Overview and Scope
The blockchain identity management market consists of revenues earned by entities providing services such as secure digital identity verification, decentralized authentication, fraud prevention, identity and access management, and compliance with privacy regulations. The market value includes the value of related goods sold by the service provider or included within the service offering. The blockchain identity management market also includes sales of products such as identity verification software, decentralized identity wallets, blockchain-based authentication systems, biometric identity solutions, and hardware devices for secure identity storage. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The blockchain identity management market size has grown exponentially in recent years. It will grow from $1.60 billion in 2023 to $2.80 billion in 2024 at a compound annual growth rate (CAGR) of 74.9%. The growth in the historic period can be attributed to rising concerns over data privacy, growing cybersecurity threats, regulatory compliance requirements, the proliferation of digital transactions, trust and transparency, cost efficiency, and interoperability needs.
The blockchain identity management market size is expected to see exponential growth in the next few years. It will grow to $26.27 billion in 2028 at a compound annual growth rate (CAGR) of 75.0%. The growth in the forecast period can be attributed to the emergence of decentralized identity standards, integration with emerging technologies, a focus on user-centric identity solutions, industry collaboration and consortia, regulatory evolution, globalization, and cross-border identity management. Major trends in the forecast period include interoperable identity solutions, convergence with DEFI, a focus on privacy-enhancing technologies, AI and machine learning integration, blockchain governance models, the emergence of tokenized identity, and regulatory sandbox initiatives.
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Segmentation & Regional Insights
The blockchain identity management market covered in this report is segmented –
1) By Offering: Software, Services
2) By Network: Permissioned, Permissionless
3) By Provider Type: Application Provider, Middleware Provider, Infrastructure Provider
4) By Enterprise Size: Small And Medium Enterprises, Large Enterprise
5) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Government, Retail, Automotive And Transportation, Healthcare, Other Industry Verticals
North America was the largest region in the blockchain identity management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain identity management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in data security concerns is expected to propel the growth of the blockchain identity management market going forward. Data security concerns refer to issues related to the protection of data from unauthorized access, breaches, theft, and corruption. The increasing number of data security concerns can be attributed to the rising sophistication of cyber threats, the expanding digital footprint of individuals and organizations, the proliferation of interconnected devices and IoT systems, and the growing reliance on cloud services and remote work arrangements. Blockchain technology enhances digital identity management by providing decentralized, immutable, and cryptographically secure solutions, thereby significantly reducing the risk of cyber threats and improving data security. For instance, in January 2023, according to a report by Check Point, an Israel-based software security provider, there was a 38% surge in global cyberattacks in 2022 compared to 2021. The communications industry experienced an average of 1,380 attacks per organization per week, marking a 27% increase compared to 2021. Similarly, the Internet service provider/managed service provider (ISP/MSP) industry encountered an average of 1,372 attacks per organization per week in 2022, reflecting a 28% increase from the previous year. Therefore, a rise in data security concerns is driving the blockchain identity management market.
Key Industry Players
Major companies operating in the blockchain identity management market are Microsoft Corporation, Amazon Web Services Inc. (AWS), International Business Machines Corporation (IBM), Oracle Corporation, NEC Corporation, Unum ID Inc., Wipro Limited, SpringRole Inc., Bitfury Group Limited, Dock Labs AG, Antier Solutions Private Limited, Civic Technologies Inc., Evernym Inc., Jolocom GmbH, BTL Group, Blockpass IDN Ltd., Blockstack PBC, ConsenSys, Symbiont Inc, Sovrin Foundation Inc., SelfKey Foundation Ltd., Factom Inc., ChainGuardian Inc., Netki Inc., ShoCard Inc.
The blockchain identity management market report table of contents includes:
1. Executive Summary
2. Blockchain Identity Management Market Characteristics
3. Blockchain Identity Management Market Trends And Strategies
4. Blockchain Identity Management Market – Macro Economic Scenario
5. Global Blockchain Identity Management Market Size and Growth
…
32. Global Blockchain Identity Management Market Competitive Benchmarking
33. Global Blockchain Identity Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Blockchain Identity Management Market
35.Blockchain Identity Management Market Future Outlook and Potential Analysis
36.Appendix
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