Northbrook, IL 60062 -- (SBWIRE) -- 08/14/2023 -- 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, according to research report by MarketsandMarkets™.

The expansion of the blockchain identity management market is propelled by a significant increase in the digital identity ecosystem, rendering them a primary focus for hackers. The demand for secure and decentralized solutions in managing user identities and virtual assets has further contributed to the growth of the blockchain identity management market.

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Based on the provider type, the middleware provider segment is to grow at the highest CAGR during the forecasted period.

The blockchain identity management market is divided into application, middleware, and infrastructure provider type. The middleware provider type experiences the highest CAGR, offering organizations a comprehensive solution for their blockchain identity management needs. Middleware providers offer essential infrastructure and services for secure identity information exchange among participants. Services include identity registration, verification, storage, and management in a tamper-proof way. They facilitate authentication and authorization and ensure interoperability between various blockchain networks and systems.

By organization size, small and medium-sized enterprises (SMEs) account for the highest CAGR.

Small and medium-sized enterprises (SMEs) contribute the highest CAGR in the blockchain identity management market. SMEs seeking cost savings, enhanced efficiency, and improved security are fueling the growth of the market. Blockchain eliminates intermediaries, reduces fraud, and automates tasks, allowing businesses to focus on core operations. Its cryptographic security ensures data protection, building trust with stakeholders and aiding compliance. As SMEs increasingly rely on digital technologies, the demand for secure and scalable identity management solutions grows, making blockchain an increasingly popular choice.

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By region, Asia Pacific is to grow at the highest CAGR during the forecast period.

The Asia Pacific region accounts for the highest market size due to rapid digital transformation, fostering demand for secure blockchain-based identity solutions. Governments of various countries such as Singapore, India, and Australia are supporting blockchain identity for enhanced service efficiency like e-voting and e-passports. With major players like IBM, Microsoft, and Oracle investing significantly in blockchain technology, the region thrives in the blockchain identity market. Moreover, the rising demand for KYC simplification and self-sovereign identification further propels the growth of this market in the Asia Pacific.

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) are the key players and other players in the blockchain identity management market.

Key Dynamic Factors For Blockchain Identity Management Market:

The Blockchain Identity Management Market was experiencing significant growth and evolution driven by several dynamic factors. Here are some of the key dynamic factors that were influencing the Blockchain Identity Management Market:

Traditional identity management systems are frequently subject to data breaches and privacy issues, which raises security and privacy concerns. These problems are addressed by the decentralised and immutable nature of blockchain, which makes it an appealing option for guaranteeing the security and privacy of digital identities.

Digital Transformation: Reliable identity management systems are required due to the ongoing digital transformation across industries. The potential of blockchain to offer tamper-proof, verified identities can simplify digital transactions and processes, resulting in higher adoption.

Regulatory Environment: How identity management is implemented is greatly influenced by the regulatory environment. Data protection, privacy, and identity verification laws can both encourage the use of blockchain identification solutions and make them difficult to comply with.

Trend towards decentralisation: The fundamental tenets of blockchain technology are in line with the trend towards decentralisation in many industries. In a world that is becoming more and more digital, decentralised identification solutions provide people more power over their personal information.

Interoperability: As the number of blockchain networks and platforms increases, it is crucial to make sure that various systems can communicate with one another. Blockchain identity management must smoothly connect with current identity infrastructures and across a variety of blockchain networks in order to be effective.

Self-Sovereign Identity (SSI) is the idea that people should be completely in charge of their online personas without the need for centralised authority. For SSI, blockchain is a key technology, and the market's development depends on how widely this paradigm is used.

Use Cases Beyond Cryptocurrencies: As the potential of blockchain has become better understood, a variety of sectors, including supply chain management, healthcare, banking, and government, are looking into blockchain identity solutions for safe data exchange, authentication, and authorization.

Cybersecurity Environment: Notorious data leaks and cyberattacks highlight the need for more effective cybersecurity solutions. Blockchain-based identity management reduces the single points of failure seen in centralised systems, hence enhancing security.

User Experience: Blockchain identification systems must have a user-friendly interface in order to be widely used. Market players must overcome the difficulty of balancing security with usability in order to provide solutions that are smooth and open to all.

Collaboration and Partnerships: Setting standards, fostering interoperability, and accelerating the adoption of blockchain identity management systems all depend on partnerships between many stakeholders, including technology suppliers, governments, industry consortia, and standards organisations.

Technological advances include enhanced consensus processes, scalability fixes, and privacy enhancements. The blockchain technology itself is still developing. The possibilities and capabilities of blockchain identity management solutions are directly impacted by these developments.

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Competitive and Segmentation Analysis:

A mix of well-known IT juggernauts and cutting-edge startups make up the dynamic competitive landscape of the blockchain identity management market. Strong blockchain-based identification solutions are available from businesses like IBM and Microsoft, which cater to the security requirements of diverse industries. Civic and uPort, on the other hand, concentrate on self-sovereign identity solutions, giving people authority over their digital identities. Startups with privacy- and verification-focused products, such SelfKey and ShoCard, add to the market's diversity. Decentralised identification solution development is driven collaboratively by open-source efforts like Hyperledger Indy and Sovrin Foundation.

This market's segmentation is clear from its use in a variety of areas. Key application areas include KYC/AML compliance, access control, supply chain integration, and identity verification. Businesses in the financial services, healthcare, retail, government, supply chain, and educational sectors all profit from the improved security and privacy aspects of blockchain identity management. Geographical variances also have an effect on regulatory intricacies and adoption rates, which shapes the market's trajectory. For stakeholders looking to navigate and profit from the developing blockchain identity management market, a greater grasp of competitive dynamics and sophisticated segmentation is essential as the landscape continues to change.

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