The global blockchain identity management market size is expected to grow from USD 90.4 Million in 2018 to USD 1,929.9 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.5% during the forecast period. The major driving factors for the blockchain identity management market are growing security concerns across the globe with existing models, an increasing demand for blockchain identity solutions across industry verticals and for self-sovereign identification, and easing the business functions through high-transaction speed and immutability.
The real estate vertical is expected to grow at the highest CAGR in the global blockchain identity management market during the forecast period
The integration and verification of the users more accurately while addressing the challenges pertaining to the data management and privacy will encourage organizations to adopt the blockchain identity management solutions on a large scale. Moreover, several advantages provided by this technology will make the mortgage and the sale of fractions of real estate assets safer. The KYC process of the customer is simplified with the application of this technology to identity management. All these benefits will drive the segment in the market.
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The application providers segment is expected to grow at the highest CAGR in the global blockchain identity management market during the forecast period
The blockchain identity management market has been segmented on the basis of providers into 3 categories: application providers, middleware providers, and infrastructure providers. These providers offer infrastructure to develop in the blockchain-based platforms. Among these types, the application providers type is the fastest growing segment in the overall blockchain identity management market. The introduction of blockchain identity management solutions has witnessed a certain level of adoption across the industry verticals owing to the advantages provided by these solutions.
The major vendors in the blockchain identity management market include IBM (US), AWS (US), Civic Technologies (US), KYC-Chain (Hong Kong), Bitfury (US), Evernym (US), Factom (US), Netki (US), ShoCard (US), UniquID (US), Microsoft (US), Oracle (US), Bitnation (Switzerland), Nodalblock (Spain), EdgeSecure (Airbitz) (US), Blockverify (UK), Peer Ledger (Canada), Cambridge Blockchain (US), uPort (US), Originalmy (Brazil), Neuroware (Malaysia), Tradle (US), Existenceid (Australia), Coinfirm (Poland), and BTL Group (Canada). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global blockchain identity management market. Partnerships and new product launches have been the most dominating strategy adopted by major players from 2016 to 2018, which have helped them to offer innovative solutions and services and broaden their customer base.
IBM is one of the pioneers in the blockchain identity management marketspace. Since its foundation, the company has expanded its business significantly across the globe. IBM has a specialized platform which offers blockchain identity management solution to various organizations, government, private institutions, and individuals. IBM has adopted various organic as well as inorganic growth strategies to enhance its market share and the annual revenue growth. For instance, the company collaborated with various leading organizations, including ANZ, Marsh, Twiga Foods, Dole, Driscoll’s, Golden State Foods, Kroger, McCormick and Company, McLane Company, Nestlé, Tyson Foods, Unilever, and Walmart, to offer its blockchain platform to enterprises and individuals. IBM has also released its new version of Hyperledger Calipher, a tool used for assessing performance and scalability of a blockchain. Moreover, IBM, in May 2018, joined Mobility Open Blockchain Initiative consortium with the aim of transforming the traditional way of functioning of the automotive industry with the help of the blockchain technology. The company has been continuously investing in R&D to focus on high-growth strategic opportunities. To cater to the needs of its clients, IBM has about 12 research labs with skilled professionals who have proven expertise in the blockchain technology.
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Amazon Web Services (AWS) is one of the leading providers of blockchain identity management solutions for enterprises and individuals. The company provides a flexible and cost-effective blockchain technology platform, BlockApps platform which provides various solutions, including Bloc API, Strato API, Hyperledger Fabric, and Cirrus. The major focus of AWS is on the organic growth strategies of new product launches, product upgradations, and business expansions, for achieving consistent market growth. The company frequently releases product upgrades to stay competitive in the market and address the dynamic needs of its customers. It also consistently develops new products to gain a competitive edge over other major market players. For instance, recently in April 2018, AWS launched a BaaS offering, Blockchain Templates Frameworks, for Ethereum and Hyperledger fabric. The templates provide a fast and easy way of creating and deploying secure blockchain networks using popular open source frameworks. These templates also enable customers to focus on building blockchain applications instead of spending time and energy on the manual set up of the blockchain network.
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