The Global Blockchain Identity Management Market size is expected to reach $77.3 billion by 2030, rising at a market growth of 79.6% CAGR during the forecast period.
Due to its reliance on digital technologies, the retail sector is exposed to various security vulnerabilities. Retail firms must guard against hostile actors using both their internal data and that of their customers. Therefore, the Retail & Ecommerce segment generated $83.4 million revenue in the market in 2022. By limiting access to their systems, networks, and data, identity management solutions can assist companies in achieving this. The market expansion in this sector will be aided by the increased demand for ID management solutions in the retail and e-commerce sectors. Some of the factors impacting the market are expansion of the digital identity ecosystem along with blockchain gaming, growing focus on enhanced security, and Regulator ambiguity and a lack of a common standard.
Blockchain identity management has grown quickly due to the boom in blockchain gaming & the digital identity ecosystem. Mobile device usage, a growing number of digital identities for online services, and a rise in data breaches are driving demand for blockchain ID management. Blockchain identity management enables secure & decentralized storage of identification data, safeguarding it from fraud and theft while also enhancing verification procedures. With the increasing acceptance of blockchain gaming, it is predicted that the market will expand. The improved security characteristics of blockchain-based ID management solutions have raised their demand. Cyberattacks and data breaches that damage sensitive personal information have been a problem for conventional ID management systems. Businesses and individuals are looking for more effective ways to secure their sensitive data, particularly their personal identification information, as the frequency and severity of cyberattacks and data thefts continue to rise. As a result, there is a rise in demand for blockchain-based ID management solutions which offer more robust security features and safeguard against these dangers.
However, regulators have a hard time keeping up with technological developments, such as blockchain identity management. The widespread implementation of blockchain is hampered by a lack of rules in several industries, and winning over financial institutions is difficult. Regulators are wary because distributed ledger technology is still in its early stages and has unanswered questions regarding its uses, security, and validity. Users may hesitate to utilize these systems, which would hinder adoption, without explicit rules that specify how data is encrypted, stored, and retrieved. Thus, the market would experience gradual expansion.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, Oracle Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), NEC Corporation, Bitfury Group limited, TRM Labs, Inc., Hu-manity.co, Peer Ledger, Inc., and Procivis AG.
Due to its reliance on digital technologies, the retail sector is exposed to various security vulnerabilities. Retail firms must guard against hostile actors using both their internal data and that of their customers. Therefore, the Retail & Ecommerce segment generated $83.4 million revenue in the market in 2022. By limiting access to their systems, networks, and data, identity management solutions can assist companies in achieving this. The market expansion in this sector will be aided by the increased demand for ID management solutions in the retail and e-commerce sectors. Some of the factors impacting the market are expansion of the digital identity ecosystem along with blockchain gaming, growing focus on enhanced security, and Regulator ambiguity and a lack of a common standard.
Blockchain identity management has grown quickly due to the boom in blockchain gaming & the digital identity ecosystem. Mobile device usage, a growing number of digital identities for online services, and a rise in data breaches are driving demand for blockchain ID management. Blockchain identity management enables secure & decentralized storage of identification data, safeguarding it from fraud and theft while also enhancing verification procedures. With the increasing acceptance of blockchain gaming, it is predicted that the market will expand. The improved security characteristics of blockchain-based ID management solutions have raised their demand. Cyberattacks and data breaches that damage sensitive personal information have been a problem for conventional ID management systems. Businesses and individuals are looking for more effective ways to secure their sensitive data, particularly their personal identification information, as the frequency and severity of cyberattacks and data thefts continue to rise. As a result, there is a rise in demand for blockchain-based ID management solutions which offer more robust security features and safeguard against these dangers.
However, regulators have a hard time keeping up with technological developments, such as blockchain identity management. The widespread implementation of blockchain is hampered by a lack of rules in several industries, and winning over financial institutions is difficult. Regulators are wary because distributed ledger technology is still in its early stages and has unanswered questions regarding its uses, security, and validity. Users may hesitate to utilize these systems, which would hinder adoption, without explicit rules that specify how data is encrypted, stored, and retrieved. Thus, the market would experience gradual expansion.
Offering Outlook
Based on offering, the market is segmented into software, and services. In 2022, the software segment held the highest revenue share in the market. As more businesses understand the advantages of utilizing blockchain technology for identity management, blockchain identity management has experienced substantial growth in recent years. Blockchain-based solutions that enable cross-platform identity verification are becoming more popular due to the necessity for interoperability across various identity management systems. uPort, Sovrin, Civic, and other businesses also offer software or platforms.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Organization Size Outlook
By organization size, the market is classified into SMEs, and large enterprise. The large enterprise segment dominated the market with the maximum revenue share in 2022. The main driving forces behind the segment's growth are the expanding demand to resolve traditional problems, provide novel solutions, and provide tangible commercial results. To provide clients with cutting-edge identity protection, large enterprises are making significant investments in cutting-edge technology solutions. Large corporations offer extensive products across numerous categories and industries, making them likely candidates to use blockchain identity management solutions.Provider Type Outlook
By provider type, the market is fragmented into application provider, middleware provider, and infrastructure provider. In 2022, the middleware provider segment garnered a significant revenue share in the market. Providers of middleware provide crucial services & tools for participants to share safe identification information. Identity registration, tamper-proof management, verification, and storage are all provided as services. They make authentication and authorization easier, as well as ensuring compatibility among different blockchain networks and systems.
