Westford, USA, June 07, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Blockchain Identity Management Market will attain a value of USD 293.39 Million by 2031, with a CAGR of 82.6% over the forecast period (2024-2031). Cyberattacks and data breaches aimed at stealing private and public sector organisations' sensitive information are on the rise right now. Among many other things driving the market, one is the increasing need for effective Identity management models in different organizations so as to assist in regulatory compliance while also monitoring employee behaviour. The market is also growing due to the increasing demand for self-sovereign identification technology across multiple sectors which seeks to keep minimal personal data of users at the same time making the process of identification more efficient.
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Browse in-depth TOC on the " Blockchain Identity Management Market "
- Pages - 197
- Tables - 95
- Figures – 76
Blockchain Identity Management Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 2.37 billion |
| Estimated Value by 2031 | $ 293.39 billion |
| Growth Rate | Poised to grow at a CAGR of 82.6% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, Provider Type, Organization Size, Verticals and Network |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | High demand for decentralized identity management |
| Key Market Opportunities | Government efforts promoting the adoption of blockchain technology |
| Key Market Drivers | High demand for better security solutions |
Robust Security Protocols and Streamlined User Experiences in Software Offering Helps Them Hold a Dominant Stance
The simplicity of scalability, regulatory certainty, and interoperability are likely the reasons behind the dominance of software in the global blockchain identity management market. There are two factors, which are simplified user interfaces and strong security procedures that make a service very secure. These are major market control elements, facilitated by the adoption of current identity management solutions making them highly compliant, efficient as well as trustworthy.
Enhanced Identity Verification and Fraud Prevention Makes Large Enterprize a Sought-after Sub-Segment
As large organisations can invest in cutting-edge blockchain technologies and strong security infrastructure thanks to their enormous resources, large organisations hold a dominant position in the global blockchain identity management market. It means that identity verification and fraud protection have improved, leading to compliance and trust. They therefore attract more business, thereby enhancing their image as industry leaders.
Robust IT Infrastructure Helps North America Maintain its Dominance in Global Landscape
North America's supremacy is partly due to the existence of successful blockchain start-ups and the increasing acceptance of blockchain solutions by top IT corporations in this region. One important factor that will support the demand for blockchain identity management in the future is the region's prioritisation of data security. According to estimates, the top two markets in this region for blockchain identity management suppliers are the US and Canada.
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Blockchain Identity Management Market Insight
Drivers:
- High Demand for Better Security Solutions
- Rising Popularity of Blockchain Gaming
- Blockchain Technology with the Existing Systems will Widen the Scope of Growth
Restraints:
- Interoperability Issues
- Limited Scalability
- Uncertainty in Regulations and Absence of Uniform Standards
Prominent Players in Blockchain Identity Management Market
- Coinfirm (UK)
- Dock (Switzerland)
- Tradle (US)
- Metadium (Cayman Islands)
- Peer Ledger (Canada)
- NEC (Japan)
- Serto (US)
- Hu-manity.co (US)
- Neuroware (Malaysia)
- Accumulate (US)
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Key Questions Answered in Global Blockchain Identity Management Market Report
- What aspects of SkyQuest's 2031 projection are driving the expected expansion of the global blockchain identity management market?
- What role do simple user interfaces and strong security measures play in the market leadership of blockchain identity management software?
- What are the reasons for North America's continued leadership in the global blockchain identity management space, and what conditions sustain this leadership?
This report provides the following insights:
- Analysis of key drivers (Decentralized & highly secure as compared to traditional identity management solutions, growing demand for better identity management, growing number of people engaging in blockchain gaming and blockchain games can be sold for real-world value), restraints (Use of incompatible standards, different blockchains also creates interoperability issues and limited scalability of blockchain identity management solutions will impede market development), opportunities (Exploring blockchain's potential for identity management solutions, blockchain can enhance transparency and using distributed ledgers in blockchain-based electronic voting), and challenges (Legacy infrastructure differs from traditional IT development and lack of regulatory status of blockchain technology) influencing the growth of blockchain identity management market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the blockchain identity management market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the blockchain identity management market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Global Blockchain as a Service Market
Global Fintech Blockchain Market
Global Blockchain In Manufacturing Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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