he "Blockchain Identity Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global blockchain identity management market reached a value of US$ 420.74 Million in 2021. Looking forward, the publisher expects the market to reach a value of US$ 19,800.45 Million by 2027, exhibiting a CAGR of 90.01% during 2021-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Blockchain identity management is a process of providing a decentralized and secure solution that offers real-time information about a person or an entity via a distributed trust paradigm. It enables decentralized public key infrastructure (DPKI), which creates a tamper-proof and trusted medium to distribute the asymmetric verification and encryption keys of the identity holders. It simplifies processes for users by reducing the time and manual efforts required for issuing identities. Apart from this, it ensures the security, reliability, and authenticity of the data of users with its cryptographic security. As a result, it finds extensive applications in the banking, financial services, and insurance (BFSI), government, healthcare, automotive, transportation, retail, information and technology (IT), and telecom sectors.
Blockchain Identity Management Market Trends:
At present, there is a surge in cyber-attacks and data breaches to steal confidential data of private companies and government organizations across the globe. This, along with the growing demand for effective identity management models in various organizations to help in regulatory compliance and keep track of employee activities, represents one of the key factors driving the market. Moreover, the escalating demand for self-sovereign identification technology in various industries to store minimum personal data of users while also increasing the efficiency of the identification process is propelling the market growth.
In addition, the rising utilization of blockchain identity management for building trust and transaction transparency between two or more businesses to ensure the authenticity of the data is positively influencing the market. Additionally, governments of several countries are taking initiatives to promote the employment of blockchain identity management for enhanced scalability and transaction speed. Other growth-inducing factors are the growing sales of smartphones, especially in developing economies, and the increasing proliferation of the internet worldwide.