The introduction of technologically advanced blockchain solutions is fueling the overall market growth.
PORTLAND, PORTLAND, OR, USA, Aug. 5, 2022 /EINPresswire.com/ — Increased transaction transparency, increased need to ensure product quality, reliability, authenticity and safety, and increased investments by retail industries in blockchain- blockchain-based solutions are fueling the growth of the global blockchain identity management market. On the other hand, the lack of qualified experts hampers the growth to some extent. Nevertheless, the rapid evolution of the retail sector and international trade is expected to pave the way for a number of opportunities for major players in the industry.
According to the report, the global blockchain identity management market was estimated at USD 107 Million in 2018 and is projected to reach USD 11.46 Billion by 2026, registering a CAGR of 79.2% during the period. ‘study.
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Based on organization size, the large enterprise segment accounted for more than four-fifths of the global blockchain identity management market revenue in 2018 and is expected to rule over the estimated period. Growing need to eliminate conventional problems, innovate new solutions and deliver real business results are the major factors driving the growth of the segment. At the same time, the small and medium business segment would grow at the fastest CAGR of 85.7% throughout the forecast period. The increased need to shift from traditional business models to digital businesses is fueling growth.
Based on the service provider, the infrastructure provider 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 increasing need to scale the infrastructure of organizations in a secure and sustainable manner is driving the growth of this segment. Simultaneously, application vendor segment would exhibit the fastest CAGR of 84.8% by the end of 2026. Rising need to reduce the involvement of third parties or intermediaries is the key factor driving market demand for this segment.
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Based on geography, North America held the largest share in 2018, generating nearly 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. Rising data security concerns and customer demands are major factors propelling demand for blockchain among retailers in this region.
Some of the key blockchain identity management industry players profiled in the report include 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.
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Key Conclusion of Blockchain Identity Management Market:
• Based on the industry vertical, the BFSI industry dominated the market in 2018 and is expected to generate the highest revenue over the forecast period. According to analysis of the blockchain identity management market, the growth of this segment is mainly attributed to the increase in the need to identify the right person and provide proof of any transaction between sender and receiver. money. Moreover, the increasing need to reduce the cost of customer identification and verification is also the major factor driving the market growth in this segment.
• Based on organization size, the large enterprise segment dominated the overall blockchain identity management market in 2018 and is expected to remain dominant throughout the forecast period. On the contrary, the small and medium business segment is expected to show the highest growth throughout the forecast period. The increase in the need to shift from traditional business models to digital business is the key factor driving small organizations to adopt blockchain identity management solutions and services; thus fueling the market growth of this segment.
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