USD 1.3 billion
Blockchain Identity Management Market Size, Share, Growth Analysis, By Offering(Software, and Services), By Provider Type(Infrastructure Providers, Application Providers, and Middleware Providers), By Enterprise Size(Large Enterprises, and Small and Medium Enterprises (SMEs)), By Industry Vertical(BFSI, IT & Telecommunications, Government, Healthcare), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45B2123 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
147
|Figures:
78
Blockchain Identity Management Market Insights
Blockchain Identity Management Market size was valued at USD 1.3 Billion in 2022 and is poised to grow from USD 2.37 Billion in 2023 to USD 293.39 Billion by 2031, growing at a CAGR of 82.6% during the forecast period (2024-2031).
Blockchain identity management is simply a traditional identity management solution operating on a decentralized blockchain, which makes it more secure. User data on blockchain is much harder to breach or hack as it uses a decentralized ledger to store data. This enhanced security of blockchain identity management and drives market growth. Growing emphasis on improving identity management security, rising incidence of cyberattacks, and rapidly evolving threat landscape are other factors that promote the adoption of blockchain identity management. Growing availability of novel identity management solutions based on blockchain technology will also create new business scope in the future. Rising acceptance of decentralized platforms and growing popularity of blockchain solutions are also forecasted to bolster market development in the future. Limited scalability and interoperability of blockchain identity management solutions is projected to hurt the overall market growth in the long term.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Software
Fastest Growth
Software
Growth Rate
82.6% CAGR
Global Blockchain Identity Management Market ($ Bn)
Country Share for North America Region (%)
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Blockchain Identity Management Market Segmental Analysis
The global blockchain identity management market is segmented based on offering, provider type, enterprise size, industry vertical, and region. In terms of offering, the market is bifurcated into software and services. Based on provider type, the market is divided into infrastructure providers, application providers, and middleware providers. Based on enterprise size, the market segmented into large enterprises and small and medium enterprises (SMEs). In terms of industry vertical, the market is segmented into BFSI, IT & telecommunications, government, healthcare, Retail and E-Commerce, media & entertainment, travel & hospitality, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Blockchain Identity Management Market Analysis by Offering
Software segment is projected to account for a major chunk of the global blockchain identity management market share. Flexibility, scalability, and easy integration offered by software for blockchain identity management companies is what boosts the demand for software development. Easy maintenance and upgradation of software blockchain identity management solutions is also a key factor that is estimated to help this segment maintain its dominance through 2031.
Meanwhile, the demand for blockchain identity management services is estimated to rise at a rapid CAGR across the forecast period and beyond. As deployment of blockchain identity management increases, organizations realize the complexities of these solutions, driving demand for them. From deployment to maintenance all kinds of blockchain identity management services are being offered by companies to promote blockchain identity management adoption.
Blockchain Identity Management Market Analysis by Provider Type
Application providers are projected to account for a dominant share of the global blockchain identity management market. Increasing demand for blockchain identity management solutions from various sectors is pushing application providers to develop customized solutions that cater to different requirements and allowing this segment to hold a high market share. Application providers help organizations in practical implementation of blockchain identity management solutions.
Infrastructure providers are estimated to emerge as the fastest-growing segment in the global blockchain identity management market. Infrastructure is the foundational requirement for any IT system to function properly and infrastructure providers do just that. These providers supply organizations with security frameworks, network protocols, and other essentials required to set up and scale a blockchain identity management solution.
Global Blockchain Identity Management Market By Offering
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Blockchain Identity Management Market Regional Insights
North America is estimated to account for a substantial share of the global blockchain identity management market. Prioritization of data security in this region is a key factor that will bolster the demand for blockchain identity management in the future. The United States and Canada are estimated to be the leading markets for blockchain identity management providers in this region. The presence of thriving blockchain start-ups and growing adoption of blockchain solutions by leading tech companies in this region contribute to the dominance of North America
Growing adoption of digital technologies is the prime factor that allows the Asia-Pacific region to position itself as the fastest expanding market for blockchain identity management in the world. Increasing partnerships of blockchain-based companies with organizations from different industry verticals are also promoting the demand for blockchain identity management in this region. China, Japan, and India are slated to be top markets for blockchain identity management companies operating in this region.
