Blockchain technology in identity management helps in integration and verification of the users more accurately. Self-sovereign identification and rising security concerns associated with existing models are the major factors responsible for driving the blockchain identity management market. Use of blockchain technology for identity management simplifies the KYC processes for BFSI organizations as well as ensure the protection of the user’s personal information. Using blockchain as an identity management solution enables the users to take over the control of their data and centralize it. However, lack of common set of regulatory standards and uncertain regulatory landscape and concerns regarding the authenticity of the users is hindering the market growth. In the coming future, blockchain will be able to compile the data at one location, whenever the data is put online.
The key players in the blockchain identity management market are IBM (U.S.), AWS (U.S.), Civic Technologies (U.S.), KYC-Chain (Hong Kong), Bitfury (U.S.), Evernym (U.S.) and others. IBM is one of the prominent players in blockchain identity management market. The company has associated with other digital identity leaders to design and implement global standards to provide decentralized, point-to-point exchange of information about people, organizations or things enabled by blockchain. Civic Technologies is also one of the prominent players in the market. Its visionary blockchain identity verification technology enables consumers to authorize the use of user’s identities in real time. It is heading towards the development of an ecosystem that will design on-demand, secure, low-cost access to identity-verification services through blockchain.
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Major Key players
- IBM (U.S.),
- AWS (U.S.),
- Civic Technologies (U.S.),
- KYC-Chain (Hong Kong),
- Bitfury (U.S.),
- Evernym (U.S.),
- Factom (U.S.),
- Netki (U.S.),
- ShoCard (U.S.),
- UniquID (U.S.).
Other players in the market include Microsoft (US), Oracle (US), Bitnation (Switzerland), Nodalblock (Spain), EdgeSecure (U.S.), Blockverify (U.K), Peer Ledger (Canada), Cambridge Blockchain (US), uPort (U.S.), Originalmy (Brazil), Neuroware (Malaysia), Tradle (U.S.), Existenceid (Australia), Coinfirm (Poland), and BTL Group (Canada).
According to MRFR, The Global Blockchain Identity Management Market is expected to reach approximately USD 1,929.37 Million by 2023 growing at 85% CAGR over the forecast period 2018–2023.
Deloitte, multinational professional services network company announced a partnership with a Chicago-based identity management company Attest Inc., for the development of a blockchain-based digital identity management system. Through the partnership, a government-compliant blockchain identity management system will be developed which can be used by Deloitte’s clients based on Attest’s existing products.
Swiss-based Company Vereign announced the launch of its new blockchain-based beta version of its Email security and identity management solution. The new blockchain identity management system adheres to the strict KYC guidelines based on the Swiss banking standards.
By provider, the market is segmented into application providers, middleware providers, and infrastructure providers.
By organization size, the market is segmented into large enterprises and small and medium-sized enterprises.
By industry verticals, the market is segmented into BFSI, government, healthcare & life sciences, telecom and it, retail & e-commerce, transport & logistics, real estate, media & entertainment, travel & hospitality, and others.
The global market for blockchain identity management is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of blockchain identity management market is studied for North America, Europe, Asia Pacific, and the Rest of the World.
North America is estimated to hold the largest market size owing to significant advancements in technology and infrastructure. The main factor driving the blockchain identity management market in this region is the strong presence of key industry players offering blockchain identity management solutions. Recognizing the potential of this technology, the U.S. government has started delivering public services to develop business applications. Also, Canada Federal government has started exploring the blockchain technology to boost the growth of their economy. Asia Pacific is expected to dominate the blockchain identity management market due to the increase in venture capital funding, number of startups and government’s increasing focus on regulating the blockchain technology identity management.
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- Regulatory bodies
- Blockchain technology solution vendors
- Independent Software Vendors (ISVs)
- Consulting firms
- Investors and consultants
- Research/Consultancy Firms
List of Tables
Table 1 Blockchain Identity Management Market: By Region, 2018–2023
Table 2 North America Blockchain Identity Management Market: By Country, 2018–2023
Table 3 Europe Blockchain Identity Management Market: By Country, 2018–2023
Table 4 Asia Pacific Blockchain Identity Management Market: By Country, 2018–2023
Table 5 Global Blockchain Identity Management by Organization Size Market: By Regions, 2018–2023
Table 6 North America Blockchain Identity Management by Organization Size Market: By Country, 2018–2023
Table 7 Europe Blockchain Identity Management by Organization Size Market: By Country, 2018–
LIST OF FIGURES
FIGURE 1 Global Blockchain Identity Management Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis of Global Blockchain Identity Management Market
FIGURE 4 Value Chain of Global Blockchain Identity Management Market
FIGURE 5 Share of Blockchain Identity Management Market in 2018, by country (in %)
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