Blockchain Identity Management Market Share, Growth, Segment Analysis by Types, Application and Outlook Forecast 2019 2023 | Corona-Virus Impact
Market Research Future (MRFR), in its new “Blockchain Identity Management Market” report, states that the global market of blockchain identity management market is expected to thrive at a lucrative CAGR of about 85% during the forecast period (2016 to 2023). As per MRFR findings, the blockchain identity management market is poised to reach a valuation of nearly USD 1,929.87 million by the end of forecast period.
Blockchain identity management is an identity management tool that is observed to be gaining popularity across different verticals. The authentication and digital verification process involved in the blockchain management software provide an edge. The blockchain identity management tool discards the concept of central database, and stores and encrypts data on a user’s smartphone. The growing use of smartphones and ease of accessibility are expected to impel the market growth. The use of cryptography to store and link data blocks via virtual networks in blockchain asserts high security check of the technology. This is causing the growing adoption of blockchain identity management market. The rise in security concerns is causing the adoption of blockchain identity management solutions. In addition, blockchain technology can simplifies the KYC processes for in the BFSI sector. And at the same time, ensures the protection of a user's personal information. These factors can also propel the market. On the downside, the lack of regulatory standards and concerns regarding users’ authenticity are likely to hinder the blockchain identity management market growth. In the coming future, blockchain will be able to compile the data at one location, whenever the data is put online.
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The global blockchain identity management market is assessed by vertical, organization size, and provider. By provider, the market is segmented into middleware providers, application providers, and infrastructure providers. By organization size, the market is sectioned into small and medium-sized enterprises and large enterprises. By verticals, the market is segmented into government, BFSI, telecom and IT, travel & hospitality, healthcare & life sciences, transport & logistics, retail & e-commerce, media & entertainment, real estate, and others.
The blockchain identity management market in North America is expected to secure a sizable share of the global market that is significant the presence of a firm infrastructure and advancements in technology in the region. In US, the main factor that is expected to drive the blockchain identity management market is the existence of strong blockchain identity management solutions providers. In Asia Pacific, the blockchain identity management market is expected to experience a sharp rise owing to the increase in venture capital funding. Additional causes that are likely to propel the APAC market are the growing number of start-ups and the increase in focus of governments on effective regulation of blockchain technology identity management.
MRFR listed some prominent players of the global blockchain identity management market. They are; AWS (U.S.), IBM (U.S.), KYC-Chain (Hong Kong), Civic Technologies (U.S.), Evernym (U.S.), Bitfury (U.S.), Netki (U.S.), Factom (U.S.), UniquID (U.S.), ShoCard (U.S.), Oracle (US), Microsoft (US), Nodalblock (Spain), Bitnation (Switzerland), Blockverify (U.K), EdgeSecure (U.S.), Cambridge Blockchain (US), Peer Ledger (Canada), Originalmy (Brazil), uPort (U.S.), Tradle (U.S.), Neuroware (Malaysia), Coinfirm (Poland), Existenceid (Australia), and BTL Group (Canada).
Companies are observed to associate with digital identity leaders to launch effective designs. Their growing need to implement global standards to provide point-to-point exchange of data about people and organizations enabled by the blockchain technology is expected to benefit the market. Key players are making efforts and designing strategies that can provide customers with customized designs, secure, cost-effective access to identity-verification solution via blockchain technology is also likely to favor the market expansion.
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