Blockchain Identity Management Market by Offering (Software and Services), Provider Type (Application Provider, Middleware Provider, and Infrastructure Provider), Network, Organization Size, Vertical and Region - Global Forecast to 2028
[257 Pages Report] The global blockchain identity management market size is projected to grow from USD 1.3 billion in 2023 to USD 35.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 92.7% during the forecast period. The rise in security concerns drives the expansion of the blockchain identity management market, creating a strong demand for robust blockchain identity management solutions. These solutions help verify, audit, and manage identity accomplished within seconds.
Additionally, the rapid growth of blockchain identity ecosystems has played a significant role in promoting the adoption of blockchain identity management measures. Hackers are increasingly targeting traditional identity management due to their extensive usage and access to valuable data, further bolstering the growth of the blockchain identity management market.
Moreover, the easing of business functions and growing demand for digital identity management are contributing to the growth of the market. These factors indicate a promising growth trajectory for the market as organizations actively seek improved security and data control measures. Consequently, the demand for blockchain identity management solutions is expected to witness a significant upsurge shortly.
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Blockchain Identity Management Market Dynamics
Driver: Proliferation of digital identity ecosystem and blockchain gaming vertical
The surge in blockchain gaming and the digital identity ecosystem has led to a rapid rise in blockchain identity management. The demand for blockchain ID management is driven by the increased use of digital identities for online services, the widespread adoption of mobile devices, and rising data breaches. Blockchain identity management ensures secure and decentralized storage of identity data, protecting against theft and fraud while improving verification processes. It is also crucial in blockchain gaming, providing a secure way to manage player identities and assets, preventing fraud, and ensuring transparency. Examples of platforms in this space include Evernym, Socure, Enjin, and The Sandbox, all leveraging blockchain technology for identity verification and asset protection.
Restraint: Uncertainty in regulations and absence of uniform standards
Regulatory bodies struggle to keep up with technological advancements, including blockchain identity management. The lack of regulations hinders the widespread adoption of blockchain in various industries, and gaining acceptance from financial institutions is challenging. The early stage of distributed ledger technology raises questions about its applications, security, and authenticity, making regulators hesitant. Specific use cases like payments, smart contracts, and digital identity can be regulated, but comprehensive technology regulation is complex due to challenges like standardization and interoperability, leaving the regulatory status uncertain.
Opportunity: Government efforts promoting the adoption of blockchain technology
Blockchain technology has gained significant attention from governments and various industries in recent years. Governments worldwide are investing in research and development to explore blockchain's potential for identity management solutions. By using distributed ledgers, blockchain can enhance transparency, efficiency, and public service delivery. Estonia, for example, has become a leader in blockchain-based electronic voting and identity management, allowing secure voting from anywhere and efficient access to public services with citizens retaining control over their data.
Challenge: Limited expertise in blockchain principles
Blockchain technology has gained significant attention, but many users struggle to grasp its technical aspects. Despite its benefits, like security and decentralized control, the adoption of blockchain identity management solutions is still limited. Understanding blockchain and its platforms is essential as its applications grow. Technical knowledge of cryptographic algorithms and decentralized systems is necessary to explore their advantages fully. Legacy infrastructure also poses a challenge as it differs from traditional IT development. Overcoming these obstacles is crucial for unlocking blockchain identity management’s full potential.
Blockchain Identity Management Market Ecosystem
By vertical, the Healthcare segment is to grow at the highest CAGR during the forecast period.
The healthcare sector is witnessing the highest CAGR in the blockchain identity management market, primarily due to its numerous advantages. The enhanced security and privacy features of blockchain technology make it an ideal solution for safeguarding sensitive healthcare data from hacking or tampering. By creating a secure, shared platform for patient data storage and exchange, blockchain improves interoperability, resulting in reduced duplication of tests, enhanced patient care, and cost savings. Additionally, blockchain streamlines administrative processes like patient identity verification, leading to increased efficiency and reduced expenses. Moreover, the technology ensures healthcare organizations' compliance with regulations by enabling secure and auditable management of patient data, protecting them from potential fines and penalties.
By network, the permissionless segment is to grow at the highest CAGR during the forecast period.
The permissionless segment is thriving in the blockchain identity market due to its decentralized, trustless nature, granting users autonomy and control over their identities. With higher privacy and security, it reduces data breach risks. Its open access and inclusivity attract a global user base, and interoperability fosters a unified identity ecosystem. Additionally, resistance to censorship and scalability make permissionless blockchains highly attractive for identity management across verticals like healthcare and finance, fueling its rapid growth.
By region, North America accounts for the highest market size during the forecast period.
The blockchain identity management market in North America is experiencing rapid growth, driven by escalating adoption of digital identity solutions. As businesses and individuals increasingly operate online, secure and decentralized identity management becomes crucial. With the rising demand for privacy and security, blockchain-based solutions offer enhanced protection against fraud and data breaches. The availability of such solutions from prominent technology companies has facilitated widespread adoption. Additionally, North America's supportive regulatory environment has fostered a favorable landscape for the blockchain identity management market's expansion, solidifying the region's position with the highest market share.
