Blockchain Identity Management Market worth $35.1 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Aug. 7, 2023 /PRNewswire/ -- With rising use across businesses and government participation, the Blockchain Identity Management industry has a bright future. It is anticipated that interoperability standards, self-sovereign identification, and integration with cutting-edge technologies like IoT and AI would fuel its expansion and improve security and privacy in identity verification procedures.

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, according to a new report by MarketsandMarkets™. The expansion of the Blockchain Identity Management Market is propelled by a significant increase in the digital identity ecosystem, rendering them a primary focus for hackers. The demand for secure and decentralized solutions in managing user identities and virtual assets has further contributed to the growth of the Blockchain Identity Management Market.

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Scope of the Report

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.

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By region, Asia Pacific is to grow at the highest CAGR during the forecast period.

The Asia Pacific region accounts for the highest market size due to rapid digital transformation, fostering demand for secure blockchain-based identity solutions. Governments of various countries such as Singapore, India, and Australia are supporting blockchain identity for enhanced service efficiency like e-voting and e-passports. With major players like IBM, Microsoft, and Oracle investing significantly in blockchain technology, the region thrives in the blockchain identity market. Moreover, the rising demand for KYC simplification and self-sovereign identification further propels the growth of this market in the Asia Pacific.

Top Key Companies in Blockchain Identity Management Market:

AWS (US), IBM (US), Oracle (US), Microsoft (US), Bitfury (US), NEC (Japan), Dock (Switzerland), and Hu-manity.co (US), Metadium (Cayman Islands), Serto (US), 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 the key players and other players in the Blockchain Identity Management Market.

Recent Developments

• In January 2023, AWS (US) partnered with Ava Labs to promote blockchain adoption in enterprises, institutions, and governments. The collaboration aims to simplify node deployment and management on Avalanche, strengthen the network, and enhance the dApp ecosystem.
• In July 2021, Oracle Financial Services Software Ltd and Everest joined forces to bring blockchain technology to global banks. The partnership allows Oracle's banking clients to verify customer credentials and store them securely on the blockchain platform across multiple countries. Additionally, the integration improves Oracle's banking software and facilitates remote customer onboarding for financial institutions.
• In May 2022, Microsoft launched Microsoft Entra, a new product family that includes Azure Active Directory (Azure AD), and introduced two new categories: Microsoft Entra Permissions Management and Microsoft Entra Verified ID. The latter is based on decentralized identity standards, offering a secure, interoperable, and self-owned identity solution. Entra Permissions Management enables comprehensive visibility and management of permissions across multi-cloud environments, reducing access risks.

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Blockchain Identity Management Market Advantages:

• Blockchain technology reduces the danger of data breaches and unauthorised access by storing identification information in a decentralised and irreversible ledger. The data is cryptographically protected, which improves the identity management process's overall security and dependability.
• Individuals have more control over their personal information thanks to blockchain-based identity management. Users can choose to share particular attributes only when appropriate, protecting their privacy and managing consent.
• Users can more easily shift their identities between multiple platforms and services thanks to blockchain's capacity to facilitate interoperability between diverse identification systems. A smooth user experience is promoted by this portability, which also eliminates the need for different accounts.
• Blockchain's distributed architecture enables quicker and more effective identity verification procedures. Consensus techniques provide real-time user verification, simplifying the onboarding and authentication processes.
• Blockchain eliminates the need for a single central organisation to manage identification data. By doing so, the requirement for faith in a central authority is removed, as is the possibility of data manipulation or a single point of failure.
• Identity-related activities and transactions can be audited thanks to blockchain's transparency. Compliance with data protection laws is improved by this function.
• Due to the immutability of blockchain, once an identity has been confirmed and recorded, it cannot be changed or copied. This feature guards against identity theft and helps stop identity fraud.
• Beyond the financial sector, blockchain identity management has implications in the healthcare, supply chain, voting systems, and government services, all of which require reliable and secure identity verification.

Report Objectives

• To define, describe, and forecast the Blockchain Identity Management Market based on offering, deployment mode, organization size, verticals, and regions
• To define, describe, and forecast the Blockchain Identity Management Market by offering, deployment mode, organization size, vertical, and region
• To forecast the market size of five main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America
• To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market
• To provide detailed information related to the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Blockchain Identity Management Market
• To analyze opportunities in the market for stakeholders by identifying high-growth segments of the Blockchain Identity Management Market
• To profile the key players of the Blockchain Identity Management Market and comprehensively analyze their market size and core competencies in the market
• To track and analyze competitive developments, such as new product launches; mergers and acquisitions; and partnerships, agreements, and collaborations in the global Blockchain Identity Management Market.

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