What is the global market size of Blockchain Identity Management Market?

Global Blockchain Identity Management Market size was valued at USD 296.2 million in 2022 and is poised to grow from USD 540.57 million in 2023 to USD 66519.7 million by 2031, growing at a CAGR of 82.5% in the forecast period (2024-2031).

Which region accounted for the largest share in Global Blockchain Identity Management Market?

North America is estimated to account for a substantial share of the global blockchain identity management market. 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. 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.

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.

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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. '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 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.

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.

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

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Blockchain Identity Management Market Insights

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