What Is The Overview Of The Global Blockchain Identity Management Market?
Blockchain identity management refers to the use of blockchain technology to create a secure and decentralized way of managing digital identities. It ensures that identity information is tamper-proof, verifiable, and accessible only to authorized parties. This approach reduces the risk of identity theft, enhances privacy, and provides users with greater control over their personal data.
Blockchain Identity Management Global Market Report 2024 provides data on the global blockchain identity management market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The blockchain identity management market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Blockchain Identity Management Market?
The blockchain identity management market has seen exponential growth in recent years. It is projected to grow from $1.60 billion in 2023 to $2.80 billion in 2024, reflecting a CAGR of 74.9%. Historical growth has been fueled by concerns over data privacy, growing cybersecurity threats, regulatory compliance needs, an increase in digital transactions, and the demand for transparency and cost efficiency. By 2028, the market is expected to reach $26.27 billion, maintaining a CAGR of 75.0%. Growth drivers include the emergence of decentralized identity standards, integration with new technologies, a focus on user-centric solutions, industry collaborations, and evolving regulations. Key trends in the forecast period include interoperable identity solutions, convergence with decentralized finance (DeFi), privacy-enhancing technologies, AI and machine learning integration, blockchain governance, tokenized identities, and regulatory sandbox initiatives.
What Are The Leading Drivers Of Growth In The Blockchain Identity Management Market?
The rise in data security concerns is expected to boost the blockchain identity management market. Data security involves protecting data from unauthorized access, theft, breaches, or corruption. The surge in data security concerns is attributed to the growing sophistication of cyber threats, the expansion of digital systems, and the increasing reliance on cloud services and interconnected devices. Blockchain technology enhances identity management by offering a decentralized, secure, and immutable system, reducing the risk of cyber threats. In January 2023, Check Point reported a 38% increase in global cyberattacks in 2022, with industries such as communications and ISPs seeing significant rises in attacks. Therefore, the growing data security concerns are driving the blockchain identity management market.
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How Are The Segments Defined Within The Global Blockchain Identity Management Market?
The blockchain identity management market covered in this report is segmented –
1) By Offering: Software, Services
2) By Network: Permissioned, Permissionless
3) By Provider Type: Application Provider, Middleware Provider, Infrastructure Provider
4) By Enterprise Size: Small And Medium Enterprises, Large Enterprise
5) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Government, Retail, Automotive And Transportation, Healthcare, Other Industry Verticals
How Are New Trends Expected To Influence The Growth Of The Blockchain Identity Management Market?
Companies in the blockchain identity management market are focusing on quantum-secure identity management products to address rising concerns about data security, privacy, and authentication. Quantum-secure identity management uses quantum encryption to ensure secure and tamper-proof identity verification, enhancing trust in digital interactions. For instance, in July 2021, Arqit Limited, a UK-based quantum encryption platform, collaborated with Dentons East LLP to launch QuantumKeep, the first quantum-secure identity management system. This self-sovereign identity platform utilizes blockchain and quantum encryption to securely store and verify identities, protecting personal data and addressing compliance and security challenges.
Which Region Drives The Highest Growth In The Blockchain Identity Management Market?
North America was the largest region in the blockchain identity management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain identity management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
