Interoperability between Government Departments to Drive Global Blockchain Identity Management Market
Global Blockchain Identity Management Market to Expand by Preventing Fraudulent Identities
Blockchain identity management is a blockchain based digital authentication and verification software for processing sensitive data and connecting different databases without storing it. It relies on cryptography for encrypting and linking data blocks through virtual networks. The global blockchain identity management market report by Market Research Future (MRFR) covers the scope of the market for the period of 2017 to 2023 (forecast period). It covers the major variables that shape the size of the market as well as thorough regional and competitive analysis for a broader view.
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The global blockchain identity management market size can reach USD 1,929.37 million by 2023, according to MRFR. It can exhibit a CAGR of 85% over the forecast period. It can thrive by resolving issues of data security, identity theft, and KYC overboarding. The need for trust and transparency between parties and enhanced security solutions demand by enterprises can drive the market demand over the forecast period. This can be facilitated by the use of zero knowledge proofs for authenticating and verifying digital identities.
Initiatives by governments for encouraging the use of blockchain technology in developing economies can be opportune for the market. This is evident by its use in IT, retail, and healthcare sectors. Blockchain allows users to track their transactions in a common network without storing any personal data. Moreover, it lessens the interference of bureaucracy and expedites the process within an organization.
Lack of regulatory standards and concerns over user authentication can impede the market growth. The COVID-19 outbreak has led to a rapid downfall in the use of blockchain identity management in financial and healthcare sectors. But the relaxation of rules can lead to a resurgence of demand from these sectors.
By provider, the market is segmented into application providers, middleware providers, and infrastructure providers.
By organization size, the market is segmented into large enterprises and small and medium-sized enterprises.
By industry verticals, the market is segmented into retail & e-commerce, BFSI, government, healthcare & life sciences, real estate, travel & hospitality, telecom and IT, transport & logistics, media & entertainment, and others. The BFSI industry is likely to be the biggest revenue generator of the market due to the use of a digital identity for safeguarding transactions. In addition, deployment of modern digital systems for seamless transactions and restoration of consumer confidence in financial institutions can drive the demand for blockchain identity management.
Asia Pacific is expected to dominate the blockchain identity management market due to the increase in venture capital funding, number of startups and government’s increasing focus on regulating the blockchain technology identity management. Large number of startups offering blockchain, regulations by governments, and rise in venture capital funding can drive the regional market demand.
North America is estimated to hold the largest market share owing to significant advancements in technology and infrastructure. The main factor driving the blockchain identity management market in this region is the strong presence of key industry players. Recognizing the potential of this technology, the U.S. government has started delivering public services to develop business applications.
Key players of the market include Factom, Evernym, IBM, Civic Technologies, AWS, ShoCard, Netki, UniquID, KYC-Chain, and Bitfury.
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