Blockchain Identity Management Market Size 2023, Demand, Future Opportunity & Forecast to 2028

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IMARC Group, a leading market research company, has recently releases report titled “Blockchain Identity Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global blockchain identity management market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big Is The Blockchain Identity Management Market?

The global blockchain identity management market size reached US$ 797.7 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 36,591.4 Million by 2028, exhibiting a growth rate (CAGR) of 84% during 2023-2028.

What Are Blockchain Identity Management?

Blockchain identity management represents the process of providing a decentralized and secure solution that offers real-time information about an entity or a person via a distributed trust paradigm. It enables decentralized public key infrastructure (DPKI), which constructs a tamper-proof and trusted medium to spread the asymmetric verification and encryption keys of the individuality holders. Blockchain identity management simplifies user processes by reducing the time and manual effort to issue identities. In addition, this method ensures the reliability, security, and authenticity of the data of users with its cryptographic security. As a result, blockchain identity management finds widespread applications across various sectors, such as government, healthcare, banking, financial services and insurance (BFSI), transportation, retail, automotive, information and technology (IT), and telecom.

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What Are The Growth Prospects And Trends In The Blockchain Identity Management Industry?

The rising cyber-attacks and data breaches to steal confidential data of private companies and government organizations across the globe and the escalating demand for this solution in several institutions to aid in regulatory compliance and keep track of employee activities are among the primary factors driving the blockchain identity management market.

Besides this, the elevating requirement for self-sovereign label technology in various industries to store the minimum personal data of users while also improving the efficiency of several processes is further augmenting the market growth. Moreover, the rising utilization of blockchain identity management for building trust and transaction transparency between two or more businesses to ensure the authenticity of the information is also catalyzing the global market. Apart from this, the launch of favorable policies by the government bodies to promote the utilization of this technique for enhanced scalability and transaction speed is anticipated to propel the blockchain identity management market over the forecasted period.   

What Is Included In Market Segmentation?

The report has segmented the market into the following categories:

Breakup by Component:

  • Platform
  • Services

Breakup by Provider:

  • Application Providers
  • Middleware Providers
  • Infrastructure Providers

Breakup by Organization Size:

  • Large Enterprises
  • Small and Medium-sized Enterprises (SMEs)

Breakup by Industry Vertical:

  • BFSI
  • Government
  • Healthcare and Life Sciences
  • Telecom and IT
  • Retail and E-Commerce
  • Transport and Logistics
  • Real Estate
  • Media and Entertainment
  • Travel and Hospitality

Others

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Who Are The Key Players Operating In The Industry?

The report covers the major market players including: 

  • Amazon Web Services Inc. (Amazon.com Inc.)
  • Bitfury Group Limited
  • Blockchains Inc.
  • Civic Technologies Inc.
  • Cognizant
  • Evernym Inc. (Avast Software s.r.o.)
  • Infosys Limited
  • International Business Machines Corporation
  • Microsoft Corporation
  • Oracle Corporation
  • and Tata Consultancy Services Limited (Tata Group).

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