Streamlining business activities through high transaction speed and steadfastness are some of the factors fueling the growth of this market.
PORTLAND, PORTLAND, OR, UNITED STATES, August 9, 2021 /EINPresswire.com/ – Increasing transaction transparency, increasing the need to ensure product quality, reliability, authenticity and safety, and increasing investment by retail sectors in blockchain-based solutions are fueling the growth of the global market blockchain identity management market. On the other hand, the lack of qualified experts hinders growth to some extent. Nevertheless, the rapid evolution of the retail and international trade sector is expected to open up a number of opportunities for the major players in the industry.
The global blockchain identity management market was estimated at $ 107 million in 2018 and is expected to reach $ 11.46 billion by 2026, registering a CAGR of 79.2% during the study period.
Based on organization size, the large enterprise segment accounted for over four-fifths of the global blockchain identity management market revenue in 2018, and is expected to reign over the estimated period. The growing need to eliminate conventional problems, innovate new solutions and deliver tangible business results are the main factors driving the growth of the segment. At the same time, the small and medium business segment is expected to grow at the fastest CAGR of 85.7% throughout the forecast period. The increasing need to move from traditional business models to digital businesses is fueling growth.
Based on the service provider, the infrastructure providers segment contributed more than half of the global blockchain identity management market share in 2018, and is expected to dominate throughout the study period. The increased need to evolve the organization’s infrastructure in a secure and sustainable manner is driving the growth of this segment. Simultaneously, the application provider segment is expected to post the fastest CAGR of 84.8% by the end of 2026. The increased need to reduce the involvement of third parties or middlemen is the key driving factor. market demand for this segment.
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Profiling of key players: Amazon Web Services, Inc. (AWS), Auxesis Services & Technologies (P) Ltd., Bitfury Group Limited, Cognizant, Infosys Limited, International Business Machines Corporation (IBM), Microsoft Corporation, Oracle Corporation, SAP SE , and Tata Consultancy Services Limited.
Based on geography, North America held the largest share in 2018, generating almost half of the global blockchain identity management market. This is due to the presence of major market players in this province. The Asia-Pacific region, on the other hand, would cite the fastest CAGR of 89.7% by 2026. Growing data security concerns and customer demands are the main factors propelling the demand for blockchain among the retailers in this region.
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