Blockchain Identity Management Market to be Dominated by BFSI Segment Through 2028
Increasing
demand for self-sovereign identification is driving the demand for global
blockchain identity management market.
According to TechSci Research report, “Blockchain
Identity Management Market – Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2018–2028,” the Global Blockchain Identity Management
Market is anticipated to register a robust growth during the forecast period,
2024-2028. The market for blockchain identity management is growing majorly due
to the increasing demand for blockchain identity solutions across industries
and technological advancements.
There are extensive applications of blockchain
identity solutions in various industries, including banking, cybersecurity, and
IoT. Blockchain identity solutions can be used to streamline the customer
onboarding process by enabling secure and reliable identity verification. This
can help banks comply with Know Your Customer (KYC) and Anti-Money Laundering
(AML) regulations, reduce the risk of fraud, and improve customer experience.
Blockchain-based identity solutions can also enable secure and efficient cross-border
payments by reducing the need for intermediaries and reducing transaction
costs. Blockchain identity solutions can help improve cybersecurity by enabling
secure and tamper-proof storage and verification of identity data. This can
reduce the risk of identity theft and data breaches, as well as improve
authentication and access control mechanisms. Blockchain-based identity
solutions can also enable secure and decentralized sharing of identity data
between different organizations, reducing the risk of data leaks and breaches.
Blockchain identity solutions can be used to enable secure and reliable
authentication and access control for IoT devices and networks. This can help
prevent unauthorized access and control of IoT devices, which can be used for malicious
purposes. Blockchain-based identity solutions can also enable secure and
efficient sharing of data between different IoT devices and networks, enabling
new use cases such as supply chain management, smart cities, and autonomous
vehicles. Overall, the applications of blockchain identity solutions are
extensive and can provide significant benefits in terms of security,
efficiency, and innovation in a wide range of industries.
However, the lack of awareness about blockchain is
a significant challenge that is hindering the adoption of blockchain identity
solutions. Many people and organizations are still unfamiliar with blockchain
technology and its potential applications, which can make it difficult to
understand the benefits of blockchain identity solutions and how they can be
used. Many people and organizations have a limited understanding of what
blockchain is and how it works. This can make it difficult for them to
understand the benefits of blockchain identity solutions and how they can be
implemented. The lack of awareness about blockchain can also lead to a lack of
trust in the technology. Some people may view blockchain as an unproven or
unreliable technology, which can make them hesitant to invest in blockchain
identity solutions. The lack of awareness about blockchain can also create a
skills gap, as there may be a shortage of professionals with the expertise
needed to develop and implement blockchain identity solutions. The lack of
awareness about blockchain can also limit investment in blockchain identity
solutions. Investors may be hesitant to invest in these solutions but are
unsure of the potential benefits and the viability of the technology. Overall,
the lack of awareness about blockchain is a significant challenge that must be
addressed to promote the adoption of blockchain identity solutions. Education
and awareness-building efforts can help to address this challenge by increasing
understanding and trust in blockchain technology and its potential
applications.
Browse over XX market data Figures spread through
XX Pages and an in-depth TOC on the "Global Blockchain Identity Management Market"
Based on Component, the market is segmented into
Platform and Services. Based on Organization Size, the market is segmented into
Large Organization, and Small & Medium-Sized Organization. Based on
Application, the market is further divided into Loyalty and Rewards Management,
Identity Management, Supply Chain Management, Payments and Smart Contracts,
Compliance Management, Others. Based on vertical, the market is further split
into BFSI, Government, Healthcare and Life Sciences, Telecom and IT, Retail and
E-Commerce, Transport and Logistics, Real Estate, Media and Entertainment,
Travel and Hospitality, Others. As banking, financial services, and insurance
widely use blockchain identity management for an additional level of security
for all of their customers, BFSI is the dominant segment and holds the largest
market share.
North America is estimated to hold the largest size
of the overall market, as it is considered the most advanced region in terms of
technology adoption and infrastructure.
Furthermore, APAC is expected to grow at the
fastest rate during the forecast period, owing to the increasing venture
capital funding, noteworthy growth in the number of startups venturing into the
market space, and governments focusing on regulating the blockchain technology.
Key market players in the Global Blockchain
Identity Management Market include:
- Amazon Web Services, Inc
- Bitfury Group Limited
- Civic Technologies, Inc
- EVERNYM Inc
- International Business Machines Corporation
- Netki Inc
- Tracxn Technologies Limited
- co
- Microsoft Corporation
- Oracle Corporation
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“Due to the presence of significant number of
market participants and ongoing advancements in blockchain technology, North
America region currently holds the largest market share in the global
blockchain identity management market and is predicted to remain dominant
throughout the forecast period. The primary factor anticipated to fuel the
growth of the blockchain identity management market in this region over the
course of the forecast period is the rise in merchants' concerns over data
security. Additionally, the Asia Pacific region is also expected to have the
fastest growth rate in the upcoming years.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Blockchain Identity Management Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Component (Platform and Services), By
Organization Size (Large Organization , and Small & Medium-Sized
Organization ), By Application (Loyalty and Rewards Management, Identity
Management, Supply Chain Management, Payments and Smart Contracts, Compliance
Management, Others), By Vertical (BFSI, Government, Healthcare and Life
Sciences, Telecom and IT, Retail and E-Commerce, Transport and Logistics, Real
Estate, Media and Entertainment, Travel and Hospitality, Others), By Region,
Competition,” has evaluated the future growth potential of global blockchain
identity management market and provides statistics and information on market
structure, size, share, and future growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global
blockchain identity management market.
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