Blockchain Identity Management Market To Reach USD 17.1 Billion By 2027 | CAGR 81.5% - Forencis Research

Global Blockchain Identity Management Market: Key Highlights

• According to the new market research report “Blockchain Identity Management Market by Enterprise (Large Enterprises, Small and Medium-sized Enterprises), by End-User (Government, BFSI Healthcare, Automotive, Others), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America,) – Global Forecast (2019 to 2027)”, the global Blockchain Identity Management market is estimated to reach USD 17.1 Billion by 2027 at a CAGR of around 81.5% during the review period.
• Growing demand for self-sovereign identity solution is a factor driving the demand for blockchain identity management.
• However, synthetic identity theft remains a major challenging factor for the growth of the blockchain identity management market.

Global Blockchain Identity Management Market: Key Market Dynamics

• Rapid demand of self-sovereign identity solution is expected to drive the market of blockchain identity management, as the blockchain technology is based on distributed ledger architecture it can be used in this solution.
• Smart city initiatives in blockchain identity management is expected to rise the market in near future as creating digital identities for citizens of smart cities may be based on blockchain technology.
• Synthetic identity theft is expected to challenge the growth of the market as the system is based upon ledger architecture that takes integration of the inputs, thus fake identity can trick the system.

Global Blockchain Identity Management Market: Regional Overview

• Asia-Pacific

The blockchain identity management market in the Asia-pacific region is estimated to observe rapid growth in coming decades. The organizations and companies in the region are gradually adopting blockchain technology compelling to growing demand of efficient and transparent operational activities. In 2019, Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank announced a joined venture with US-based firm to launch blockchain based payments network.

• Europe

Owing to the substantial adaptation of the blockchain technology in Europe, the demand for blockchain identity management is expected to increase. In 2017, in Finland, prepaid debit cards based on blockchain technology were given to refugees to resolve identity issue. In 2019, a Paris-based property was sold completely using blockchain transaction. Moreover, digital identification systems based on blockchain are also emerging in the region.

Global Blockchain Identity Management Market: Key Players Overview

• IBM:

IBM is a US-based multinational company engaged in information technology domain. The company portfolio comprises of artificial intelligence (AI) platform, cloud, IT infrastructure, services, security and research. In blockchain segment, the company provides a solution named IBM Verify Credentials for identity management. Moreover, in 2019 Bank of New York Mellon started securing their transactions by Blockchain technology on IBM Z.

• Microsoft:

Microsoft is an American multinational technological company that engages in developing, licensing, producing and selling of consumer electronics, computer software, and other related services. The company portfolio covers six segments, software, PCs and Devices, entertainment, business, developer and IT, and other. In 2018, the company announced collaboration with MasterCard to deliver secure verification of digital identity.

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