With rapid digitization seeping into almost every business and industry verticals, security of personal data, one of the biggest economic asset has become a significant concern. The need for a robust identity solution is becoming increasingly important. Blockchain identity management is a tool which stores and encrypts data with the help of cryptography and virtual networks. Blockchain identity management solutions provide the user with sovereign control over their identity. The global blockchain identity management market derives much of its growth from the growing demand for self-sovereign identity. Blockchain identity management solutions allow the creation of identity blocks which cannot be controlled or interfered by any third party.
A growing number of online transactions also necessitates the need for a blockchain identity management solution. Wide-ranging online activities leave digital footprints which are saved on numerous internet databases and are subject to security threats. In addition, the current identity management systems are inadequate and far from being sustainable which prompts the adoption of blockchain identity management solutions. O the other hand, the growth of the global blockchain identity management market might be dampened by the lack of an organized regulatory landscape and lack of a common set of regulatory standards. Additionally, rising concerns regarding the authenticity users is also a significant bottleneck to the growth of the global blockchain identity management market.
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Major Key players
- IBM (U.S.),
- AWS (U.S.),
- Civic Technologies (U.S.),
- KYC-Chain (Hong Kong),
- Bitfury (U.S.),
- Evernym (U.S.),
- Factom (U.S.),
- Netki (U.S.),
- ShoCard (U.S.),
- UniquID (U.S.).
Other players in the market include Microsoft (US), Oracle (US), Bitnation (Switzerland), Nodalblock (Spain), EdgeSecure (U.S.), Blockverify (U.K), Peer Ledger (Canada), Cambridge Blockchain (US), uPort (U.S.), Originalmy (Brazil), Neuroware (Malaysia), Tradle (U.S.), Existenceid (Australia), Coinfirm (Poland), and BTL Group (Canada).
According to MRFR, The Global Blockchain Identity Management Market is expected to reach approximately USD 1,929.37 Million by 2023 growing at 85% CAGR over the forecast period 2018–2023.
In November 2018, Deloitte, multinational professional services network company announced a partnership with a Chicago-based identity management company Attest Inc., for the development of a blockchain-based digital identity management system. Through the partnership, a government-compliant blockchain identity management system will be developed which can be used by Deloitte’s clients based on Attest’s existing products.
In December 2018, Swiss-based Company Vereign announced the launch of its new blockchain-based beta version of its Email security and identity management solution. The new blockchain identity management system adheres to the strict KYC guidelines based on the Swiss banking standards.
By provider, the market is segmented into application providers, middleware providers, and infrastructure providers.
By organization size, the market is segmented into large enterprises and small and medium-sized enterprises.
By industry verticals, the market is segmented into BFSI, government, healthcare & life sciences, telecom and it, retail & e-commerce, transport & logistics, real estate, media & entertainment, travel & hospitality, and others.
The global market for blockchain identity management is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of blockchain identity management market is studied for North America, Europe, Asia Pacific, and the Rest of the World.
North America is estimated to hold the largest market size owing to significant advancements in technology and infrastructure. The main factor driving the blockchain identity management market in this region is the strong presence of key industry players offering blockchain identity management solutions. Recognizing the potential of this technology, the U.S. government has started delivering public services to develop business applications. Also, Canada Federal government has started exploring the blockchain technology to boost the growth of their economy. Asia Pacific is expected to dominate the blockchain identity management market due to the increase in venture capital funding, number of startups and government’s increasing focus on regulating the blockchain technology identity management.
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- Regulatory bodies
- Blockchain technology solution vendors
- Independent Software Vendors (ISVs)
- Consulting firms
- Investors and consultants
- Research/Consultancy Firms
List of Tables
Table 1 Blockchain Identity Management Market: By Region, 2018–2023
Table 2 North America Blockchain Identity Management Market: By Country, 2018–2023
Table 3 Europe Blockchain Identity Management Market: By Country, 2018–2023
Table 4 Asia Pacific Blockchain Identity Management Market: By Country, 2018–2023
Table 5 Global Blockchain Identity Management by Organization Size Market: By Regions, 2018–2023
Table 6 North America Blockchain Identity Management by Organization Size Market: By Country, 2018–2023
Table 7 Europe Blockchain Identity Management by Organization Size Market: By Country, 2018–
LIST OF FIGURES
FIGURE 1 Global Blockchain Identity Management Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis of Global Blockchain Identity Management Market
FIGURE 4 Value Chain of Global Blockchain Identity Management Market
FIGURE 5 Share of Blockchain Identity Management Market in 2018, by country (in %)
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