BLOCKCHAIN IDENTITY MANAGEMENT MARKET: SUMMARY
The Global Blockchain Identity Management Market is projected to reach a value of over USD 17.1 Billion by 2027 at a CAGR of around 81.5%.
Blockchain is a technology, based on distributed ledgers shared between group of people or institutions and the number entities in the group can be expanded as per requirement. With every transaction, the data is added as a block, which has timestamp and the link to the previous block in the chain. The data once added becomes a record; any individual in the group cannot alter the recording unless all the participants agree for the same. Using this technology, the information present in various bits can be managed as real time data at one source.
This technology is appropriate for handling both authorization and supervision of personally identifiable information, because the data can be managed without depending on centralized managing authority. As blockchain have distributed ledgers, it ensures complete exchange of business application across entire industries, simultaneously managing authorization and control of personal data from a single access point. The organizations can embrace blockchain into identity management by switching from proprietary to open platforms and adjusting to enterprise business model.
BLOCKCHAIN IDENTITY MANAGEMENT MARKET: DRIVERS & CHALLENGES
- Rapid Demand of Self-Sovereign Identity Solution
As the usage of internet is increasing swiftly, securing personal information of the users has become a major concern to deal. The digital identity of the users is created which has personal information, the same identity is used for various platforms, and the authorization is done by federated systems such as Google. However, the users does not have any control on their digital identity and such data can be breached. For instance, Facebook- Cambridge Analytica data scandal where personal data of 50 million Facebook users was used without their consent.
New identity system to resolve these issues is self-sovereign identity system; in this system, users have control of their digital identity eliminating any type of centralized authority. The European Union General Data Protection Regulation intensified the demand for this system. Blockchain can be crucial in implementation of this identity system because of its distributed ledger architecture.
Hence, rapid demand of self-sovereign identity solution can be a contributing factor in the growth of the blockchain identity management market, during the forecast period.
Synthetic identity is created by collaborating valid information from various individuals into one fake identity. As every bit of information of the fake identity is authentic, the identification system can fail in recognizing the fake identity and may authorize the access. The blockchain is based on ledger that depends on the integration of the inputs; it can be misled by the fake identity. Although the challenge can be diminished by using digital signatures, without which the records cannot be accepted by the blockchain.
Hence, synthetic identity theft can be a limiting factor in the growth of the Blockchain identity management market during the forecast period.
BLOCKCHAIN IDENTITY MANAGEMENT MARKET: KEY SEGMENTS
- Segmentation based on enterprise: Large Enterprises, and Small and Medium-sized Enterprises.
- Segmentation based on end-users: Government, BFSI, Healthcare, Automotive, and Others.
- Segmentation based on region covers: North America, South America, Europe, Asia-Pacific, and Middle East & Africa with individual country-level analysis.
BLOCKCHAIN IDENTITY MANAGEMENT MARKET: REPORT SCOPE
The report on the Blockchain Identity Management market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2020-2027 (2020 estimated year, forecasted up to 2027)
Value (USD Million)
Enterprise, End-users, and Region
North America, South America, Asia-Pacific, Europe, Middle East & Africa
KEY COMPANIES COVERED
- IBM (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Bitfury Group Limited
- Evernym Inc
- Tradle, Inc.
- KYC-Chain Limited
- Civic Technologies
- Other Key Companies
BLOCKCHAIN IDENTITY MANAGEMENT MARKET: REPORT SEGMENTATION
For the scope of the report, In-depth segmentation is offered by Forencis Research
Blockchain Identity Management Market, by Enterprise
- Large Enterprises
- Small and Medium-sized Enterprises
Blockchain Identity Management Market, by End User
Blockchain Identity Management Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions answered by the report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Blockchain Identity Management Market Providers
- Blockchain Identity Management Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Blockchain Identity Management Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE BLOCKCHAIN IDENTITY MANAGEMENT MARKET STUDY