Blockchain Identity Management Market Research Report – Forecast to 2023
Blockchain identity management leverages a blockchain-based process for verification and identification. The technology is gaining much popularity and is observed to be penetrating across different industry domains. According to the suggestion offered by Market Research Future, the global blockchain identity management market is set to register 85% CAGR across the forecast period 2018 to 2023. The market is presumed to surpass a valuation of USD 1900 Mn by the end of the assessment period.
In this kind of management, the data of the user is saved in the user’s phone rather than some central database. It protects privacy, which is presumed to guide the growth pattern of the blockchain identity management market in the forthcoming years. The process offers accuracy of highest degree. It is expected to lead the expansion of the blockchain identity management market during the evaluation period. In the BFSI industry, the process has found application in the simplification of KYC protocol. It helps in the centralization of data, which is encouraging its application across different domains. This, in turn, is anticipated to catapult the blockchain identity management market on upward trajectory. On the flip side, factors such as ambiguous regulations, issues regarding the authenticity of users, etc. are anticipated to impede market growth in the foreseeable future.
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On the basis of the provider, the global blockchain identity management market has been segmented into middleware providers, application providers, and infrastructure providers.
Based on the organization size, the blockchain identity management market has been divided into large enterprises, and small & medium-sized enterprises.
On the basis of industry verticals, the blockchain identity management market has been segmented into BFSI, healthcare & life sciences, government, telecom and IT, transport & logistics, travel & hospitality, real estate, retail & e-commerce, media & entertainment, and others.
The global blockchain identity management market, on the basis of region, has been segmented into – North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). North America is the largest segment on the basis of region. The growth of the blockchain identity management market in the region can be accredited to the advanced technological infrastructure of the region. In addition, the rising adoption of blockchain technology in different industry sectors is likely to prompt market growth in the region over the next couple of years. Asia Pacific is likely to witness an upswing in terms of revenue generation. Increasing number of startups based on blockchain technology is likely to favor the growth of the regional blockchain identity management market.
IBM (U.S.), Civic Technologies (U.S.), AWS (U.S.), KYC-Chain (Hong Kong), Evernym (U.S.), Bitfury (U.S.), Factom (U.S.), ShoCard (U.S.), Netki (U.S.), UniquID (U.S.) are some of the top-notch players of the global blockchain identity management market. Other players participating in the market include Bitnation (Switzerland), Microsoft (US), Oracle (US), Nodalblock (Spain), Coinfirm (Poland), Blockverify (U.K), EdgeSecure (U.S.), Peer Ledger (Canada), uPort (U.S.), Cambridge Blockchain (US), Originalmy (Brazil), Tradle (U.S.), Neuroware (Malaysia), Existenceid (Australia), and BTL Group (Canada). These players are anticipated to invest in regional expansion over the next couple of years, which in turn is poised to drive the competitiveness in the market. In addition, technological innovations and product developments are anticipated to keep the players ahead of the curve and gain edge over other players.
In October 2019, the Abu Dhabi National Oil Company (ADNOC) has started using blockchain internally for networking and increasing transparency.
In October 2019, Ubisoft, the largest third-party game publisher and well-known for its games – Assassin’s Creed, and Far Cry, has picked eight blockchain startups that are working on cutting-edge technologies in gaming for their entrepreneurial lab program.
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Blockchain Identity Management Market Research Report, Component (Software, Solution), Provider (Application, Middleware, Infrastructure), Organization Size (Large Enterprises, SMEs), Vertical (BFSI, Telecom & IT, Government) — Global Forecast till 2023