Blockchain
Blockchain Identity Management Market Targets $293.39 Billion by 2031
WESTFORD, Mass., July 11, 2024 /PRNewswire/ — According to SkyQuest, the global system Blockchain Identity Management Market Its size has been estimated at USD 1.3 billion in 2022 and is expected to grow from USD 2.37 billion in 2023 to USD 293.39 billion by 2031, with a CAGR of 82.6% over the forecast period (2024-2031).
Typically, digital identities are stored on centralized systems that are easily targeted by cybercriminals. Organizations therefore need effective identity management solutions. The global blockchain identity management market is based on encryption technology and offers a decentralized and secure solution. Healthcare, BFSI, retail, and other businesses can access real-time information about specific entities or individuals for any type of verification or authentication using blockchain identity management technology. The objective of the report is to project the market size and future growth potential for blockchain identity management across many sectors including service providers, organization size, and industry verticals.
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Blockchain Identity Management Market Overview:
|
Report coverage |
Details |
|
Market Revenue in 2023 |
$2.37 billion |
|
Estimated value by 2031 |
$293.39 billion |
|
Growth rate |
Poised to grow at a CAGR of 82.6% |
|
Forecast period |
2024–2031 |
|
Forecast unit |
Value (USD billion) |
|
Report coverage |
Revenue forecast, competitive landscape, growth drivers and trends |
|
Segments covered |
Offering, vendor type, organization size, verticals and network |
|
Geographical areas covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
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Highlights of the report |
Digital interactions between various sectors through blockchain technology |
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Main market opportunities |
Simplified identity verification processes and seamless cross-industry interoperability |
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Key market drivers |
Blockchain Identity Management Adoption Drives Market Demand |
Segments covered in The blockchain identity management market is as follows:
- Offer
- Supplier Type
- Infrastructure providers, application providers and middleware providers
- Organization size
- Large Enterprises, Small and Medium Enterprises (SMEs)
- Verticals
- BFSI, IT & Telecom, Government, Real Estate & Construction, Healthcare, Retail & E-commerce, Media & Entertainment, Travel & Hospitality and others
- Net
- Authorized and unauthorized
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Safeguarding Trust Through Blockchain Identity Solution That Improves Security Across Industries
Blockchain-related identification technologies provide secure and distributed Internet identity management solutions to various industries such as retail, BFSI, or healthcare. They enhance the security and credibility of electronic interactions through contemporary cryptography-based verification techniques. Blockchain identification solutions are crucial to enhance security and trust in various industries during digital interactions.
Blockchain-related identification technologies provide secure and distributed Internet identity management solutions to various industries such as retail, BFSI, or healthcare. They enhance the security and credibility of electronic interactions through contemporary cryptography-based verification techniques. Blockchain identification solutions are crucial to enhance security and trust in various industries during digital interactions.
The services provide expertise in building and overseeing decentralized identification systems that are suitable for specific industry requirements, helping organizations embrace and integrate blockchain technology for secure identity management. They ensure that blockchain-anchored identity systems are easily deployed, customized or personalized, and continuously maintained, improving security and efficiency, as well as trust in digital identity authentication across various industries.
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SMBs and Enterprises Drive Blockchain Identity Management Industry
In the global blockchain identity market, “enterprise scale” refers to the division of organizations into small and medium-sized businesses (SMBs) and large enterprises based on the extent to which they implement blockchain identity solutions. Large enterprises require robust systems that can store large amounts of identifying information securely, while small and medium-sized businesses (SMBs) should opt for cheaper, easily scalable alternatives.
The global adoption and advancement of blockchain identity management solutions is largely driven by large enterprises. Enterprises are the ones who are most often at the forefront of introducing advanced technologies that improve security, simplify operations, and ensure compliance in many industries. The technological advancement with an emphasis on blockchain identity management is largely attributable to the impetus given by the creation and development of large enterprise demand.
Small and medium-sized businesses (SMBs) have started using blockchain identity management systems to increase security and operational efficiency with limited budgets. SMBs are key to the advancement of technology and the expansion of the blockchain identity management market. Their choice of scalable solutions promotes low costs and competition within the market, thus increasing industrial adoption.
Expanding Role of BIM in Improving Trust and Efficiency in Global Businesses and Industries
A revolutionary approach to digital identity security in many industries such as healthcare and retail is blockchain identity management. Their shared ledgers and strong decentralization ensure real-time verification and authentication, while ensuring a high level of encryption. Large enterprises are driving this process forward by introducing new ideas, thereby creating an appetite for business development on the Internet. SMBs are simultaneously making substantial contributions by implementing scalable and cost-effective solutions that encourage industry rivalry and wider adoption. The blockchain identity industry, which provides greater security and trust in digital interactions across all organizational sizes, is positioned for significant growth if organizations continue to prioritize efficient and secure identity management.
Related Report:
Blockchain as a Services Marketplace
Blockchain Technology in the Healthcare Market
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SkyQuest is an intellectual property focused research and investment bank and technology and asset accelerator. We provide access to technologies, markets and finance across all sectors, namely Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation researchers, entrepreneurs, corporations and investors to leverage external sources of R&D. We also help them optimize the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach in North America, Europe, ASEAN and Asia Pacific.
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SOURCE SkyQuest Technology