Blockchain Identity Management Market to grow from USD 1.3 billion in 2023 to USD 35.1 billion by 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."

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.

Download Free Sample PDF @ https://www.reportsnreports.com/contacts/requestsample.aspx?name=1530255

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%

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).

Download Complete Report @ https://www.reportsnreports.com/purchase.aspx?name=1530255

ReportsnReports - Your Market Research Librarian
Corporate Headquarters
Tower B5, office 101, Magarpatta SEZ,
Hadapsar, Pune-411013, India.
+ 1 347 333 3771
sales@reportsandreports.com

ReportsnReports.com is your single source for all market research needs. Our database includes 500,000+ market research reports from over 95 leading global publishers & in-depth market research studies of over 5000 micro markets. With comprehensive information about the publishers and the industries for which they publish market research reports, we help you in your purchase decision by mapping your information needs with our huge collection of reports.

This release was published on openPR.