The rate of blockchain technology adoption is growing at a significant rate across the globe. Owing to this the investment in blockchain technology has increased substantially as well, with key market players looking to grab the major opportunity. The increase in demand for privacy & security solutions among enterprises is also boosting the growth of the blockchain identity management market over the forecast period. Blockchain offers different solutions for the majority of industries digital concerns include transparency, supply chain management, product security & counterfeiting, transaction speed, and compliance management among others. Blockchain technology was established to serve the public transaction for cryptocurrencies that utilize cryptography and distributed databases to secure transactions. These features of blockchain offer improved security while identifying data & record, transparent network infrastructure, low cost of operations benefits, storing and transmitting data and open & decentralized ledger.
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Moreover, according to Cyber Security Statistics in 2017, 16.7 million people became a victim of identity fraud across the globe. As per the Google report on cyber security in 2017, hackers obtained over 12 million credentials through phishing. Additionally, the decentralized characteristics of blockchain and distributed ledgers of people to further control over their data with improved security. Blockchain allows validating the original identity of an entity that could be victims of valuable assets for various industries and creates trust in the digital environment. Furthermore, growing incidents of hacking, unauthorized access, theft, unauthorized disclosure, data breaches will create significant demand for blockchain identity management. The factors that are contributing significantly to the market growth include increasing R&D activities, rising healthcare expenditure, and stringent government regulations related to medical facilities. For instance, regulations such as the EU General Data Protection Regulation (EU GDPR) strengthen identity standards that require modern identity solutions. Governments look towards distributed ledger technology to bestow identities to the unidentified and to protect citizen’s personally identifiable information.
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Global Blockchain Identity Management Market- Segmentation
By Provider
- Infrastructure Providers
- Middleware Providers
- Application Providers
By End-Users
- BFSI
- Government
- Automotive & Transportation
- Retail and E-commerce
- Healthcare
- others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