Key Market Players
AWS (US), IBM (US), Oracle (US), Microsoft (US), Bitfury (US), NEC (Japan), Dock (Switzerland), and Hu-manity.co (US), Metadium (Cayman Islands), Serto (US), Coinfirm (UK), Accumulate (US), Neuroware (Malaysia), Tradle (US), Peer Ledger (Canada), Procivis (Switzerland), SpringRole (US), Blockchains (US), Oaro (Canada), Fractal (Germany), NuID (US), Validated ID (Spain), KYC-Chain (Hong Kong), TRM Labs (US) and Factom (US) are the key players and other players in the blockchain identity management market.
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Report Metrics |
Details |
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Market size available for years |
2017-2028 |
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Base year considered |
2022 |
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Forecast period |
2023–2028 |
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Forecast units |
Value (USD Million/USD Billion) |
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Segments Covered |
Offering, Provider Type, Organization Size, Network, Vertical, and Region |
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Geographies covered |
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
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Companies covered |
Major vendors in the global blockchain identity management market include AWS (US), IBM (US), Oracle (US), Microsoft (US), Bitfury (US), NEC (Japan), Dock (Switzerland), and Hu-manity.co (US), Metadium (Cayman Islands), Serto (US), Coinfirm (UK), Accumulate (US), Neuroware (Malaysia), Tradle (US), Peer Ledger (Canada), Procivis (Switzerland), SpringRole (US), Blockchains (US), Oaro (Canada), Fractal (Germany), NuID (US), Validated ID (Spain), KYC-Chain (Hong Kong), TRM Labs (US) and Factom (US). |
The study categorizes the blockchain identity management market by segments - offering, provider type, organization size, network, vertical, and region.
By Offering:
- Software
- Services
By Provider Type:
- Application Provider
- Middleware Provider
- Infrastructure Provider
By Organization Size:
- SMEs
- Large Enterprise
By Network
- Permissioned
- Permissionless
Vertical:
- BFSI
- IT and ITeS
- Telecom
- Government
- Real Estate and Construction
- Healthcare
- Retail and eCommerce
- Media and Entertainment
- Travel and Hospitality
- Other Verticals (Energy and Utilities; Transportation and Logistics; Research and Academia; and others)
By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Recent Developments
- In January 2023, AWS (US) partnered with Ava Labs to promote blockchain adoption in enterprises, institutions, and governments. The collaboration aims to simplify node deployment and management on Avalanche, strengthen the network, and enhance the dApp ecosystem.
- In July 2021, Oracle Financial Services Software Ltd and Everest joined forces to bring blockchain technology to global banks. The partnership allows Oracle's banking clients to verify customer credentials and store them securely on the blockchain platform across multiple countries. Additionally, the integration improves Oracle's banking software and facilitates remote customer onboarding for financial institutions.
- In May 2022, Microsoft launched Microsoft Entra, a new product family that includes Azure Active Directory (Azure AD), and introduced two new categories: Microsoft Entra Permissions Management and Microsoft Entra Verified ID. The latter is based on decentralized identity standards, offering a secure, interoperable, and self-owned identity solution. Entra Permissions Management enables comprehensive visibility and management of permissions across multi-cloud environments, reducing access risks.
Frequently Asked Questions (FAQ):
What are the opportunities in the global blockchain identity management market?
The initiatives taken by the government and widespread usage of blockchain-based identity solutions are a few factors contributing to the growth and creating new opportunities for the blockchain identity management market.
What is the definition of the blockchain identity management market?
Identity management involves identifying and authorizing individuals or entities to access organizational resources by providing them with the rights they are entitled to. Although identity management has many concerns related to information security, blockchain technology offers a solution through its distributed ledger technology. In this method, all transactions and information on individuals, groups, or organization entities are stored in blocks, and overriding these blocks is not possible. Blockchain technology delivers a secure solution that eliminates the need for central authorities and third parties. It makes it easier for individuals to manage and control their personal information and its access.
Which region is expected to show the highest market share in the blockchain identity management market?
North America is expected to account for the largest market share during the forecast period.
What are the major market players covered in the report?
Major vendors in the global blockchain identity management market include AWS (US), IBM (US), Oracle (US), Microsoft (US), Bitfury (US), NEC (Japan), Dock (Switzerland), Hu-manity.co (US), Metadium (Cayman Islands), Serto (US), Coinfirm (UK), Accumulate (US), Neuroware (Malaysia), Tradle (US), Peer Ledger (Canada), Procivis (Switzerland), SpringRole (US), Blockchains (US), Oaro (Canada), Fractal (Germany), NuID (US), Validated ID (Spain), KYC-Chain (Hong Kong), TRM Labs (US) and Factom (US).
