Blockchain Identity Management Market Statistics - 2026
The global blockchain identity management market size was valued at $107.00 million in 2018, and is projected to reach $11.46 billion by 2026, registering a CAGR of 79.2% from 2019 to 2026. Blockchain identity management provides real-time information about particular person or an entity, which allows industries such as banks, healthcare, retail, and others to verify their identity for any kind of authentication or proof. Moreover, blockchain assures reliability, safety, and authenticity of users’ data with its cryptographic security. Thus, these factors are expected to drive the across industries.
North America dominated the overall blockchain identity management market share in 2018 and is expected to remain dominant during the forecast period due to presence of major market players and on-going developments in blockchain technology. In addition, rise in data security concerns among retailers is also the key factor that is expected to fuel the blockchain identity management market growth in this region in upcoming years. Furthermore, Asia-Pacific is expected to exhibit highest growth rate during the forecast period.
The infrastructure provider segment garnered major market revenue in 2018 and is expected to remain dominant during the blockchain identity management market forecast period. The growth of this segment is mainly attributed to increase in need to scale the organization’s infrastructure in secure and sustainable way. Further, the application provider segment is expected to exhibit highest growth rate throughout the forecast period.
By Service Provider
Application provider segment would exhibit the highest CAGR of 84.8% during 2019-2026.
The report focuses on the growth prospects, restraints, and trends of the blockchain identity management market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global market.
By Organization Size
Small and medium enterprises would exhibit the highest CAGR of 85.7% during 2019-2026.
The global blockchain identity management market segmentation is done on the basis of service providers, organization size, industry vertical, and region. Based on service providers, the market is classified into application provider, middleware provider, and infrastructure provider. By organization size, it is bifurcated into large enterprises and small & medium enterprises. Based on industry vertical, the market is classified into BFSI, government, healthcare, automotive & transportation, retail, IT & telecom, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Industry Vertical
BFSI segment is dominating the market and is expected to garner highest revenue during the forecast period with $3.0 billion revenue in 2026.
The market is dominated by the global blockchain identity management market players such as Amazon Web Services, Inc., Bitfury Group Limited, Blockverify, Cambridge Blockchain LLC, Civic Technologies, Evernym Inc., IBM Corporation, KYC-CHAIN LIMITED, Microsoft Corporation, and Oracle Corporation.
Asia-Pacific would exhibit the highest CAGR 89.7% during 2019-2026.
Covid-19 Impacts on Blockchain Identity Management Market-
- The outbreak of Covid-19 mandated lockdown across the globe and the disruption has led to an acceleration in the practice of remote working. Consequently, there’s been a significant decline in the use of blockchain identity management technology in industries such as banks, healthcare, retail, and others.
- Nevertheless, several government bodies are coming up with relaxations on the existing regulations and with this drift on board, it’s expected that the global blockchain identity management market is anticipated to retrieve its position soon.
Top impacting factors
Current and future blockchain identity management market trends are outlined to determine the overall attractiveness of the market. Top impacting factors highlight the global market opportunity during the forecast period. The factors such as increase in need to establish trust and transactions transparency between parties is the key factor that drives the market growth for blockchain identity management industry. In addition, rise in demand for privacy & security solutions among enterprises fuels the market growth. Moreover, increase in proliferation of E-Commerce is further expected to boost the blockchain identity management market growth. However, lack of awareness regarding blockchain technology is expected to impede the market growth during the forecast period. Furthermore, growth in government initiatives for blockchain technology development in developed as well as developing countries is anticipated to be opportunistic for the market growth. In addition, rise in demand for increased scalability & transaction speed is expected to provide major growth opportunities for blockchain identity management market in upcoming years.
Increase in need to establish trust and transaction transparency between parties
Blockchain technology restructures transaction management by replacing intermediaries with encrypted digital records. In addition, instead of being managed by central mediator, blockchain orchestrates all transactions and data over the blockchain network, which comprises connected systems or group of people. Moreover, without actually storing any personal data on the blockchain, it creates trust between the parties further assuring the authenticity of the data and attestations for digital identity blockchain management system. In addition, in blockchain network it enable all the individuals to share and settle upon vital business information and transactions. Furthermore, blockchain offers information traceability to all the people involved in the network along with faster transaction processing speed, which is the major factor that drives the market growth.
Rise in demand for privacy and security
Blockchains creates one centralized and shared intermediate for information and transaction and flow monitoring for numerous people involved in the blockchain network. Every participant included in the network has all the information related to transactions and product movements are part of that ledger. If any person tries to manipulate the data or commit fraud in the digital ledger that person is exploiting only its own ledger and will be taken out of sync. Further, the blockchain transactions and ledgers are encrypted. Moreover, each new transaction in the ledger creates a new block, which is linked back to the previous blocks. This makes it almost practically impossible to tamper with the created blocks. Furthermore, blockchain eradicates the verification and validity of the actual data, instead it allows to validate the proof directly through government sources. Hence, the authentication of a proof is based on the verifier’s decision of the reliability of the attestor.
Key Benefits for Blockchain Identity Management Market:
- This study presents the analytical depiction of the global blockchain identity management market trends and future estimations to determine the imminent investment pockets.
- A detailed analysis of the market measures the potential of the market. These segments outline the favorable conditions for the market.
- The report presents information related to key drivers, restraints, and opportunities.
- The current market is quantitatively analyzed from 2018 to 2026 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the industry.
Blockchain Identity Management Market Report Highlights
By Organization Size
Key Market Players
International Business Machines Corporation, Tata Consultancy Services Limited, Oracle Corporation, Amazon Web Services, Inc., SAP SE, Auxesis Services & Technologies (P) Ltd., Microsoft Corporation, Infosys Limited, Bitfury Group Limited, Cognizant
According to the CXOs of the leading companies, the global blockchain identity management market in the U.S. and Asia-Pacific is growing at a rapid rate and has immense scope for development. In addition, positive returns on investment in the blockchain technology are anticipated to offer strong growth opportunity for the improvement of existing blockchain platform and solutions. Majority of the market players are collaborating with numerous government entities and retail institutions globally. For instance, through Horizon 2020, the EU is supporting blockchain pilot projects. EUs research and innovation program has invested $169.1 million since 2017 in areas such as digital identity, energy, and E-health, this initiative is further expected to grow to $333 million by the year 2020. In addition, increase in need to establish trust and transactions transparency between parties is the key factor that drives the market growth for blockchain in the retail industry. In addition, increase in investment by numerous industries in blockchain-based solutions is expected to be opportunistic for the market growth.
Moreover, rise in demand for privacy and security of their data and increase in proliferation of E-Commerce are also some of the major factors that fuel the market growth. In addition, smart contract connects to various blockchains that allow it to identify and track multiple assets. Further, these contracts are reducing procure-to-pay gaps, which results into integrated delivery and payment model in digital contracts that will flow across enterprises.
Furthermore, blockchain in retail is a consolidated market as players such as Amazon Web Services, Inc., Bitfury Group Limited, IBM Corporation, Microsoft Corporation, and Oracle Corporation hold a major share globally. However, the market is expected to become fragmented in near future, as many players in developing countries are evolving and coming up with enhanced and innovative blockchain solutions and strategies.