The Global Blockchain Identity Management market size is expected to grow from USD 416.38 Million in 2022 to USD 42150.35 Million by 2030, at a CAGR of 78.1% during the forecast period (2023-2030).
Blockchain technology is a management service that helps in creating platforms for the protection against identity theft and fraudulent activities. The term ‘Block’ refers to every record comprehensively stored and recorded in the data of all the transactions that cannot be changed once the person gets it verified and secured. Blockchain Identity Management also helps the individual to create multiple substitute usernames and passwords for himself while providing secured data and features capable of saving resources and time.
Top Key Players for Blockchain Identity Management market:
IBM, Microsoft, Amazon Web Services, Civic Technologies, KYC-Chain, Bitfury, Evernym, Factom, Netki, ShoCard, UniquID, Microsoft, Oracle, Bitnation, Nodalblock and Other Major Players.
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Market Dynamics and Factors for Blockchain Identity Management market:
Increasing Fraudulent Activities In Big Multinational Corporates
The increasing prevalence of fraudulent activities within big multinational corporations has emerged as a significant driver for the Blockchain Identity Management market. In an era where digital interactions and transactions are the norm, the need for secure and tamper-proof identity verification has never been more crucial. Traditional identity management systems are vulnerable to data breaches and identity theft, which can lead to fraudulent activities such as unauthorized access to sensitive corporate information, financial fraud, and even insider threats.
Rising Digitalization of Commercial Developments
The escalating digitalization of commercial developments has ushered in a compelling opportunity for the Blockchain Identity Management market. In the modern business landscape, where digital interactions and transactions are at the core of commercial activities, the need for secure and reliable identity verification is paramount. Traditional identity management systems often fall short in addressing the complexities and vulnerabilities associated with the digital realm, leaving businesses susceptible to identity fraud, data breaches, and cyberattacks.
Segmentation Analysis of the Blockchain Identity Management market:
By Type, Permissioned refers to a type of blockchain network or distributed ledger system in which access to the network and participation in the consensus process is controlled by a centralized entity or a select group of participants who have been granted permission.
- Permission less
By Provider Type, An Application Provider, in the context of technology and software, typically refers to a company or entity that develops and offers software applications or services to end-users or other businesses.
- Application Provider
- Middleware Providers
- Infrastructure Providers
By Industry Verticals
- IT & Telecom
- Government & Public Sector
- Real Estate
- Retail and E-Commerce
- Transport and Logistics
- Media & Entertainment
- Healthcare & Life Sciences
Regional Analysis of the Blockchain Identity Management market:
North America, particularly the United States and Canada, has been a significant player in the Blockchain Identity Management market. This dominance is due to the region’s advanced technological infrastructure, a robust ecosystem of blockchain startups, and a growing awareness of the importance of digital identity security. The presence of regulatory frameworks addressing data privacy and security, such as GDPR and CCPA, has driven the adoption of blockchain identity solutions.
- North America (U.S., Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
Key Industry Development:
In January 2023, AWS (US) partnered with Ava Labs to promote blockchain adoption in enterprises, institutions, and governments. The collaboration aims to simplify node deployment and management on Avalanche, strengthen the network, and enhance the dApp ecosystem.
In May 2022, Microsoft launched Microsoft Entra, a new product family that includes Azure Active Directory (Azure AD), and introduced two new categories: Microsoft Entra Permissions Management and Microsoft Entra Verified ID. The latter is based on decentralized identity standards, offering a secure, interoperable, and self-owned identity solution. Entra Permissions Management enables comprehensive visibility and management of permissions across multi-cloud environments, reducing access risks.