Blockchain Identity Management Market Size - By Offering (Software, Service), By Provider Type (Application Provider, Middleware Provider, Infrastructure Provider), By Network (Permissioned, Permissionless), By Enterprise Size, Industry Vertical & Forecast, 2024 - 2032

Published Date: July - 2024 | Publisher: MRA | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format

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Blockchain Identity Management Market Size - By Offering (Software, Service), By Provider Type (Application Provider, Middleware Provider, Infrastructure Provider), By Network (Permissioned, Permissionless), By Enterprise Size, Industry Vertical & Forecast, 2024 - 2032

Blockchain Identity Management Market Size

Blockchain Identity Management Market was valued at USD 3.38 billion in 2023 and is expected to grow at a CAGR of over 50% between 2024 and 2032.

One of the key factors driving the market growth is support from significant technological companies. Prominent technology corporations including Microsoft, IBM, and Oracle are making substantial investments in the creation and implementation of identity management solutions based on blockchain technology. These businesses contribute enormous resources, cutting-edge technological know-how, and significant market power, all of which hasten the development and uptake of these solutions. Companies raise the profile and legitimacy of blockchain identity management by incorporating it into their platforms and product offerings.

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The blockchain identity management market is also being driven by the expansion of digital transformation projects in many industries. Identity management solutions must be safe, effective, and dependable as more companies and organizations move their operations online. Blockchain technology is a desirable alternative for businesses going through a digital transition as it provides a decentralized & unchangeable solution that improves the security and integrity of digital identities. As digital transformation continues to accelerate, the demand for blockchain-based identity management solutions is expected to rise, driving significant growth in this market.
 

Blockchain Identity Management Market Report Attributes
Report Attribute Details
Base Year 2023
Blockchain Identity Management Market Size in 2023 USD 3.38 Billion
Forecast Period 2024-2032
Forecast Period 2024-2032 CAGR 50%
032 Value Projection USD 160 Billion
Historical Data for 2021-2023
No. of Pages 280
Tables, Charts & Figures 366
Segments covered By Offering, Provider Type, Network, Enterprise Size, Industry Vertical, and Region
Growth Drivers
  • Support from major technology companies
  • Growth of digital transformation initiatives
  • Proliferation of IOT devices
  • Regulatory compliance & standards
  • Increased demand for data security & privacy
Pitfalls & Challenges
  • Integration with legacy systems
  • Regulatory and legal uncertainties

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A major challenge for the blockchain identity management sector is integration with older systems. An established IT infrastructure that has been developed and refined over many years powers many enterprises. As these older systems frequently depend on conventional & centralized identity management systems, switching to a decentralized blockchain-based strategy will need significant technical know-how and resources. Certain current systems may not be built to communicate with blockchain technology, leading to compatibility problems.

The market also faces issues with data migration, which call for meticulous preparation and implementation to guarantee the correct and secure transfer of identity data to the new system. To manage and run the new blockchain-based identification systems, personnel often need to undergo considerable retraining, which raises the expenses and complexity even further. These difficulties with assimilation can slow down the adoption of blockchain identity management as organizations may be reluctant to disrupt their established processes and systems.

Blockchain Identity Management Market Trends

Hey there! Have you heard about the Self-sovereign Identification (SSI) trend in managing identities online? It's all about giving you the power to own, manage, and protect your digital identity without the need for middlemen. Think of it like thiswith SSI, you're the boss of your own identity. You don't have to rely on companies or governments to store or share your personal information. Instead, you use blockchain technology to create a secure, tamper-proof, and verifiable digital identity that you can use anywhere you go. Why is this so popular? Well, people are getting more and more worried about how their data is being used and protected. SSI gives you back control, reducing the risk of your identity being stolen or your data being breached. As rules and laws change to focus more on user privacy and data protection, SSI is expected to become even more widespread. So, in a nutshell, SSI is all about putting the power of your identity back in your hands. It's a big step forward in making online interactions more secure and trustworthy.

Hey there, have you noticed the buzz around blockchain and identity management? It's like a match made in heaven! Big companies are recognizing that blockchain can be their secret weapon for boosting security, keeping fraudsters at bay, and speeding up the whole identity verification process. By hooking up blockchain-based identity solutions with their existing tech systems, businesses can take data accuracy, openness, and efficiency to new heights. This is especially game-changing for industries like finance, healthcare, and supply chains, where double-checking identities is crucial. Plus, blockchain helps businesses stay on top of tough regulations, which makes it a real cherry on top for those looking to beef up their security. As more businesses jump on the blockchain identity management bandwagon, the market is set to explode. So, stay tuned for even more innovative ways to keep our digital identities safe and sound!

