Global blockchain identity management market size reached US$ 797.7 Million in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 36,591.4 Million by 2028, exhibiting a CAGR of 84% during 2023-2028.
What is Blockchain Identity Management?
Blockchain identity management represents the process of providing a decentralized and secure solution that offers real-time information about an entity or a person via a distributed trust paradigm. It enables decentralized public key infrastructure (DPKI), which constructs a tamper-proof and trusted medium to spread the asymmetric verification and encryption keys of the individuality holders. Blockchain identity management simplifies user processes by reducing the time and manual effort to issue identities. In addition, this method ensures the reliability, security, and authenticity of the data of users with its cryptographic security. As a result, blockchain identity management finds widespread applications across various sectors, such as government, healthcare, banking, financial services and insurance (BFSI), transportation, retail, automotive, information and technology (IT), and telecom.
What Are The Key Factors Driving The Global Blockchain Identity Management Market?
The rising cyber-attacks and data breaches to steal confidential data of private companies and government organizations across the globe and the escalating demand for this solution in several institutions to aid in regulatory compliance and keep track of employee activities are among the primary factors driving the blockchain identity management market.
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Besides this, the elevating requirement for self-sovereign label technology in various industries to store the minimum personal data of users while also improving the efficiency of several processes is further augmenting the market growth. Moreover, the rising utilization of blockchain identity management for building trust and transaction transparency between two or more businesses to ensure the authenticity of the information is also catalyzing the global market. Apart from this, the launch of favorable policies by the government bodies to promote the utilization of this technique for enhanced scalability and transaction speed is anticipated to propel the blockchain identity management market over the forecasted period.
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Blockchain Identity Management Market Report Scope |
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Report Coverage |
Details |
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Market size value in 2022 |
US$ 797.7 Million |
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Market forecast in 2028 |
US$ 36,591.4 Million |
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Growth Rate |
CAGR of 84% from 2023 to 2028 |
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Base year for estimation |
2022 |
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Historical data |
2017-2022 |
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Forecast period |
2023-2028 |
Blockchain Identity Management Market Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Component:
- Platform
- Services
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:
- 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
Competitive Scenario with Key Players:
- Amazon Web Services Inc. (Amazon.com Inc.)[NASDAQ: AMZN]
- Bitfury Group Limited
- Blockchains Inc.
- Civic Technologies Inc.
- Cognizant[NASDAQ: CTSH]
- Evernym Inc. (Avast Software s.r.o.)
- Infosys Limited[NYSE: INFY]
- International Business Machines Corporation[NYSE: IBM]
- Microsoft Corporation [NASDAQ: MSFT]
- Oracle Corporation [NYSE: ORCL]
- and Tata Consultancy Services Limited (Tata Group).[NSE: TCS]
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Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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By Geography:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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