Global Block Chain Identity Management Market Predicted to Value Over USD 3 Billion by 2026 end

  • 13 May 2019

Global Block Chain Identity Management market is predicted to value over USD 3 billion by 2026 end and grow at a CAGR of over 80% during the forecast period 2019 to 2026.  

Protecting user identity has been an essential responsibility for all the companies that have an online presence and blockchain identity management aids in doing so. There has been a recent rise in the hacking activities due to which companies across the world are adopting blockchain identity management solutions so that the consumer data is protected from digital clones and online frauds. Blockchain identity management system provides an improved experience for the end user with a reduced compliance steps and also a better security in general. Companies like IBM are working relentlessly in preventing client data from frauds. A rise in KYC simplification and self-sovereign identification are the driving forces of the global blockchain identity management market. Additionally, businesses are becoming digital these days which is driving the market growth even further. Nevertheless privacy concerns and a dearth of common regulatory standards might hamper the market growth. Nonetheless, BFSI sector is implementing blockchain identity management system which has initiated newer opportunities for the blockchain identity management market globally and is expected to grow further during the forecast period. 

Insights on Block Chain Identity Management Market:
1.    By Region

•    North America
•    Europe
•    Asia Pacific
•    Middle East & Africa
•    Latin America
North America is expected to account for a significant share of the global market during the forecast period due to a high penetration rate of the solutions offered by this system in U.S and Canada. Big companies are partnering with other leading regional players so that they can offer services to regional clients. Companies from the financial sector are highly investing in this system for the sake of the regional consumers. Millions of people from the U.S were affected by identity theft and fraud resulting in a loss of billions of dollars for government, individuals and businesses as well. So to avoid such situations to arise in the future, several key players are merging with various organizations for implementing the blockchain identity management system for protecting user database which will boost the market even further. Due to an adoption of blockchain identity management solutions on a larger scale, the Asia Pacific market region is expected to witness a significant amount of growth during the forecast period. Countries like India, China, Australia, South Korea and Japan have adopted or started to adopt this system at a rapid rate resulting to the growth of market and one of the main reasons for this fast adoption is the emergence of a number of government-supported start-ups in several of these countries. For instance, the Chinese government in 2018, initiated a service platform using blockchain for supply chain tracking and identity management. Europe is also expected to witness a significant amount of market growth during the forecast period owing to the acceptance of online-provided services in Switzerland, Germany, UK, Finland, France and Italy. The government of Estonia has implemented KSI blockchain system for e-identity ID cards Due to such amount of acceptance of the system regionally, this market space is expected to show a positive market growth during the forecast period. 

2.    By Sector
•    BFSI
•    Government
•    Telecom and IT
•    Healthcare
•    Retail and E-commerce
•    Logistics and Transport
•    Real Estate
•    Hospitality
•    Media and Entertainment
•    Education
•    Automotive

Banking, financial services and Insurance (BFSI) sector is the major shareholder of the global blockchain identity management market due to a consumer financial database privacy that is required by this sector on a higher priority basis and this market trend will continue during the forecast period as well. Similar is the case with the government sector. Online identity theft has been a concern in both developed as well as emerging economies and that is why governments are implementing blockchain identity management system on the citizen database so that the personal data of each and every citizen is protected from fraudsters and hackers and therefore this sector is also expected to experience a positive market growth during the forecast period. 

3.    By Service Providers
•    Application Providers
•    Middleware Providers
•    Infrastructure Providers
Application providers segment is expected to show a significant market growth during the forecast period as compared to middleware provider and infrastructure providers due to some unique blockchain capabilities like authenticity, KYC simplification and self-sovereign identification. 

Competitive Landscape:
•    IBM
•    Amazon
•    KYC-Chain
•    Bitfury
•    Civic technologies
•    Microsoft
•    Oracle
•    Blockverify

FutureWise Key Takeaways:
•    Growth prospects
•    SWOT analysis 
•    Key trends 
•    Key data-points affecting market growth 

Objectives of the Study:
•    To provide with an exhaustive analysis on the global block chain identity management market by region, by sector, by service providers
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
•    To evaluate and forecast micro-markets and the overall market 
•    To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Middle East & Africa and Latin America
•    To record evaluate and competitive landscape mapping- product launches

 

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