The Blockchain Identity Management Market size is expected to grow from US$ 1.75 billion in 2023 to US$ 235.83 billion by 2031; it is anticipated to expand at a CAGR of 84.6% from 2023 to 2031. Identity management refers to the processes, policies, and technologies that ensure that only authorized users have access to technical resources. Many of today's digital identity management systems have drawbacks, including the possibility of data breaches, a poor user experience due to the need to maintain so many accounts, and a lack of control over user data. The benefits of blockchain identity management include speedier verification processes, lower verification costs, and improved data privacy and security. Blockchain identity management has a rising number of applications in a variety of industries and sectors, including finance, education, and the workforce.
The blockchain identity managementmarketforecast is estimated on the basis of various secondary and primary research findings, such as key company publications, association data, and databases. Blockchain technology is a key approach for preventing large-scale data breaches in the future. Blockchain technology is a peer-to-peer distributed, immutable ledger of information. Every "block" of information provides a complete and accurate record of each transaction, which cannot be changed once validated and is cryptographically secure.
Amidst the rising number of identity frauds, there is an increasing need among professionals for better technology to protect the digital identity of their consumers or employees. For instance, according to the FTC (Federal Trade Commission) report, of the 5.7 million cases submitted to the FTC, 1.4 million (25%) were specifically related to identity theft. In its reporting, the FTC distinguishes between identity theft and fraud. According to experts, these occurrences occur so often that a new victim is reported every 22 seconds. Most studies predict that this ratio will rise in 2024, making it a more pressing issue for Americans.
Blockchain technology might ultimately eliminate the need for intermediaries and give individuals complete control over their digital identities.
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Blockchain Identity Management Market: Strategic Insights
Technological Advances to Prevent Identity Thefts to Drive the Blockchain Identity Management Market
The scope of the blockchain identity management market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant Blockchain Identity Management market share. The region's significant technological development in the field of blockchain has contributed to this growth. North America is home to many developing countries like the US and Canada, driving the Blockchain Identity Management market growth.
The regional trends and factors influencing the Blockchain Identity Management Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Blockchain Identity Management Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.75 billion |
| Market Size by 2031 | US$ 235.83 billion |
| Global CAGR (2023 - 2031) | 84.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Offering
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Blockchain Identity Management Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Blockchain Identity Management Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The "Blockchain Identity Management Market Analysis" was carried out based on core investment strategies and geography. In terms of provider type, the market is segmented into application provider, middleware provider, and infrastructure provider. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Blockchain Identity Management market. A few recent key market developments are listed below:
[Source: Accenture, Company Website]
The market report "Blockchain Identity Management Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
Self-sovereign identity is impacting blockchain identity management, which is anticipated to bring new Blockchain Identity Management market trends in the coming years.
The key players holding majority shares in the global Blockchain Identity Management market are Alphabet, IBM, AWS, Microsoft, and Bitfury.
The global Blockchain Identity Management market was estimated to be US$ 1.75 billion in 2023 and is expected to grow at a CAGR of 84.6% during the forecast period 2023 - 2031.
The global blockchain identity management market is expected to reach US$ 235.83 billion by 2031.
Regulatory compliances and the rise of decentralized identity are the major factors that propel the global Blockchain Identity Management market growth.
