Blockchain Identity Management Market 2026: The Next Frontier in Securing Online Identities

Based on geography, the North America region held the largest market share in 2018, and is anticipated to dominate the market throughout the study period.

PORTLAND, PORTLAND, OR, UNITED STATES, May 8, 2024 /EINPresswire.com/ -- As per the report published by Allied Market Research, the global blockchain identity management market was pegged at $107 million in 2018 and is anticipated to reach $11.46 billion by 2026, registering a CAGR of 79.2% during the study period. The report offers a detailed analysis of value chain, market dynamics, top winning strategies, key segments, business performance, and competitive landscape.

Blockchain identity management refers to the use of blockchain technology to securely manage digital identities. Traditional identity management systems often suffer from issues such as centralized control, susceptibility to data breaches, and lack of interoperability between different systems. Blockchain technology offers a decentralized and immutable ledger that can be used to store and manage identity-related information securely and transparently.

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In a blockchain-based identity management system, each user has a unique digital identity represented by a cryptographic key pair. The public key serves as the user's identity on the blockchain, while the private key is used to authenticate and authorize transactions. Identity information such as personal details, credentials, and permissions can be stored on the blockchain in a tamper-proof manner, ensuring that only authorized parties can access and update the information.

Blockchain identity management has the potential to revolutionize various industries, including finance, healthcare, supply chain, and government services, by providing a more secure, efficient, and user-centric approach to managing identities and digital interactions. It can enable self-sovereign identity, where individuals have full control over their identity information and can selectively disclose it to third parties as needed, without relying on intermediaries or centralized authorities.

Blockchain as a digital technology has developed a lot and has a large scope for improvement in the future. Among all the industries, the financial sector have been experiencing a major transformation. However, several industries such as healthcare, automotive, retail, and others are also exploring huge benefit of blockchain identity management market trends and its potential applications. Card-based payment, online payments methods, and loyalty rewards and management have become crucial and gathered massive traction in the recent past.

However, blockchain is anticipated to provide support for all these changes by enabling real-time processing and increased speed of transactions. Moreover, industry players need to collaborate with numerous partners and external stakeholders on joint projects to test blockchain applications into their respective businesses. Such factors are expected to create major opportunities for the blockchain identity management market growth in the coming years.

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Increase in transactions transparency, rise in need to ensure quality, reliability, authenticity,& product safety, and rise in investment by retail industries in blockchain-based solutions augment the growth of the global blockchain identity management market. However, lack of skilled experts restrain the growth to some extent. Moreover, rapidly changing retail sector and international trade is anticipated to pave the way for multiple opportunities for the key players in the market.

The global blockchain identity management market is segmented based on service providers, organization size, industry vertical, and region. Based on service provider, the market is classified into application provider, middleware provider, and infrastructure provider. The infrastructure provider segment contributed to the largest market share, accounting for more than half of the global blockchain identity management market share in 2018, and is projected to dominate throughout the study period. On the other hand, the application provider segment would showcase the fastest CAGR of 84.8% by the end of 2026.

Based on organization size, the market is bifurcated into large enterprises and small & medium enterprises. The large enterprises segment contributed for more than four-fifths of the global blockchain identity management market revenue in 2018, and is anticipated to rule the roost during the estimated period. Contrarily, the small & medium enterprises segment would grow at the fastest CAGR of 85.7% throughout the forecast period.

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Based on geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The region across North America held the largest share in 2018, generating nearly half of the global blockchain identity management market. On the other hand, the region across Asia-Pacific, would cite the fastest CAGR of 89.7% by 2026.

The key blockchain identity management industry players profiled in the report include Auxesis Services & Technologies (P) Ltd., Cognizant, Infosys Limited, International Business Machines Corporation (IBM), Microsoft Corporation, Oracle Corporation, SAP SE, and Tata Consultancy Services Limited, Bitfury Group Limited, and Amazon Web Services, Inc. (AWS).

Covid-19 Impacts -

• The outbreak of Covid-19 mandated lockdown across the globe and the disruption has led to an acceleration in the practice of remote working. Consequently, there’s been a significant decline in the use of blockchain identity management technology in industries such as banks, healthcare, retail, and others.

• Nevertheless, several government bodies are coming up with relaxations on the existing regulations and with this drift on board, it’s expected that the global blockchain identity management market is anticipated to retrieve its position soon.

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