Blockchain Identity Management Market by Provider (Application Provider, Middleware Provider, Infrastructure Provider), Organization Size, Vertical (BFSI, Government, Healthcare and Lifesciences, Real Estate), and Region - Global Forecast to 2023
“Growing interest for identity management solutions through the blockchain technology across industry verticals and increasing demand for self-sovereign identification are expected to drive the blockchain identity management market”
The blockchain identity management market size is expected to grow from USD 90.4 million in 2018 to USD 1,929.9 million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.5% during the forecast period. The blockchain identity management market is driven by various factors, such as the increasing demand for self-sovereign identification and rising security concerns with existing models across the globe. However, lack of common set of regulatory standards and uncertain regulatory landscape and concerns regarding the authenticity of the users could hinder the growth of the market.
Application providers segment is expected to grow at the highest CAGR during the forecast period
The application providers segment is the fastest growing segment in the blockchain identity management market. The market is segmented by application providers, middleware providers, and infrastructure providers. The blockchain identity management technology’s unique capabilities, such as self-sovereign identification, authenticity, and KYC simplification, are expected to increase the demand for the blockchain identity management solutions.
BFSI vertical is expected to hold the largest market share during the forecast period
The Banking, Financial Service, and Insurance (BFSI) vertical is expected to hold the largest market size during the forecast period. With the increasing need for the identity verification in the banking system and the difficulties in the traditional identification methods are making the identification processes more complex. The implementation of blockchain technology for identity management will not only simplify the KYC processes for BFSI organizations but also ensure the protection of the user’s personal information. All these advantages are expected to encourage organizations to adopt the blockchain identity management solutions in the BFSI industry vertical.
APAC is expected to record the highest growth rate during the forecast period
APAC is expected to grow at the highest rate during the forecast period, due to the increase in venture capital funding and number of startups, and governments’ increasing focus on regulating the blockchain technology identity management marketspace. The key financial hubs and government organizations in APAC countries, such as Japan, Australia and New Zealand, Hong Kong, and Singapore, provide significant opportunities for the adoption of blockchain identity management solutions. Meanwhile, North America is projected to hold the largest market size during the forecast period.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the blockchain identity management marketplace.
By company type: Tier 1: 10%, Tier 2: 35%, and Tier 3: 55%
By designation: C-Level: 60%, Director Level: 25%, and Others 15%
By region: North America: 25%, Europe: 35%, APAC: 25%, MEA: 10% and Latin America: 5%
The blockchain identity management market comprises major solution providers, such as IBM (US), AWS (US), Civic Technologies (US), KYC-Chain (Hong Kong), Bitfury (US), Evernym (US), Factom (US), Netki (US), ShoCard (US), UniquID (US), Microsoft (US), Oracle (US), Bitnation (Switzerland), Nodalblock (Spain), EdgeSecure (Airbitz) (US), Blockverify (UK), Peer Ledger (Canada), Cambridge Blockchain (US), uPort (US), Originalmy (Brazil), Neuroware (Malaysia), Tradle (US), Existenceid (Australia), Coinfirm (Poland), and BTL Group (Canada). The study includes in-depth competitive analysis of these key players in the blockchain identity management market, with their company profiles, recent developments, and key market strategies.
The market study covers the blockchain identity management market across segments. It aims at estimating the market size and the growth potential of this market across segments, such as provider, vertical, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall blockchain identity management market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.