Imagine you have a bunch of different puzzle pieces, each representing a different digital identity system built on blockchain technology. The problem is, they all look different and don't fit together. That's where interoperability comes in. Experts in the field are working to create standards, like the pieces of a puzzle, that will make these different identity systems talk to each other seamlessly. Two key examples are Verifiable Credentials (VCs) and Decentralized Identifiers (DIDs). Think of VCs as digital documents that contain verifiable information about you, like your name or education. DIDs, on the other hand, are like unique usernames that you can use across different systems. By creating these standards, everyone from tech companies to governments can use the same pieces to build their identity systems. This means that your digital identity will work across different platforms and services, just like your real-world identity works across different places. These standards are like the glue that holds the blockchain identity puzzle together. They make it easy to build new solutions, connect existing ones, and make sure that everyone can trust the information being shared. So, as more and more standards are developed, it's paving the way for a future where your digital identity is as seamless and secure as your physical one.

Blockchain Identity Management Market Analysis

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Based on offering, the market is divided into software & service. The service segment is expected to register a CAGR of 55% during 2024 and 2032.

  • A variety of expert services supporting the deployment, integration, and upkeep of blockchain-based identification solutions are included in the service section of the blockchain identity management market. This covers managed services, custom development, system integration, and consultancy.
  • The need for specialist knowledge to help enterprises navigate the complex world of identity management and blockchain technology is growing as more companies implement blockchain identity management systems. Consulting services assist businesses in formulating plans, organizing implementations, and comprehending the possible advantages and difficulties of blockchain identification solutions.
  • System integration services guarantee that applications and IT infrastructure currently in use can communicate with blockchain identity systems without any problems. Custom development services create solutions that are specifically built to meet the demands of an organization. The demand for these professional services is rising as more businesses recognize the value of blockchain identity management and seek to leverage its capabilities while ensuring a smooth transition and sustained performance.

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Based on network, the market is divided into permissioned & permissionless. In 2032, the permissioned segment dominated the global market with a revenue of over USD 110 billion.

  • The permissioned segment comprises systems where access to the blockchain network is limited to a predetermined group of participants. Permissioned blockchains are more controllable over network participation than public blockchains, which makes them especially appealing to businesses and organizations with strict security, privacy, and compliance requirements. Permissioned blockchains allow enterprises to create trusted environments for identity management, allowing identity data to be safely transferred and validated among known entities.
  • As participants are screened and given authorization, this technique lowers the risk of unwanted access and data breaches. Among the leading users of permissioned blockchain identification systems are financial institutions, healthcare providers, and governmental organizations.
  • The ability to maintain control over the network while benefiting from the decentralized nature of blockchain technology drives the segmental growth.

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In 2023, North America ruled the blockchain identity management scene worldwide, with a massive slice of the market at over 35%. This region has been growing like crazy thanks to new laws, tech breakthroughs, and the pressing need for secure ways to prove who you are. The U.S. is the king of the castle in this sector, with tech giants like Microsoft, IBM, and Oracle setting the pace for building and using identity management solutions based on blockchain. They're using this awesome technology to make it easier to check who you say you are, cut down on fraud, and keep your personal info safe. Things like the California Consumer Privacy Act (CCPA) have been stressing the importance of protecting data and keeping it private, and there's even talk of a federal law on data privacy. This makes it clear that it's time to start using these technologies and creating an environment that encourages them.

The region's robust digital adoption rates, rising cybersecurity concerns, and robust technological infrastructure are all contributing to the growth of the blockchain identity management market in North America. Blockchain-based technology is projected to witness increasing demand as local governments and enterprises look for more effective & safe identity management systems.

Hey there! People in the U.S. are getting really excited about using blockchain to manage their digital identities. Why's that? Well, it's all about keeping things private, secure, and totally legal. The laws in the U.S., like the California Consumer Privacy Act, are big on protecting people's data. And talks about making even stricter laws for the whole country are underway. So, having a way to prove who you are without giving out too much info is super important. And get thisthe U.S. is like a hotbed for techies and innovators. Lots of new businesses and cool ideas are being cooked up here. So, it's no wonder that they're experimenting with blockchain to create awesome digital identity solutions. Oh, and let's not forget about all the hackers lurking around. People are becoming more and more aware of how vulnerable their online identities are. That's why they're looking for ways to protect themselves, and blockchain is a great solution.

Blockchain is taking off in Japan! As the country beefs up its defenses against cyberattacks and embraces digital everything, blockchain identity management is becoming the go-to solution. The government is leading the charge with its "Society 5.0" plan, which aims to make tech a part of every aspect of life. And secure digital identities are a big part of that plan. Companies, especially in finance and manufacturing, are exploring blockchain to make their identity management systems safer and simpler. Not only that, but government agencies like the Financial Services Agency (FSA) are working hard to create rules that encourage the use of these technologies. And businesses and policymakers are collaborating to develop standards for using blockchain to prove who you are online. All this is helping to drive the growth of blockchain identity management in Japan.

South Korea is making waves in the world of blockchain identity management, thanks to its advanced tech infrastructure and government's backing. The South Korean government has rolled out projects and laws to make it easier to use blockchain tech, including for digital ID systems. Shout out to the Ministry of Science and ICT for making things more blockchain-friendly, too. Big-name South Korean companies like LG and Samsung are jumping on the blockchain bandwagon, investing in ID management solutions to make their products and services more secure and private. Smart South Koreans are all about adopting the latest tech, which is giving the blockchain industry a boost. All these factors are putting South Korea in the driver's seat as a leader in this exciting field.

China's plan to become a leader in blockchain identity management is no small feat. The government believes it's a game-changer, so it's investing heavily in the technology and backing it with strong rules. Government-funded projects are looking into ways to use blockchain to make digital transactions and government services more secure and efficient. These solutions could end up being part of the huge digital systems used by tech giants like Tencent and Alibaba. But China's strict laws on data protection and cybersecurity could make it hard for blockchain identity management solutions to catch on.

Blockchain Identity Management Market Share

Microsoft and IBM are major players in the world of blockchain identity management, each holding over 10% of the market share. Microsoft has a strong foothold in this space thanks to its investments in blockchain technology and its powerful cloud platform. Azure, Microsoft's cloud platform, makes it simple for businesses to set up and run blockchain networks. It offers a range of blockchain tools, including Azure Blockchain Service. Microsoft's Identity Overlay Network (ION), which is built on the Bitcoin blockchain, provides a decentralized identity (DID) solution. This gives users control over their own data and beefs up security. Microsoft's track record in security and compliance, plus its huge base of business customers, makes it a leader in this field. And because Microsoft has built decentralized identity solutions into its widely used Azure Active Directory (Azure AD), companies can switch to blockchain-based identity management smoothly while still using their existing Microsoft framework and technology.

IBM has carved out a niche in blockchain identity management thanks to its deep understanding of various industries and comprehensive blockchain platform. IBM Blockchain, part of their cloud suite, empowers businesses to create and deploy secure identity management solutions on a blockchain. IBM's expertise in blockchain innovation shines through their collaborations and initiatives in fields like healthcare, supply chain, and finance. Their identification solutions, like IBM Verify Credentials built on Hyperledger Fabric, deliver robust and scalable identity verification. If you're a business looking to leverage blockchain identity management, IBM stands out as a trusted choice. Their focus on enterprise-grade solutions and grasp of legal and compliance intricacies make them an ideal partner. They've earned recognition as a beacon in blockchain technology, helping organizations enhance their identity management strategies.

Blockchain Identity Management Market

Major players operating in the blockchain identity management industry are

  • Microsoft
  • IBM
  • Oracle
  • Bitfury
  • Metadium Technology Inc.
  • Serto
  • NuID Inc.

Blockchain Identity Management Industry News

  • In January 2023, AWS partnered with Ava Labs to promote the use of blockchain technology in organizations, governments, and businesses. The main goals of this partnership were to strengthen the Avalanche network's architecture, support the Decentralized Application (dApp) ecosystem, and streamline the deployment and maintenance of nodes on the network.
     
  • In November 2022, K2 Integrity, a risk, compliance, investigations, and monitoring company, partnered with TRM Labs. Through the integration of TRM Labs' premier blockchain forensics and compliance tools with K2 Integrity's extensive knowledge of risk management, investigations, and compliance advisory, the partnership allowed both companies to educate institutions and public sector authorities about the risks associated with virtual assets and help them develop strategies to mitigate those risks.

