Dublin, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The "Blockchain Identity Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global blockchain identity management market has witnessed substantial growth, with a market size of US$ 797.7 million in 2022. Looking ahead, market analysts anticipate remarkable expansion, projecting the market to reach an impressive US$ 36,591.4 million by 2028. This growth trajectory is expected to exhibit a Compound Annual Growth Rate (CAGR) of 84% during the period from 2023 to 2028.
Key Insights
Blockchain identity management is a transformative process that offers a decentralized and secure solution for real-time information verification of individuals or entities through distributed trust mechanisms. It establishes a tamper-proof and trusted medium for distributing asymmetric verification and encryption keys to identity holders, simplifying processes and enhancing security. The application of blockchain identity management spans various sectors, including banking, financial services, government, healthcare, automotive, transportation, retail, information technology (IT), and telecommunications.
Market Trends
Several key trends are driving the growth of the blockchain identity management market:
- Rising Cybersecurity Concerns: The increasing frequency of cyber-attacks and data breaches targeting private companies and government organizations worldwide is propelling the demand for effective identity management solutions. Organizations seek robust models to ensure regulatory compliance and monitor employee activities.
- Self-Sovereign Identification Technology: The market is witnessing a surge in demand for self-sovereign identification technology, which stores minimal user data while streamlining the identification process. This technology is gaining traction across industries.
- Trust and Transparency: Blockchain identity management is being utilized to establish trust and transaction transparency between businesses. It ensures data authenticity, enhancing its appeal in various sectors.
- Government Initiatives: Governments in numerous countries are taking initiatives to promote the adoption of blockchain identity management for improved scalability and transaction speed.
- Increased Smartphone Sales: The growing sales of smartphones, particularly in developing economies, and the widespread proliferation of the internet are contributing to market growth.
Key Market Segments
The report categorizes the blockchain identity management market into several key segments:
- Component: This includes platforms and services.
- Provider: Categories encompass application providers, middleware providers, and infrastructure providers.
- Organization Size: Segmented into large enterprises and small and medium-sized enterprises (SMEs).
- Industry Vertical: Covers sectors such as BFSI, government, healthcare, telecom and IT, retail and e-commerce, transport and logistics, real estate, media and entertainment, travel and hospitality, and others.
Regional Analysis
The global blockchain identity management market is analyzed regionally, including key regions such as North America (United States, Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, others), Latin America (Brazil, Mexico, others), and the Middle East and Africa.
Competitive Landscape
Key players in the blockchain identity management market include Amazon Web Services Inc. (Amazon.com Inc.), Bitfury Group Limited, Blockchains Inc., Civic Technologies Inc., Cognizant, Evernym Inc. (Avast Software s.r.o.), Infosys Limited, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, and Tata Consultancy Services Limited (Tata Group).
Key Questions Answered
The report addresses various key questions about the global blockchain identity management market, including:
- Historical market performance and future outlook.
- Impact of COVID-19 on the market.
- Key regional markets.
- Market segmentation by component, provider, organization size, and industry vertical.
- Trends in the industry.
- Competitive landscape.
- Driving factors and challenges.
- Value chain structure.
- Degree of competition.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 142 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $797.7 Million |
| Forecasted Market Value (USD) by 2028 | $36591.4 Million |
| Compound Annual Growth Rate | 89.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/bttso8
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