The latest research study “Blockchain Identity Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global blockchain identity management market size reached US$ 420.74 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 19,800.45 Million by 2027 exhibiting a CAGR of 84.80% during 2022-2027.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Industry Definition and Application:
Blockchain identity management refers to the secure solutions that offer real-time information about an entity or a person via a distributed trust paradigm. They enable decentralized public key infrastructure (DPKI), which creates a tamper-proof and trusted medium to distribute the asymmetric encryption and verification keys of the identity holders. Blockchain identity management processes simplify and reduce the time and manual efforts required for issuing identities. Their cryptography security ensures the authenticity and reliability of the data of users. Consequently, blockchain identity management systems find extensive applications across numerous sectors, including banking, financial services and insurance (BFSI), healthcare, automotive, transportation, information and technology (IT), retail, telecom, etc.
Blockchain Identity Management Market Trends
The rising instances of cyber-attacks and data breaches to steal confidential data of government and private organizations are primarily driving the blockchain identity management market. Apart from this, the elevating demand for effective identity management models among various industries to aid in regulatory compliance and keep track of employee activities is also positively influencing the market growth.
Additionally, the increasing usage of self-sovereign identification technology to store minimum personal data of users while improving the efficiency of the identification process is acting as another significant growth-inducing factor.
Furthermore, the growing need to build trust and transaction transparency between two or more businesses and the inflating sales of smartphones, especially in developing economies, owing to the proliferation of high-speed internet, are expected to stimulate the blockchain identity management market over the forecasted period.
|Blockchain Identity Management Market Report Scope|
|Market size value in 2021||US$ 420.74 Million|
|Market forecast in 2027||US$ 19,800.45 Million|
|Growth Rate||CAGR of 84.80%from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Component, Provider, Organization Size and Industry Vertical|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Key companies profiled||Amazon Web Services Inc. (Amazon.com Inc.), Bitfury Group Limited, Blockchains Inc., Civic Technologies Inc., Cognizant, Evernym Inc. (Avast Software s.r.o.), Infosys Limited, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation and Tata Consultancy Services Limited (Tata Group).|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization purview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
The report has been segmented the market into following categories:
Breakup by Component:
Breakup by Provider:
- Application Providers
- Middleware Providers
- Infrastructure Providers
Breakup by Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
Breakup by Industry Vertical:
- Healthcare and Life Sciences
- Telecom and IT
- Retail and E-Commerce
- Transport and Logistics
- Real Estate
- Media and Entertainment
- Travel and Hospitality
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
List of Major Key Players:
- Amazon Web Services Inc. (Amazon.com Inc.)
- Bitfury Group Limited
- Blockchains Inc.
- Civic Technologies Inc.
- Evernym Inc. (Avast Software s.r.o.)
- Infosys Limited
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- Tata Consultancy Services Limited (Tata Group).
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