Global blockchain identity management market is anticipated to grow at a CAGR during the forecast period. The factor such as a rise in the need to establish transaction transparency between parties is the major factor that fuels the market growth for the blockchain identity management industry. Blockchain identity management offers real-time information regarding the particular person that allows industries such as retail, healthcare, and banks among others to verify their identity for any kind of identification. Moreover, blockchain assures the safety and authenticity of the user’s data along with its cryptographic security. Therefore, these factors are anticipated to propel the market across the industries. Additionally, an increase in demand for privacy and security solutions in enterprises and a rise in the proliferation of e-commerce is anticipated to boost the growth of the market.
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Blockchain technology enables in creating a platform for the protection of individual identity against potentially fraudulent activities. As well as it aids the individual to create digital encrypted identities along with comprehensive security functionality. However, lack of awareness regarding blockchain technology is anticipated to hamper the growth of the market over the forecast period. Furthermore, an increase in demand for scalability and transaction speed is anticipated to offer key growth opportunities for the blockchain identity management market in the near future. The increase in government initiatives for the development of blockchain technology is growing and also in developed countries are expected to have the opportunity for market growth.
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Moreover, blockchain technology enables in enhancing the existing identity management by resolving the issues of KYC on boarding, lack of control over personal data and identity theft. The blockchain identity management solutions work by registering for ID, followed by upload of KYC documents, generating trust score of the individual, offer a digital ID and verification of KYC documents.
Market Segmentation
Global Blockchain Identity Management Market by Provider
- Infrastructure Providers
- Middleware Providers
- Application Providers
Global Blockchain Identity Management Market by Vertical
- BFSI
- Government
- Healthcare
- Automotive & Transportation
- Retail and E-commerce
- Others
Regional Analysis
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
Rest of the World
Company Profiles
- Amazon Web Services, Inc.
- Bitfury Group,Ltd.
- BTL Group, Ltd.
- Cambridge Blockchain LLC
- Civic Technologies, Inc.
- ConsenSys AG
- EdgeSecure (Airbitz, Inc.)
- Evernym, Inc.
- Factom, Inc.
- IBM Corp.
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