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

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.  

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.