Overview

The Blockchain Identity Management Market is projected to grow at a CAGR of 85% during the forecast period. As per the blockchain identity management market research report, the global market for blockchain identity management is anticipated to grow rapidly by US$19.3 Billion by 2023. As per analysts, low-cost access to identity-verification services along with rising security concerns will drive the market growth throughout the forecast period. The blockchain identity management market research report provides an in-depth analysis of the global blockchain identity management market and its provider, organizations size, components, and vertical segments. The lack of common set of regulatory standards as well as concerns regarding user authenticity are the factors which could affect the blockchain identity management market growth during the forecast period. The blockchain identity management market research report by expert analysts is intended to help companies in the blockchain identity management market.

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Market Segmentation

The global blockchain identity management market has been segmented based on provider, organizations size, components, and vertical. On the basis of provider, the market for blockchain identity management is segmented based on application, middleware, infrastructure. Additionally, the market on the basis of organizations size, is segmented into large enterprises, SMEs. The global market for blockchain identity management is also covered based on components segment which is further split into software and solution. On the basis of vertical, the market for blockchain identity management is segmented based on BFSI, telecom & IT, and government.

Key influences such as an uncertain regulatory landscape could obstruct the Blockchain Identity Management Market Forecast. However, as per the blockchain identity management market research report, self-sovereign identification as well as significant advancements in technology will drive growth during the forecast period. These key growth factors will help support the blockchain identity management market growth at a high CAGR. The segmental analysis of provider, organizations size, components, and vertical segments as well as regional market analysis has been presented in the global blockchain identity management market research report. Analysts studying the blockchain identity management market have presented projections in the blockchain identity management market research report assisting blockchain identity management market-based companies in numerous ways. The blockchain identity management market research report offers crucial details about the blockchain identity management market based on the data and forecasts till 2023.

Market Scope

The global blockchain identity management market size can reach USD 1,929.37 million by 2023, according to MRFR. It can exhibit a CAGR of 85% over the forecast period. It can thrive by resolving issues of data security, identity theft, and KYC over boarding. The need for trust and transparency between parties and enhanced security solutions demand by enterprises can drive the market demand over the forecast period. This can be facilitated by the use of zero knowledge proofs for authenticating and verifying digital identities.

Initiatives by governments for encouraging the use of blockchain technology in developing economies can be opportune for the market. This is evident by its use in IT, retail, and healthcare sectors. Blockchain allows users to track their transactions in a common network without storing any personal data. Moreover, it lessens the interference of bureaucracy and expedites the process within an organization.

Lack of regulatory standards and concerns over user authentication can impede the market growth. The COVID-19 outbreak has led to a rapid downfall in the use of blockchain identity management in financial and healthcare sectors. But the relaxation of rules can lead to a resurgence of demand from these sectors.

Competitive Landscape

The strong presence of key industry players and governments around the world exploring blockchain technology are expected to accelerate the blockchain identity management market growth worldwide. The global blockchain identity management market is set to witness challenges including complex government policies, however, companies in the blockchain identity management market will sustain the growth rate. The blockchain identity management market research report also offers company profiles of key players operating in the blockchain identity management market around the world. Additionally, the global blockchain identity management market report provides detailed analysis of the market based on primary and secondary research data collected from the blockchain identity management market’s key decision makers as well as stakeholders. The blockchain identity management market research report covers all such factors assisting companies in the blockchain identity management market to improve their plans and portfolio.

Industry News

Automotive giants BMW and Ford have taken another step in finding a way to fight fraud involving cars using blockchain technologies, by defining the origin and the past of vehicles. The second version of a standard for documenting "true" identity of vehicles in a blockchain network was announced Tuesday, a working group established under Mobility Accessible Blockchain Initiative (MOBI) and co-chaired by the two car giants.

Regional Overview

North America, Europe, Asia Pacific, and the rest of the world regional market for blockchain identity management are primarily covered in the global blockchain identity management market research report. The report also covers country-level markets spread across North America – the United States, Canada, and Mexico. In South America – Brazil and other country-level blockchain identity management markets are covered in the report. In Asia-Pacific (APAC) region, the country-level blockchain identity management markets covered are China, India, Japan, and others. The blockchain identity management market research report also covers the regional market for blockchain identity management spread across European countries including the United Kingdom, France, Italy, Spain, and Germany, etc. The blockchain identity management market research report further explores other regional markets from the rest of the world including blockchain identity management markets of the Middle East and Africa. As per the global blockchain identity management market research report.

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