Global Blockchain Identity Management Market Overview –
The total value of the global blockchain identity management market was estimated to be $107.00 million in 2018, and it is anticipated that it will reach $11.46 billion by 2026, showing a CAGR of 79% from 2021 to 2027. A tool for managing identities, Blockchain Identity Management (Blockchain ID) is based on a digital verification and authentication procedure that is carried out using blockchain technology.
Instead of storing information in a centralised database, blockchain identity management systems store and encrypt data on the mobile devices of users. The storing and linking of blocks of data across virtual networks is accomplished through the use of cryptography in blockchain technology.
Once the information has been confirmed, it cannot be altered and every information block provides a full and accurate record of every transaction that occurred. Public and private blockchains are the two primary categories of blockchains. Computers that are part of a public blockchain are connected to the internet at large, which enables the involvement of other computers that are part of the same network.
On the other hand, only devices that are recognised to belong to enterprises are permitted to join in the network of the private blockchain. Because they employ the identities of users to authenticate their membership and to keep track of who they are sharing their data with, private blockchains provide a higher level of security than public ones.
Market Scope –
This report, titled “Global Blockchain Identity Management Market Analysis to 2028,” is a specialist and in-depth research of the technology, media, and telecommunications industries, with a particular emphasis on the analysis of the trends in the global market.
The purpose of this study is to present an overview of the blockchain identity management industry along with a complete segmentation of the market based on the provider, the vertical, and the geographic region. The research presents critical statistics on the current market status of the major companies in the blockchain identity management market, as well as key trends and opportunities in the industry.
Market Dynamics –
The primary aspects that are likely to fuel the growth of the target market are an increasing demand for KYC oversimplification and autonomy identification, as well as an increasing demand for blockchain identity solutions across all manufacturing sectors. Other factors that are projected to drive the global blockchain identity management market include the growing presentation and use of blockchain-based identity management solutions in the BFSI sector.
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However, one of the most significant problems that inhibits the expansion of the target market is the absence of a consistent set of supervisory norms and concerns around privacy. Additionally, the increasing digitalization of commercial advancements is one of the other factors that is anticipated to promote expansion in the target market’s revenue.
Regional Analysis –
At the moment, the market in North America accounts for the greatest share, and it is predicted that this market will drive expansion over the course of the projected period. In light of the fact that there is a high rate of penetration of these blockchain identity management solutions and also the governments in this region are accepting the blockchain technology in the United States and Canada, coupled with an increasingly strong occurrence of key industry players who offer blockchain identity management solutions in this region.
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Increasing acceptance on a large scale of blockchain identity management resolutions and the rising number of many start-ups in several countries are the factors driving the growth of the target market in the Asia Pacific region. In the near future, the Asia Pacific market is likely to see the fastest growth in terms of revenue.
This is due to the fact that the Asia Pacific market is likely to see the fastest growth in terms of revenue in the near future. Additionally, a significant portion of the revenue comes from Europe. In addition, it is anticipated that markets in both the Middle East and Africa will experience ordinary growth over the course of the forecast year. The market of interest, however, will be Latin America.
The major players included in the report are –
By Type –
By Application –
Healthcare and Life Sciences
Telecom and IT
Retail and e-Commerce
Transport and Logistics
Media and Entertainment
Travel and Hospitality
By Region –
Rest of Europe