India Blockchain Identity Management Market -By Component (Platform, Services), By Organization Size (Large Enterprises, Small & Medium-Sized Enterprises), By Application (Loyalty & Rewards Management, Identity Management, Supply Chain Management, Payments & Smart Contracts, Compliance Management, Others), By Vertical (BFSI, Government, Healthcare & Life Sciences, Telecom & IT, Retail & E-Commerce
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationIndia Blockchain Identity Management Market -By Component (Platform, Services), By Organization Size (Large Enterprises, Small & Medium-Sized Enterprises), By Application (Loyalty & Rewards Management, Identity Management, Supply Chain Management, Payments & Smart Contracts, Compliance Management, Others), By Vertical (BFSI, Government, Healthcare & Life Sciences, Telecom & IT, Retail & E-Commerce
India blockchain identity management market is anticipated to grow at a robust pace during the forecast period. Blockchain identity management is a system that uses blockchain technology to securely manage and verify the identities of individuals or organizations. This system provides users with a decentralized, tamper-proof, and transparent way to manage their identities. Traditionally, identity management has been centralized, where a single entity like a government or a corporation manages and verifies identities. However, this approach has several drawbacks, including the potential for data breaches, privacy violations, and identity theft. With blockchain identity management, users can store their identity information in a blockchain network, which is a decentralized and distributed ledger. The blockchain provides a secure and transparent way to store, share, and verify data, without the need for a centralized authority. In this system, users can create their own digital identity, which can include personal information, such as their name, date of birth, and address. This identity is stored on the blockchain and is cryptographically secured, ensuring that it cannot be tampered with. When users need to prove their identity, they can share a digital signature, which is a cryptographic proof that verifies their identity without revealing any personal information. This ensures that users can maintain their privacy while still proving their identity. Overall, blockchain identity management has the potential to revolutionize the way we manage identities and could provide a more secure, transparent, and decentralized approach to identity verification.
Growing Demand for Blockchain Identity Solutions Across Industry Verticals
The growing demand for blockchain identity solutions across industry verticals is driving the growth of the India blockchain identity management market. Blockchain-based identity management solutions provide enhanced security and privacy, as they use decentralized, tamper-proof, and cryptographically secure storage and verification mechanisms. This is particularly crucial in industries such as finance and healthcare, where sensitive personal and financial information is involved. Many industries are subject to strict regulatory compliance requirements that mandate secure and reliable identity verification processes. Blockchain identity management solutions can help organizations comply with these regulations while also reducing costs and increasing efficiency. Blockchain identity management solutions are decentralized as they do not rely on a central authority to manage and verify identities. This can help reduce the risk of data breaches and identity theft, as well as promote user autonomy and control over their own data. With the increasing digitization of business processes, there is a growing need for secure and reliable digital identity verification solutions. Blockchain-based identity management solutions can provide a seamless and secure way to verify digital identities and facilitate digital transactions. Thus, the demand for blockchain identity management solutions is being driven by the need for enhanced security, privacy, regulatory compliance, and digital transformation across a range of industries.
Increasing Demand for Self-sovereign Identification (SSI)
The increasing demand for SSI is driving the demand for blockchain identity management solutions in India. SSI is a concept that allows individuals to own, control, and share their identity information without relying on a central authority. It is based on decentralized technologies such as blockchain that offer a secure and transparent way of managing identity information. In India, the demand for SSI solutions is growing rapidly, driven by several factors. First, there is a growing concern about data privacy and security, especially in the wake of several high-profile data breaches and identity theft cases. With SSI solutions, individuals can have more control over their personal data, which can help to address these concerns. Second, there is a growing need for digital identity solutions that are interoperable and can work across different systems and platforms. SSI solutions based on blockchain technology offer this interoperability and can help to reduce the need for multiple identity verification processes, which can be time-consuming and inefficient. Third, there is a growing demand for digital identity solutions that are inclusive and accessible to everyone, including those who may not have a traditional identity document such as a passport or driver's license. SSI solutions based on blockchain technology can help to address this challenge by providing a secure and verifiable digital identity that can be used by anyone. Thus, the increasing demand for SSI is driving the demand for blockchain identity management solutions in India. With the government and various industry stakeholders actively promoting the adoption of blockchain technology and digital identity solutions, the market is expected to grow significantly in the coming years.
Uncertain Regulatory Status and Lack of a Common Set of Standards
The uncertain regulatory status and lack of a common set of standards are two major challenges hindering the adoption and growth of blockchain-based identity management technology in India. As, there is no clear regulatory framework for blockchain technology in India, the government is still in the process of formulating policies and regulations for the use of blockchain technology. This lack of clarity and uncertainty can make it difficult for businesses to invest in blockchain-based identity management solutions, as they are unsure about the legal implications of using this technology. There is a lack of a common set of standards for blockchain-based identity management solutions in India. This can create interoperability issues and make it difficult for different systems to work together. The lack of standardization can also create security concerns, as different systems may have different security protocols and may not be able to communicate with each other. However, efforts are being made to address these challenges. The government is working on a national strategy on blockchain, which aims to provide a roadmap for the use and adoption of blockchain technology in India. Additionally, industry organizations such as the Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI) are working toward creating a common set of standards for blockchain-based identity management solutions. Overall, while the uncertain regulatory status and lack of a common set of standards are challenges for the adoption and growth of blockchain-based identity management technology in India, efforts are being made to address these issues and create a favorable environment for the use of this technology.
Recent Developments
- In May 2021, the National Association of Software and Service Companies (Nasscom) announced a collaboration with the Blockchain Education Network to create a blockchain-based identity management platform for Indian students. The platform would allow students to securely store and share their academic credentials.
- The Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI) has been working on creating a common set of standards for blockchain-based identity management solutions. The committee has also been working with the government to create a regulatory framework for the use of blockchain technology in India.
Market Segmentation
The India blockchain identity management market is segmented into component, organization size, application, and vertical. Based on component, the market is segmented into platform and services. Based on organization size, the market is segmented into large enterprises and small & medium-sized enterprises. Based on application, the market is further bifurcated into loyalty & rewards management, identity management, supply chain management, payments & smart contracts, compliance management, and others. Based on vertical, the market is further split into BFSI, government, healthcare & life sciences, telecom & IT, retail and e-commerce, transport & logistics, real estate, media & entertainment, travel & hospitality, and others.
Market Players
These are some of the leading players in the blockchain identity management market in India. As the market continues to grow, there are more players entering the market and offering new and advanced blockchain-based identity management solutions. Some of the key players in the Indian Blockchain Identity Management market include Wipro Limited, Tech Mahindra Limited, Infosys Limited, Accubits Technologies, Mindtree Limited, Tata Consultancy Services, Mphasis Limited, KPMG India Private Limited, PricewaterhouseCoopers Private Limited, and IBM India Private Limited.
| Attribute | Details |
| Base Year | 2023 |
| Historic Data | 2019 – 2022 |
| Estimated Year | 2024 |
| Forecast Period | 2025– 2029 |
| Quantitative Units | Revenue in USD Million and CAGR for 2019-2023 and 2025-2029 |
| Report coverage | Revenue forecast, company share, growth factors, and trends |
| Segments covered | By Component By Organization Size By Application By Vertical By Region |
| Country scope | India |
| Regional scope | North India, South India, East India, West India |
| Key companies profiled | Wipro Limited, Tech Mahindra Limited, Infosys Limited, Accubits Technologies, Mindtree Limited, Tata Consultancy Services, Mphasis Limited, KPMG India Private Limited, PricewaterhouseCoopers Private Limited, IBM India Private Limited |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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