Prospects & Pathways: Blockchain Identity Management Market Navigating Industry Trends, Insights, and Sustainable Growth (2023-2028)

"The growth potential of the blockchain identity management market is fueled by key factors, including the consistent increase in blockchain identity ecosystem and blockchain gaming vertical. Together, these factors will boost the overall development of the blockchain identity management market."

🔥 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐫𝐞𝐞 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 + 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐓𝐎𝐂 ➡️ https://www.reportsnreports.com/contacts/requestsample.aspx?name=1530255&utm_source=Gupta&utm_medium=ruchi&utm_id=Ruchi

𝐌𝐚𝐣𝐨𝐫 𝐯𝐞𝐧𝐝𝐨𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐛𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 𝐢𝐝𝐞𝐧𝐭𝐢𝐭𝐲 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐦𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞 AWS (US), IBM (US), Oracle (US), Microsoft (US), Bitfury (US), NEC (Japan), Dock (Switzerland), and Hu-manity.co (US), Metadium (Cayman Islands), Serto (US), Coinfirm (UK), Accumulate (US), Neuroware (Malaysia), Tradle (US), Peer Ledger (Canada), Procivis (Switzerland), SpringRole (US), Blockchains (US), Oaro (Canada), Fractal (Germany), NuID (US), Validated ID (Spain), KYC-Chain (Hong Kong), TRM Labs (US) and Factom (US).

The global blockchain identity management market size is projected to grow from USD 1.3 billion in 2023 to USD 35.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 92.7% during the forecast period. The blockchain identity management market is expected to experience significant growth due to rising concerns over security in centralized identity systems. As hackers increasingly target traditional identity management systems for valuable data, industries are turning to blockchain identity management solutions to enhance security, driving the expansion of the market.

Furthermore, verticals, such as Real Estate and Construction, healthcare, BFSI, and retail and eCommerce, are driving demand for blockchain-based identity solutions, benefiting from enhanced efficiency and data integrity provided by decentralized and immutable systems. These factors indicate promising substantial growth in the demand for blockchain identity management solutions in the foreseeable future.

"By vertical, the BFSI segment accounts for a larger market share."

The BFSI holds the largest market share in the blockchain identity management market for various reasons. It relies on blockchain for secure and compliant identity management by ensuring tamper-proof storage and management of identity data. Additionally, the sector benefits from blockchain automation, which enhances efficiency and cost-effectiveness in identity management. Moreover, blockchain improves the customer experience by enabling a secure single identity across multiple financial institutions. The BFSI's proactive investment in blockchain innovation further cements its dominant market share and promising growth prospects.

"By network, the permission segment accounts for a larger market share."

Permissioned blockchain network is gaining traction across the blockchain identity management market for the following reasons:

Security: Permissioned blockchains offer higher security compared to permission less blockchains due to their inherent access control layer, ensuring only authorized users can participate in the network. This makes them particularly suitable for security-critical applications like identity management.
Scalability: Permissioned blockchains are more scalable than permissionless ones as they handle fewer transactions, making them well-suited for applications requiring a high transaction volume, such as identity management.
Control: Permissioned blockchains provide organizations with greater control over their data compared to permissionless blockchains. Organizations can determine data access and usage, making them a preferred option for those prioritizing data privacy and security.
"By region, Asia Pacific is to grow at the highest CAGR during the forecast period"

The Asia Pacific region's fast-growing population and focus on digital transformation have led to a high demand for secure identity verification solutions. Governments in the region are actively exploring blockchain technology, supported by favorable regulations and increasing internet access. It has driven adoption across finance, trade, and government services. Moreover, the rising awareness of cybersecurity risks and the importance of data privacy have further accelerated the adoption of blockchain-based identity management solutions in the region, making it the fastest-growing market for such technologies.

Breakdown of primaries

The study contains various industry experts' insights, from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:

By Company Type: Tier 1 - 25%, Tier 2 - 40%, and Tier 3 - 35%
By Designation: C-level - 30%, Directors - 35%, and Managers -35%
By Region: North America - 15%,Europe- 25%, Asia Pacific- 30%, Middle East & Africa -20%, Latin America -10%

➡️ 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐅𝐨𝐫 𝐌𝐨𝐫𝐞 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 @ https://www.reportsnreports.com/contacts/inquirybeforebuy.aspx?name=1530255&utm_source=Gupta&utm_medium=ruchi&utm_id=Ruchi

𝐊𝐞𝐲 𝐛𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐨𝐟 𝐛𝐮𝐲𝐢𝐧𝐠 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall blockchain identity management market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞:The report segments the blockchain identity management market and forecasts its size by offering (Software and Services), Provider Type (Application provider, Middleware Provider, and Infrastructure Provider), Organization Size (SMEs and Large Enterprises), Network (Permissioned and Permissionless), Vertical (BFSI, IT and ITeS, Telecom, Government, Real Estate and Construction, Healthcare, Retail and eCommerce, Media and Entertainment, Travel and Hospitality, and other Verticals), and Region (North America, Europe, Asia Pacific, Middle East and Africa, and Latin America).

This release was published on openPR.