only increase because the world becomes more digital. There are various opportunities for blockchain identity management to fulfil this demand because it can aid in preventing theft and fraud of our personal information.

• Growing demand for transparency in retail supply chain

The growing demand for transparency in retail supply chain will create ample opportunites for the market growth. Transparency demands complete disclosure of information at every link, which includes water usage in textile dying, sourcing of raw material, customer care instructions, environmental impact of goods supply and many others. The companies which are operating in retail sector are investing in blockchain technologies such as blockchain identity management to increase transparency to improve employee satisfaction, customer experience, revenue boost, and others.

Restraints

• Lack of awareness regarding blockchain technology

Dearth of awareness among enterprises regarding the advantages of blockchain technology such as high security and transparency is one of the major factor which is expected to hamper the growth of the blockchain identity management market growth.

• Uncertain Regulatory Landscape

Lack of regulatory status of blockchain technology coupled with the lack of interoperability and some of the major factors are expected to hamper the growth of the blockchain identity management market forecast period.

This blockchain identity management market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the blockchain identity management market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In 2020, IBM introduced a new initiative to sole the issue of shortage of medical equipment with the help of advanced and innovative supply chain management solution. The IBM Rapid Supplier Connect launched blockchain-based network which is formed to support healthcare organizations. The government agencies with the support of blockchain identity management solution find new non-traditional providers for verification.

Global Blockchain Identity Management Market Scope

The blockchain identity management market is segmented on the basis of component, application, networks, provider, organization size and industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Platform
• Services

Application

• Loyalty and Rewards Management
• Identity Management
• Supply Chain Management
• Payments and Smart Contracts
• Compliance Management
• Others

Networks

• Permissioned
• Permission less

Provider

• Application Providers
• Middleware Providers
• Infrastructure Providers

Organization Size

• Large Enterprises
• Small Enterprises
• Medium-Sized Enterprises

Industry

• 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
• Energy and Utilities

Blockchain Identity Management Market Regional Analysis/Insights

The blockchain identity management market is analyzed and market size insights and trends are provided by country, component, application, networks, provider, organization size and industry as referenced above.

The countries covered in the blockchain identity management market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the blockchain identity management market owing to the increasing adoption of advanced technologies such as internet of things in this region. Furthermore, huge presence of major players will further boost the market growth in this region.

Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 owing to the increasing penetration of internet in the region. Furthermore, increasing adoption of blockchain identity management systems on wider scale will further boost the market growth in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Blockchain Identity Management Market Share Analysis

The blockchain identity management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to blockchain identity management market.

Some of the major players operating in the blockchain identity management market are:

• Amazon Web Services, Inc. (U.S.)
• IBM (U.S.)
• Bitfury Group Limited (Netherlands)
• Civic Technologies, Inc (U.S.)
• EVERNYM INC., (U.S.)
• NETKI (U.S.)
• Microsoft (U.S.)
• Oracle (U.S.)
• KYC-CHAIN LIMITED (China)
• Factom (U.S.)
• OARO (Canada)
• Procivis AG (Germany)
• BTL Group (Ukraine)
• OriginalMy (Brazil)
• Bitnation (U.S.)
• Tracxn Technologies Limited. (India)