Global Blockchain Identity Management Market By Region
- Largest
- Fastest
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Blockchain Identity Management Market Dynamics
Blockchain Identity Management Market Drivers
High Demand for Better Security Solutions
- Blockchain identity management solutions are decentralized and highly secure as compared to traditional identity management solutions. Growing demand for better identity management and security is estimated to promote blockchain identity management adoption.
Rising Popularity of Blockchain Gaming
- Growing number of people engaging in blockchain gaming is also promoting the use of blockchain identity management in this vertical. Assets of blockchain games can be sold for real-world value, which is why blockchain identity management is of utmost importance in this vertical.
Blockchain Identity Management Market Restraints
Interoperability Issues
- Integrating and operating blockchain identity management solutions in harmony with other solutions and systems is an issue as some systems might not be compatible. Also, use of incompatible standards if different blockchains also creates interoperability issues and hinders market growth.
Limited Scalability
- Blockchain identity management solutions can get overwhelmed by increasing number of identity transactions on the blockchain as the solution is designed for specific applications. Limited scalability of blockchain identity management solutions will impede market development in the future.
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Blockchain Identity Management Market Competitive Landscape
Blockchain identity management providers should focus on making solutions that are easily scalable and are more flexible in terms of compatibility with other blockchains. Blockchain identity management providers can also develop custom solutions to maximize their revenue generation form a particular industry vertical. Creating more awareness regarding the benefits of blockchain-based products will also help market players maximize their business scope in the future.
Blockchain Identity Management Market Top Player’s Company Profiles
- AWS (US)
- IBM (US)
- Oracle (US)
- Microsoft (US)
- Bitfury (US)
- NEC (Japan)
- Dock (Switzerland)
- Hu-manity.co (US)
- Metadium (Cayman Islands)
- Serto (US)
- Coinfirm (UK)
- Accumulate (US)
- Neuroware (Malaysia)
- Tradle (US)
- Peer Ledger (Canada)
- Procivis (Switzerland)
- SpringRole (US)
- Oaro (Canada)
- Fractal (Germany)
- Factom (US)
Blockchain Identity Management Market Recent Developments
- In May 2024, Microstrategy, a leading name in business intelligence, announced the launch of a new identity management solution that leverages Bitcoin blockchain. The company unveiled this product at the Microstrategy World 2024 event in Las Vegas.
- In April 2023, Ping Identity, a renowned software organization, launched a new decentralized identity management solution. The PingOne Neo is a scalable and secure IAM solution for organizations.
Blockchain Identity Management Key Market Trends
- High Demand for Decentralized Identity Management: Blockchain identity management solution providers can capitalize on the growing popularity of decentralized solutions to boost their sales. Companies can market their products using organic and inorganic marketing strategies to make the most of this decentralization trend.
Blockchain Identity Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing demand for decentralized identity management and rising demand for better security solutions are projected to bolster blockchain identity management market growth across the forecast period and beyond. Limited scalability and interoperability issues are projected to hamper the overall blockchain identity management demand outlook going forward. North America is estimated to dominate global blockchain identity management market share owing to the presence of a strong blockchain start-up ecosystem and high emphasis on maintaining data privacy. Blockchain identity management providers can use organic and inorganic marketing strategies to capitalize on the decentralization trend around the world. Generating awareness regarding benefits of blockchain technology use will also foster new growth scope for market players.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.3 Billion |
| Market size value in 2031 | USD 293.39 Billion |
| Growth Rate | 82.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Blockchain Identity Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Blockchain Identity Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Blockchain Identity Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Blockchain Identity Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Blockchain Identity Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Blockchain Identity Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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