Blockchain Identity Management Market Size, Share, Growth, Trends, and Forecast, 2032

The global Blockchain Identity Management market size accrued earnings worth approximately USD 1.38 Billion in 2023 and is predicted to gain revenue of about USD 495.46 Billion by 2032, is set to record a CAGR of nearly 92.30% over the period from 2024 to 2032.

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Blockchain Identity Management Market Overview

Blockchain identity management system is a tool that consists of a blockchain based authentication and digital verification process. Blockchain identity management system is highly effective, as it encrypts and stores data on a user's mobile device instead of a central database.

In today’s digital age, traditional tools or identity management systems are unable to keep up with the amount of data generated regularly. Blockchain-based identity management systems offer a safe, secure, and decentralized solution. As blockchain uses cryptography technique to link, store, and encrypt the data available in every single block with each other through a virtual network, it offers secure and faster access to an organization's data. Blockchain identity management market is anticipated to have huge growth potential in the forecast time period with digital access, authentication, and management systems being the cornerstones of shared digital future. These systems are used to prevent both the individuals and organizations from fraudulent activities, theft, and misuse of their valuable data.

Blockchain-based identity management systems protect and monitor personal and financial data during the transaction of individuals through various websites and e-commerce platform. Blockchain identity management market is projected to have a substantial rate of growth during the forecast time period, owing to its increasing applications in regular activities, such as online money transfer, updating stocks value, and election voting systems. Major concerns regarding user authentication and uncertain regulatory status might hinder the future of the blockchain identity management market globally. However, these solutions in conjunction with IoT are expected to create new market opportunities.

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Blockchain Identity Management Market Segmentation Analysis

The study provides a decisive view of the blockchain identity management market by segmenting the market based on deployment, application, vertical, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

By deployment, this market is divided into the public cloud, private cloud, and hybrid cloud. Private cloud is anticipated to register substantial growth in the future owing to its ability to provide good security as compared to a public cloud.

By application, this market is segmented into multi-factor authentication, password management, access management, directory services, and others. The multi-factor authentication is projected to hold a substantial share in the future. 

The vertical segment is categorized into BFSI, retail, logistics, healthcare, government, IT and telecom, media and entertainment, travel and hospitality, and others. The BFSI segment is expected to witness significant growth over the forecast time period owing to its massive use in the banking sector.

Blockchain Identity Management Market: Report Scope

Blockchain Identity Management Market regional Analysis

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa with further division into major countries, such as the U.S., Canada, Mexico, UK, France, Germany, Italy, China, Japan, India, Australia, South Korea, Brazil, Argentina, and Saudi Arabia, UAE, South Africa, and Israel. North America is anticipated to hold a significant share in the global blockchain identity management market owing to the high rate of penetration of these solutions in the U.S. and Canada.

Blockchain Identity Management Market Competitive Analysis

The report covers a detailed competitive outlook including the market share and company profiles of the key participants operating in the global blockchain identity management market Some major players operating in this global market are

• AWS
• IBM
• Civic Technologies
• Bitfury
• KYC-Chain
• Factom
• Oracle
• Evernym, Inc.
• Netki, Inc.
• UniquID Inc.
• Peer Ledger
• and BlockVerify, among others.

This report segments the global blockchain identity management market as follows:

Blockchain Identity Management Market: Deployment Segment Analysis

• Public Cloud
• Private Cloud
• Hybrid Cloud

Blockchain Identity Management Market: Application Segment Analysis

• Multi-Factor Authentication
• Password Management
• Access Management
• Directory Services
• Others

Blockchain Identity Management Market: Vertical Segment Analysis

• BFSI
• Retail
• Logistics
• Healthcare
• Government
• IT and Telecom
• Media and Entertainment
• Travel and Hospitality
• Others

Blockchain Identity Management Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa