The global Blockchain Identity Management Market size is projected to grow from USD 1.3 billion in 2023 to USD 35.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 92.7% during the forecast period. The growth of the blockchain identity management market is driven by the rapid expansion of the digital identity ecosystem, leading to a strong demand for robust blockchain identity management measures that can protect digital identities across online platforms.
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Based on the provider type, the middleware provider segment is to grow at the highest CAGR during the forecasted period.
The blockchain identity management market is divided into application, middleware, and infrastructure provider type. The middleware provider type experiences the highest CAGR, offering organizations a comprehensive solution for their blockchain identity management needs. Middleware providers offer essential infrastructure and services for secure identity information exchange among participants. Services include identity registration, verification, storage, and management in a tamper-proof way. They facilitate authentication and authorization and ensure interoperability between various blockchain networks and systems.
By organization size, small and medium-sized enterprises (SMEs) account for the highest CAGR.
Small and medium-sized enterprises (SMEs) contribute the highest CAGR in the blockchain identity management market. SMEs seeking cost savings, enhanced efficiency, and improved security are fueling the growth of the market. Blockchain eliminates intermediaries, reduces fraud, and automates tasks, allowing businesses to focus on core operations. Its cryptographic security ensures data protection, building trust with stakeholders and aiding compliance. As SMEs increasingly rely on digital technologies, the demand for secure and scalable identity management solutions grows, making blockchain an increasingly popular choice.
The crucial role of blockchain for secure and decentralized solutions in managing user identities and virtual assets, ensuring protection against fraud, and enhancing efficiency in verification processes has also played a key role in driving the adoption of blockchain identity management solutions. Hackers are increasingly targeting traditional identity models due to their widespread usage and access to valuable data, further bolstering the growth of the blockchain identity management market.
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Moreover, rising concerns for security, privacy, and data usability across verticals are contributing to the expansion of the blockchain identity management market. These factors indicate a promising growth potential for the market as organizations increasingly prioritize enhanced security and control over their data. Consequently, the demand for blockchain identity management solutions is expected to witness substantial growth in the near future.
What is Blockchain identity management?
Identity management involves the identification and authorization of individuals or entities to access organizational resources by providing them the necessary rights that they are entitled to. Although identity management has a lot of concerns related to the security of information, blockchain technology provides a solution through its distributed ledger technology. In this method, all transactions and information on individuals, groups, or organization entities are stored in blocks, and overriding these blocks is not possible. Blockchain technology delivers a secure solution that eliminates the need for central authorities and third parties. It makes it easier for individuals to manage and control their personal information and its access.
Unique Features in Blockchain Identity Management Market:
Unique characteristics in the Blockchain Identity Management market were changing how digital identities were handled and secured. Data integrity and fraud risk were ensured by decentralised, tamper-proof solutions made possible by blockchain technology. Users were given the freedom to independently manage and share their information thanks to self-sovereign identification (SSI), while privacy was protected through selective disclosure.
Immutable records on the blockchain reduced the risk of identity theft and encouraged system compatibility. These solutions also cut across regional boundaries, giving people who lacked traditional documentation access to digital identities. Smart contracts integration eased secure interactions and helped compliance with KYC and AML standards. Cryptography-based enhanced security provided protection from unauthorised access.
Major Highlights of the Blockchain Identity Management Market:
There were significant developments in the Blockchain Identity Management business that revolutionised the verification and protection of digital identities. The decentralised nature of blockchain technology gave users authority over their data, and tamper-proof records guaranteed data integrity and protection against identity fraud.
Self-Sovereign Identity (SSI) was made available, giving people the freedom and control to manage their identities on their own. Redundancy was decreased by the portability of digital identities between platforms, and privacy was preserved on the blockchain through selective disclosure. The worldwide accessibility of blockchain also solved regional identity issues.
Security was improved by streamlining compliance with rules like KYC and AML. Identity verification was made simple by blockchain’s interoperability, and secure automated interactions based on verified identities were made possible by smart contract integration. Revocation and updates were efficient and secure, and blockchain’s cryptographic underpinning provided strong security.
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The blockchain identity management market is led by some of the globally established players, such as AWS (US), IBM (US), Oracle (US), Microsoft (US), Bitfury (US), NEC (Japan), Dock (Switzerland), Hu-manity.co (US), Metadium (Cayman Islands), Serto (US). Partnerships, agreements, collaborations, acquisitions, and product developments are some of the various growth strategies by these players to increase their market presence.
AWS (US) is a leading provider of cloud computing services, offering a comprehensive range of infrastructure and platform solutions. With a global network of data centers, AWS ensures high availability and low latency for its services. It provides flexible pricing models, making it suitable for businesses of all sizes. AWS serves a diverse customer base across technology, healthcare, finance, gaming, media, and government verticals, providing scalability, agility, and cost efficiency. Among its offerings is Amazon Managed Blockchain, a fully managed service simplifying the creation and management of scalable blockchain networks, supporting private and public networks with enhanced security and accessibility features. AWS empowers businesses and organizations to leverage the power of the cloud while focusing on their core activities and benefiting from AWS’s cutting-edge services.
IBM (US) is a global technology and consulting company established in 1911. It offers a comprehensive portfolio of IT products and services, including system hardware, software, infrastructure solutions, hosting, consulting, and cybersecurity services. IBM solutions cater to diverse verticals, including automotive, aerospace and defense, healthcare, government, insurance, retail, telecommunications, media, and entertainment. Operating globally across the Americas, Europe, the Middle East, Africa, and Asia-Pacific regions, IBM delivers innovative solutions and services to meet the unique needs of its clients worldwide. IBM’s blockchain-based digital identity and credentials solution enhance efficiency and trust through rapid verification and traceability, prioritizing privacy and security while adhering to open standards for seamless interoperability and customization.
Apart from large vendors, some other key players, such as Coinfirm (UK), Accumulate (US), Neuroware (Malaysia), Tradle (US), Peer Ledger (Canada), Procivis (Switzerland), SpringRole (US), Blockchains (US), Oaro (Canada), Fractal (Germany), NuID (US), Validated ID (Spain), KYC-Chain (Hong Kong), TRM Labs (US) and Factom (US) are also evolving in the blockchain identity management market.
According to MnM’s approach to evaluating the market, most businesses use inorganic growth tactics to hold onto their market share. These agreements cover alliances, acquisitions, collaborations, and partnerships together. Product launches and corporate growth activities are abruptly affected by factors such as government regulations. On the other hand, organizations are anticipated to embrace organic growth strategies to provide end consumers with blockchain identity management solutions and services, which would assist businesses in boosting market revenue.
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