Global Blockchain Identity Management Market

Global blockchain identity management market is segmented into provider, vertical, and region. In terms of providers, the blockchain identity management market is classified into application providers, middleware providers, and infrastructure providers. Based on vertical, the blockchain identity management market is categorized into BFSI, government, healthcare, and life sciences, telecom and IT, retail and e-commerce, transport and logistics, real estate, media and entertainment, travel and hospitality, and others. Region wise into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Blockchain identity management provides freedom to create encrypted digital identities which control replace username and passwords while offering security features. Blockchain identity management provides a decentralized approach where a user would get an identity that does not depend on centralized authority and cannot the by any third party. The restraining factors such as an absence of the common set of regulatory standards and unregulated landscape and concerns over the authenticity of the user could affect the growth of blockchain identity management market. Some of the major factors such as growing demand for blockchain identity solutions across industry verticals, rising security concerns with existing models across the globe, and for self-sovereign identification, and easing the business functions through high-transaction speed and immutability are expected to propel the growth of the market around the world.

In case of industry verticals, the Banking, Financial Service, and Insurance (BFSI) vertical is likely to hold the larger blockchain identity management market share during the forecast period, as the rising need for identity verification in the banking system and the difficulties in the traditional identification methods are making the identification processes more difficult. Blockchain identity management market allows to ensure the protection of the user’s personal data along with the simplification of KYC process, owing to this organizations would adopt the blockchain identity management solution in BFSI vertical.
Based on providers, the application provider segment is expected to reach at the highest CAGR during the forecast period. Because of blockchain solutions introduction, industry verticals would adopt the technology, thereby increasing the overall market growth.

In terms of region, North America is likely to hold larger blockchain identity management market share during the forecast period, as North America is the most advanced region in terms of technology adoption. APAC is likely to reach at highest CAGR during the forecast period, owing to growth in the number of start-ups, increasing venture capital funding and governments focusing on regulating the blockchain technology.
Some of the major vendors are Microsoft, Oracle, Bitnation, Nodalblock, EdgeSecure, Blockverify, Peer Ledger, Cambridge Blockchain etc.
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