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, have you heard about the latest buzz in the world of digital identities? It's called Self-sovereign Identification, or SSI for short. SSI is like a game-changer because it gives you total control over your digital identity. No more relying on companies or governments to tell you who you are or what you can do. It's kind of like having your own little digital passport that you can use to prove who you are to different apps and services. The difference is that this passport is secure, can't be tampered with, and is always with you. SSI is taking off because people are getting more and more concerned about their privacy and the safety of their personal data. It also gives you the freedom to choose how and where you share your information. Plus, as governments start to put more emphasis on protecting our privacy and data, SSI is only going to become even more important. So keep an eye out for it, because it's about to revolutionize the way we interact with the digital world.

Blockchain, the technology behind cryptocurrencies, is making waves in business. It's being used to manage identities, which is a big deal for companies. You see, companies are always looking for ways to make their systems more secure and efficient. Blockchain can help with both. It's like a super-secure ledger that keeps track of identity information. This makes it hard for hackers to steal or change that information. Plus, blockchain speeds up identity verification. Instead of going through a bunch of slow, error-prone steps, companies can use blockchain to verify identities almost instantly. This is especially important in industries like finance, healthcare, and supply chain management. In these areas, it's crucial to be able to trust that identities are real and secure. And here's another bonusblockchain makes it easier for businesses to comply with laws and regulations. So, companies that use blockchain for identity management can sleep easier at night knowing they're covered. As more businesses realize the benefits of blockchain for identity management, the market is expected to grow big time. It's a game-changer for companies looking to improve security, efficiency, and compliance.

Hey there! I've been keeping tabs on the blockchain identity management scene, and let me tell you, it's all about setting up rules to make sure different systems play nicely together. Why? Because we want a seamless experience for users, like when you can use the same login for multiple apps. To make this happen, experts are working on standards like Verifiable Credentials (VCs) and Decentralized Identifiers (DIDs). These are like common languages that different blockchain systems can understand, so you can use your digital identity across various platforms without a hitch. These standards are like the backbone of the blockchain identity management industry. They make it easier for companies to create solutions that work together, boosting innovation and building trust. It's like a digital bridge connecting different systems, making it easier for us to navigate the world of digital identity.

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 became the undisputed leader in blockchain-powered identity management worldwide, controlling over 35% of the market. This surge is fueled by a wave of government regulations, tech breakthroughs, and the growing demand for secure ways to verify our identity. The United States is spearheading this revolution, with IT giants like Microsoft, IBM, and Oracle driving the development and use of blockchain-based identity solutions. They're leveraging blockchain's power to strengthen identity verification, reduce fraud, and keep our data safe. Laws like the California Consumer Privacy Act (CCPA) and ongoing debates about federal data privacy are creating a supportive environment for these technologies by emphasizing the importance of protecting our data and privacy.

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! The market for blockchain identity management is blowing up in the U.S. Why? Because Americans are crazy about keeping their personal info private and safe. Plus, there are a ton of laws like the CCPA that make companies take privacy seriously. The U.S. is also a hotspot for tech startups and innovation centers. These folks are coming up with super cool ways to use blockchain to keep our digital identities secure. And let's not forget the rise in cyberattacks. People need a safe way to prove who they are online. That's where blockchain comes in. It's like a super secure digital lock that keeps your identity safe from hackers.

Hey there! Japan is making waves in the world of blockchain identity management. They're beefing up their cybersecurity and embracing digital change. The government is leading the charge with their Society 5.0 plan, which aims to bring cutting-edge tech to every part of life. As part of this plan, they're looking at building solid and secure ways for people to prove who they are online. Lots of Japanese companies, especially in finance and manufacturing, are exploring blockchain-based identity management to make things safer and easier. The Financial Services Agency and others are also working on rules to make it smoother to use these technologies. Japan's regulations are being updated to support this growth. Not only the government, but businesses and the public are also teaming up to set up standardized rules for decentralized identity. This collaboration is expected to give blockchain identity management a major boost in Japan.

South Korea is making a big splash in the world of blockchain-based identity management. The country has a strong backbone of technology and the government is putting a lot of weight behind blockchain projects. The government has pushed the ball forward by starting up programs and changing laws to make it easier for people to use blockchain, including ways to prove who they are online. The Ministry of Science and ICT has been a big fan of blockchain, too. Big-name Korean tech companies like LG and Samsung are getting in on the game by using blockchain to make their products and services more secure and private. Other companies are coming up with new ways to use blockchain to prove people's identities online. South Koreans are also really into all things digital, which is giving the market for blockchain identity management a boost. All of this is putting South Korea in the top spot for this exciting new field.

China's strategy for diving into the world of blockchain identity management is like putting all their eggs in one basket—blockchain technology—and having their government cheer them on from the sidelines. The Chinese government sees blockchain as a game-changer and is throwing money and rules to help it thrive. Government projects are testing out ways to use blockchain to keep digital stuff and government services safe and make them better. Chinese tech giants like Tencent and Alibaba are also investing heavily in blockchain and decentralized identity tech, hoping to use these systems to strengthen their digital empires. But it's not all smooth sailing. China's tight rules on data and cybersecurity make it tricky to use blockchain identity management solutions.

Blockchain Identity Management Market Share

Back in the day, tech giants like Microsoft and IBM were the heavy hitters in managing digital identities using blockchain, with each holding a good chunk of the market share. Microsoft, in particular, has been a big player in this space thanks to its smart investments in blockchain and its strong cloud infrastructure. With its Azure platform, businesses can build and run blockchain networks like a breeze. Azure even has a whole suite of blockchain services, including the Azure Blockchain Service, that make it super easy. Microsoft also has their Identity Overlay Network (ION), built on the Bitcoin blockchain, which offers a way to manage digital identities in a secure and user-friendly way. It gives people more control over their personal information and keeps it safe. Microsoft has a solid reputation for keeping things secure and compliant, and it has a lot of big businesses that use its services. This makes it a natural leader in the market. Businesses can easily switch to blockchain-based identity management by using Microsoft's Azure Active Directory (Azure AD), which is already widely used. This way, they can keep using their existing Microsoft tools and infrastructure while taking advantage of the benefits of blockchain.

IBM's extensive knowledge of different industries and comprehensive blockchain platform have helped them become a major player in the world of blockchain identity management. Their IBM Blockchain, part of the IBM Cloud, is a stable environment for creating and using identity management solutions based on blockchain technology. IBM has been a leader in the blockchain space, with significant projects and collaborations in areas like supply chains, healthcare, and finance. They offer blockchain identity solutions like IBM Verify Credentials, which runs on the Hyperledger Fabric framework, and provides secure and reliable identity verification. IBM's commitment to business solutions and understanding of legal and compliance requirements makes them a great partner for companies looking to implement blockchain identity management. They have the expertise and tools to help businesses navigate the complexities of this technology and harness its potential.

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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