BFSI Sector Leads the Charge as Global Blockchain Identity Management Market Surges

DUBLIN, August 29, 2023 – (SEAPRWire) – The “Global Blockchain Identity Management Market by Offering (Software and Services), Provider Type (Application Provider, Middleware Provider, and Infrastructure Provider), Network, Organization Size, Vertical and Region – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.

The global Blockchain Identity Management market is on track for substantial growth, with a projected value of USD 35.1 billion by 2028, up from USD 1.3 billion in 2023, reflecting a remarkable Compound Annual Growth Rate (CAGR) of 92.7% during the forecast period.

The market’s expansion is propelled by rising concerns over security in centralized identity systems, as well as the demand for enhanced security measures against hackers targeting traditional identity management systems.

Key Market Trends:

Growing Demand for Security: As hackers increasingly target conventional identity management systems, industries are turning to blockchain identity management solutions to enhance security, fostering the growth of the market.

Verticals Driving Demand: Industries such as Real Estate and Construction, healthcare, BFSI, and retail and eCommerce are embracing blockchain-based identity solutions for enhanced efficiency and data integrity through decentralized and immutable systems. These verticals are propelling substantial growth in the demand for blockchain identity management solutions.

BFSI Leading the Way: The BFSI segment holds the largest market share, leveraging blockchain for secure and compliant identity management, improved efficiency, cost-effectiveness, and enhanced customer experience across multiple financial institutions.

Asia Pacific’s Rapid Growth: Asia Pacific is anticipated to exhibit the highest CAGR during the forecast period due to its growing population, digital transformation focus, government support for blockchain technology, and heightened awareness of cybersecurity risks.

Premium Insights:

  • Blockchain Identity Management to Address Identity Theft Issues
  • BFSI Segment and North America Hold Largest Market Share
  • Software Segment Holds Larger Market Share
  • Application Provider Segment Leads in 2023
  • Large Enterprises Segment Holds Larger Market Share
  • Asia-Pacific as a Prime Investment Market

Market Dynamics:

Drivers:

  • Growing global security concerns driving demand for blockchain identity solutions.
  • Enhanced business operations with fast transactions and data immutability.
  • Rise of digital identity ecosystem and blockchain gaming vertical.

Restraints:

  • Issues regarding legitimacy of users.
  • Regulatory ambiguity and lack of standardized norms.

Opportunities:

  • Government initiatives boosting blockchain technology adoption.
  • Widespread implementation of blockchain-based identity solutions.

Challenges:

  • Limited expertise, technical proficiency, and comprehension of blockchain principles.

Use Cases:

Use Case 1: Enhancing Efficiency and Transparency in Trade AWS helped SGX improve efficiency, transparency, and settlement time for trade using blockchain.

Use Case 2: Combatting Academic Certificate Fraud Bitfury assisted Synergy University in combating academic certificate fraud with blockchain technology.

Use Case 3: Enhancing Trust and Transparency Seres leveraged Oracle Blockchain Platform to enhance trust, traceability, and transparency.

Key Companies in the Blockchain Identity Management Market:

  • Accumulate
  • AWS
  • Bitfury
  • Blockchains Inc.
  • Coinfirm
  • Dock
  • Factom
  • Fractal
  • Hu-Mainty.Co
  • IBM
  • Kyc-Chain
  • Metadium
  • Microsoft
  • NEC
  • Neuroware
  • NUID
  • Oaro
  • Oracle
  • Peer Ledger
  • Procivis
  • Serto
  • Springrole
  • Tradle
  • TRM Labs
  • Validated ID

For more information about this report visit https://www.researchandmarkets.com/r/9oc1qn

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