What is the current size of the global blockchain identity management market?
The global blockchain identity management market size is projected to grow from USD 1.3 billion in 2023 to USD 35.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 92.7% during the forecast period.
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The study involved major activities in estimating the current market size for the blockchain identity management market. Exhaustive secondary research was done to collect information on the blockchain identity management industry. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain using primary research. Different approaches, such as top-down and bottom-up, were employed to estimate the total market size. After that, the market breakup and data triangulation procedures were used to estimate the market size of the segments and subsegments of the Blockchain identity management market.
Secondary Research
The market for the companies offering blockchain identity management software and services is arrived at by secondary data available through paid and unpaid sources, analyzing the product portfolios of the major companies in the ecosystem, and rating the companies by their performance and quality. Various sources were referred to in the secondary research process to identify and collect information for this study. The secondary sources include annual reports, press releases, investor presentations of companies, white papers, journals, and certified publications and articles from recognized authors, directories, and databases.
In the secondary research process, various secondary sources were referred to for identifying and collecting information related to the study. Secondary sources included annual reports, press releases, and investor presentations of blockchain identity solution vendors, forums, certified publications, and whitepapers. The secondary research was used to obtain critical information on the industry’s value chain, the total pool of key players, market classification, and segmentation from the market and technology-oriented perspectives.
Primary Research
In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the Blockchain identity management market.
After the complete market engineering (calculations for market statistics, market breakdown, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. Primary research was also conducted to identify the segmentation types, industry trends, competitive landscape of Blockchain identity management solutions offered by various market players, and key market dynamics, such as drivers, restraints, opportunities, challenges, industry trends, and key player strategies.
In the complete market engineering process, the top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform the market estimation and market forecasting for the overall market segments and subsegments listed in this report. Extensive qualitative and quantitative analysis was performed on the complete market engineering process to list the key information/insights throughout the report.
Following is the breakup of the primary study:
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Market Size Estimation
Top-down and bottom-up approaches were used to estimate and validate the size of the global blockchain identity management market and estimate the size of various other dependent sub-segments in the overall blockchain identity management market. The research methodology used to estimate the market size includes the following details: key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure included the study of the annual and financial reports of the top market players, and extensive interviews were conducted for key insights from the industry leaders, such as CEOs, VPs, directors, and marketing executives.
All percentage splits and breakdowns were determined using secondary sources and verified through primary sources. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data is consolidated and added to detailed inputs and analysis from MarketsandMarkets.
Infographic Depicting Bottom-Up and Top-Down Approaches
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Data Triangulation
After arriving at the overall market size using the market size estimation processes explained above, the market was split into several segments and subsegments. The data triangulation and market breakup procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Market Definition
Identity management involves the identification and authorization of individuals or entities to access organizational resources by providing them the necessary rights that they are entitled to. Although identity management has a lot of concerns related to the security of information, blockchain technology provides a solution through its distributed ledger technology. In this method, all transactions and information pertaining to individuals, groups, or organization entities are stored in blocks, and overriding these blocks is not possible. Blockchain technology delivers a secure solution that eliminates the need for central authorities and third parties. This makes it easier for individuals to manage and control their personal information and its access.
Key Stakeholders
- Information Technology (IT) Professionals
- Government Agencies
- Investors and Venture Capitalists
- Small and Medium-Sized Enterprises (SMEs) and Large Enterprises
- Managed and Professional Service Providers
- Blockchain Platform Vendors
- Infrastructure Providers
- Consultants/Consultancies/Advisory Firms
- System Integrators
- Third-Party Providers
- Value-added Resellers (VARs)
- Business Analysts
- Financial Services Firms
Report Objectives
- To define, describe, and forecast the blockchain identity management market based on offering, deployment mode, organization size, verticals, and regions
- To define, describe, and forecast the blockchain identity management market by offering, deployment mode, organization size, vertical, and region
- To forecast the market size of five main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America
- To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market
- To provide detailed information related to the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the blockchain identity management market
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the Blockchain identity management market
- To profile the key players of the blockchain identity management market and comprehensively analyze their market size and core competencies in the market
- To track and analyze competitive developments, such as new product launches; mergers and acquisitions; and partnerships, agreements, and collaborations in the global blockchain identity management market.
Customization Options
With the given market data, MarketsandMarkets offers customizations based on company-specific needs. The following customization options are available for the report:
Geographic Analysis
- Further breakup of the Asia Pacific market into countries contributing 75% to the regional market size
- Further breakup of the North American market into countries contributing 75% to the regional market size
- Further breakup of the Latin American market into countries contributing 75% to the regional market size
- Further breakup of the Middle Eastern and African market into countries contributing 75% to the regional market size
- Further breakup of the European market into countries contributing 75% to the regional market size
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Blockchain Identity Management Market