This blockchain identity management market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD billion) from 2021 to 2032, for the following segments

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Market, By Offering

  • Software
  • Service

Market, By Provider Type

  • Application provider
  • Middleware provider
  • Infrastructure provider

Market, By Network

  • Permissioned
  • Permissionless

Market, By Enterprise Size

  • Large enterprises
  • Small and medium-sized enterprises

Market, By Industry Vertical

  • BFSI
  • Retail & e-commerce
  • IT & telecommunication
  • Government & public sector
  • Healthcare
  • Manufacturing
  • Media & entertainment
  • Others

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA
       

 

Table of Content

Report Content

Chapter 1   Methodology & Scope

1.1   Market scope & definition

1.2   Base estimates & calculations

1.3   Forecast calculation

1.4   Data sources

1.4.1   Primary

1.4.2   Secondary

1.4.2.1    Paid sources

1.4.2.2    Public sources

Chapter 2   Executive Summary

2.1   Industry 360º synopsis, 2021 - 2032

Chapter 3   Industry Insights

3.1   Industry ecosystem analysis

3.2   Vendor matrix

3.3   Profit margin analysis

3.4   Technology & innovation landscape

3.5   Patent analysis

3.6   Key news and initiatives

3.7   Regulatory landscape

3.8   Impact forces

3.8.1   Growth drivers

3.8.1.1    Support from major technology companies

3.8.1.2    Growth of digital transformation initiatives

3.8.1.3    Proliferation of IOT devices

3.8.1.4    Regulatory compliance and standards

3.8.1.5    Increased demand for data security and privacy

3.8.2   Industry pitfalls & challenges

3.8.2.1    Integration with legacy systems

3.8.2.2    Regulatory and legal uncertainties

3.9   Growth potential analysis

3.10   Porter’s analysis

3.10.1    Supplier power

3.10.2    Buyer power

3.10.3    Threat of new entrants

3.10.4    Threat of substitutes

3.10.5    Industry rivalry

3.11   PESTEL analysis

Chapter 4   Competitive Landscape, 2023

4.1   Introduction

4.2   Company market share analysis

4.3   Competitive positioning matrix

4.4   Strategic outlook matrix

Chapter 5   Market Estimates & Forecast, By Offering, 2021 - 2032 (USD Billion)

5.1   Software

5.2   Service

Chapter 6   Market Estimates & Forecast, By Provider Type, 2021 - 2032 (USD Billion)

6.1   Application provider

6.2   Middleware provider

6.3   Infrastructure provider

Chapter 7   Market Estimates & Forecast, By Network, 2021 - 2032 (USD billion)

7.1   Permissioned

7.2   Permissionless

Chapter 8   Market Estimates & Forecast, By Enterprise Size, 2021 - 2032 (USD billion)

8.1   Large enterprises

8.2   Small and medium-sized enterprises

Chapter 9   Market Estimates & Forecast, By Industry Vertical, 2021 - 2032 (USD billion)

9.1   BFSI

9.2   Retail & e-commerce

9.3   IT & telecommunication

9.4   Government & public sector

9.5   Healthcare

9.6   Manufacturing

9.7   Media & entertainment

9.8   Others

Chapter 10   Market Estimates & Forecast, By Region, 2021 - 2032 (USD Billion)

10.1   Key trends

10.2   North America

10.2.1    U.S.

10.2.2    Canada

10.3   Europe

10.3.1    UK

10.3.2    Germany

10.3.3    France

10.3.4    Italy

10.3.5    Spain

10.3.6    Rest of Europe

10.4   Asia Pacific

10.4.1    China

10.4.2    India

10.4.3    Japan

10.4.4    South Korea

10.4.5    ANZ

10.4.6    Rest of Asia Pacific

10.5   Latin America

10.5.1    Brazil

10.5.2    Mexico

10.5.3    Rest of Latin America

10.6   MEA

10.6.1    UAE

10.6.2    South Africa

10.6.3    Saudi Arabia

10.6.4    Rest of MEA

Chapter 11   Company Profiles

11.1   Accumulate

11.2   Amazon Web Services

11.3   Bitfury Group Limited

11.4   Blockchains Inc.

11.5   Coinfirm

11.6   Dock Labs AG

11.7   Factom Inc.

11.8   Fractal

11.9   Humanity.co Inc.

11.10    IBM

11.11    KYC-Chain Limited

11.12    Metadium Technology Inc.

11.13    Microsoft

11.14    NEC Corporation

11.15    Neuroware

11.16    NuID Inc.

11.17    Oaro Limited

11.18    Oracle

11.19    Peer Ledger Inc.

11.20    Procivis AG

11.21    Serto

11.22    SpringRole

11.23    Tradle Inc.

11.24    TRM

11.25    Validated ID, SL

  • Microsoft
  • IBM
  • Oracle
  • Bitfury
  • Metadium Technology Inc.
  • Serto
  • NuID Inc.

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