New York, United States, Aug. 09, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Blockchain Identity Management Market Analysis by Component, Vendor, Organization Size, Vertical – Global Predictions to 2027″ valuation is about to reach USD 17.81 billion by 2030, registering a CAGR of 56.60% throughout the forecast period (2022-2030).
Blockchain Identity Management Market Overview
The expansion of the market is expected to be facilitated by the expansion of government initiatives for the development of blockchain technology in developed and emerging countries.
Scope of Blockchain Identity Management Market Report:
|Revenue forecasts by 2030||$17.81 billion|
|Rate of growth||CAGR of 56.60%|
|Year of reference||2021|
|forecast year||2022 to 2030|
|Main suppliers||IBM (US) Civic Technologies (US) AWS (US) KYC-Chain (Hong Kong) Evernym (US) Bitfury (US)|
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Growing Need for Digitization to Drive Market Growth
The growing need for digitization will drive the market growth over the forecast period. Several industries, including consumer products, healthcare, manufacturing, and retail, are embracing digitalization more broadly. This industry is more vulnerable to cyber attacks due to the use of IT resources. The blockchain identity management solution that helps stop invasions is becoming increasingly popular.
Lack of awareness to maintain market restriction
Lack of awareness regarding the benefits of blockchain technology among businesses may act as a drag on the market during the forecast period.
An uncertain regulatory landscape to act as a market challenge
Uncertain regulatory landscape, user authenticity issues and lack of common sets of regulatory standards may pose challenges for the market during the forecast period.
Blockchain Identity Management Market Segments
The global blockchain identity management market is split on the basis of vertical, organization size, vendor, and component.
By component, the blockchain identity management market is segmented into solutions and software.
By vendor, infrastructure will dominate the market over the forecast period.
By organization size, medium size will dominate the market over the forecast period.
By vertical, BFSI will spearhead the market during the forecast period.
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Blockchain Identity Management Market Regional Analysis
North America Leads Blockchain Identity Management Market
Due to its highly developed infrastructure and technological breakthroughs, North America currently retains the highest market share. The major driving force in the field is the existence of key market players that provide blockchain identity management solutions. The US government made the decision to provide public services to recognize the potential of technology and to create enterprise applications. In terms of infrastructure development and technology adoption, North America is considered the most advanced region. The region’s substantial concentration of leading blockchain technology service providers is the major driver of the market. North American governments and other organizations use blockchain identity management systems.
Due to the presence of major market players and continuous advancements in blockchain technology, North America accounted for the largest market share in 2018 and is expected to maintain this position over the projected period. The major factor that is expected to propel the expansion of the market in this region over the next few years is also the rise in data security concerns among merchants. Due to the increased use of advanced technologies like Internet of Things and the presence of key companies in the region, North America is now dominating the blockchain identity management market , and its market share will continue to grow during the projection. period.
North America now holds an uncomfortably high market share and is expected to maintain it throughout the forecast period due to the existence of significant market players and ongoing innovations in blockchain technology. Moreover, the major element that is expected to fuel the expansion of the market in this region over the forecast period is the rise in traders’ concerns regarding data security. The market is dominated by North America, which also held the largest market share. The major reason propelling the market in this domain is the large concentration of major industry players providing solutions. The US government has started offering public services to develop enterprise applications as it recognizes the potential of technology.
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APAC to See Significant Growth in Blockchain Identity Management Market
Due to increased venture capital funding, a surge in the number of companies entering the market, and the focus of governments on regulating blockchain technology, APAC is expected to grow at the fastest rate during the projection period. There are many prospects for the adoption of blockchain identity management solutions in major APAC countries, including Japan, New Zealand, Australia, Singapore, and Hong Kong thanks to their major financial centers and institutions. governmental. An important aspect that is boosting the rate of market development is the growing internet penetration. Due to the increasing acceptance of large-scale blockchain identity management systems, as well as the increasing number of numerous start-ups in different countries, the Asia-Pacific market is expected to witness the fastest growth in terms of revenue in the near future. Customer demands and growing data security concerns are the main drivers of blockchain adoption among merchants in this region.
Due to the widespread prevalence of the COVID-19 pandemic, the population is highly disrupted around the world. Due to transit restrictions, blockages, supply chain disruptions, labor shortages, and raw material shortages that are causing production to stop and office operations to slow down, this had a significant impact on a number of industries. Companies are choosing to work from home to avoid this delay caused by confinement and disruption. As a result, the use of blockchain identity management technology has drastically decreased in various industries including banking, healthcare, retail, and others due to the increase in remote working. Therefore, COVID-19 is driving interest in blockchain identity management. Moreover, a number of countries are introducing regulatory easing measures, and it is expected that the global blockchain identity management market will soon regain its dominant position.
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Blockchain Identity Management Market Competitive Analysis
The Dominant Key Players in the Blockchain Identity Management Market Covered Are:
- IBM (US)
- Civic Technologies (US)
- AWS (US)
- KYC Channel (Hong Kong)
- Evernym (USA)
- Bitfury (US)
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