The blockchain identity management market is anticipated to grow at a CAGR of 71% during the forecast period (2024-2031). The market growth is driven by the rise in the need to establish transaction transparency between parties. Moreover, blockchain assures the safety and authenticity of the user’s data along with its cryptographic security, which is contributing to market growth during the forecast period. Furthermore, the rise in e-commerce is propelling the market. However, a lack of awareness regarding blockchain technology is anticipated to hamper the market growth. Additionally, an increase in demand for scalability and transaction speed, and rising government initiatives for the development of blockchain technology, especially in developed countries are presenting significant opportunities for market growth.
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The global blockchain identity management market is segmented by provider (infrastructure providers, middleware providers, and application providers), and by verticals (BFSI, government, healthcare, automotive & transportation, retail and e-commerce, and others).
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Market Dynamics
- Infrastructure providers are anticipated to hold the largest market share during the forecast period, owing to the rise in the need to scale the organization’s infrastructure in a sustainable way.
- Asia-Pacific is expected to grow at the fastest rate, owing to increasing government focus on the development and regulation of blockchain technology, considerable growth in the number of startups, and raising venture capital funding.
- North America is expected to dominate the market, owing to the increasing adoption of advanced technologies such as the Internet of Things. Furthermore, the presence of major market players such as Amazon Web Services, Inc., IBM, and Microsoft, among others, is significantly contributing to the dominance of the region.
The key players in the global blockchain identity management market include Amazon Web Services, Inc., Bitfury Group LTD., BTL Group Ltd., Cambridge Blockchain LLC, Civic Technologies, Inc., Coinfirm, Evernym Inc., Factom, Inc, IBM Corp., KYC-CHAIN LTD., Microsoft Corp., Netki, Oracle Corp., and Peer Ledger, Inc. among others. The market players are contributing significantly to the market growth by the adoption of various strategies including new product launches, mergers, and acquisitions, collaborations with the government, funding for start-ups, and technological advancements.
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