Network Outlook
On the basis of network, the market is categorized into permissioned, and permissionless. In 2022, the permissionless segment recorded a remarkable revenue share in the market. This is because of its decentralized nature, trustless, which gives people freedom and control over their identities. Higher security and privacy lower the chance of a data breach. Global users are drawn to it because of its open access and inclusion, and an ecology of shared identities is fostered by its interoperability. Permissionless blockchains are also very appealing for identity management across industries, including healthcare and banking, because of their scalability & resistance to censorship, accelerating its expansion.Vertical Outlook
By vertical, the market is bifurcated into BFSI, IT & ITeS, telecom, government, real estate & construction, healthcare, retail & eCommerce, media & entertainment, travel & hospitality, and others. In 2022, the BFSI segment led the market by generating the largest revenue share. This market's expansion is mostly attributable to the growing necessity to verify the legitimacy of each financial transaction and to identify the correct sender and recipient. Additionally, a growing desire to reduce client identification and verification expenses is a key driver of market expansion in this sector.Regional Outlook
Region wise, the market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2022, the North America region witnessed the largest revenue share in the market. Secure & decentralized identity management is essential as organizations and individuals do increasing business online. Blockchain-based solutions offer better defense against fraud & data breaches in response to the growing demand for privacy and security. Widespread acceptance has been facilitated by the accessibility of these solutions from well-known technology businesses. The favorable regulatory climate in North America has also created a favorable atmosphere for the growth of the market, securing the region's leadership in terms of market share.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, Oracle Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), NEC Corporation, Bitfury Group limited, TRM Labs, Inc., Hu-manity.co, Peer Ledger, Inc., and Procivis AG.
Strategies Deployed in the Market
- Jan-2023: TRM Labs revealed TRM Tactical, the mobile-first blockchain forensics tool. The new solution empowers field officers to immediately learn about the parties participating in a transaction, how much money is sitting in a digital wallet, and from where a subject is sending and receiving funds.
- Nov-2022: TRM Labs came into partnership with K2 Integrity, the preeminent risk, compliance, investigations, and monitoring firm. The partnership enables both companies to provide institutions and public sector authorities understanding of risks in virtual assets and develop strategies to mitigate those risks by integrating blockchain forensics and compliance tools of TRM Labs' premier with K2 Integrity's deep expertise in risk management, investigations, and compliance advisory.
- Nov-2021: IBM acquired ReaQta, an endpoint detection and response provider. Through this acquisition, the company aimed to expand its cybersecurity threat detection and response capabilities by leveraging the endpoint security solutions of ReaQta.
- Jul-2021: Oracle came into partnership with Everest, a financial technology provider, to serve banks better with blockchain technology. With this partnership, Oracle's Financial software capabilities would be combined with Everest's expertise in blockchain technology to empower Oracle in offering banks the blockchain for identity and account creation.
- Jan-2021: IBM acquired Taos Mountain, an IT firm that helps companies shift software and data online. Through this acquisition, Taos aimed to add the deep expertise, public cloud partnerships, and innovative solutions needed to drive the growth and adoption of IBM's hybrid cloud platform throughout the Americas. The platform would give enterprises the freedom to choose from multiple providers to best meet their business and IT needs.
- Dec-2020: Crystal Blockchain, a part of Bitfury Group formed a partnership with FICO, a global analytics leader. With this partnership, the company aimed to combine FICO’s AI-powered financial crime detection with its Crystal Blockchain's extensive blockchain analysis to offer financial institutions with an in-depth crypto-risk assessment of client activities and relationships.
- Jul-2020: The Bitfury Group entered into a partnership with HumanSTAR, a Strategic Advisory Firm in India. Through this partnership, the company aimed to deploy Bitfury’s Crystal analytics platform across Indian Law Enforcement Agencies, Forensics Labs, and Financial Institutions.
- May-2019: Microsoft revealed the Identity Overlay Network (ION), a decentralized identity (DID) network. With the launch of the Identity Overlay Network, the company aimed to offer a secure decentralized identity (DID) network to enhance privacy and control.
- May-2019: Microsoft Corporation formed a partnership with J.P. Morgan, a leader across banking, markets, and investor services. The partnership is aimed at offering innovative solutions to its clients by providing Quorum, developed by J.P. Morgan, through Azure Blockchain Service.
Scope of the Study
Market Segments Covered in the Report:
By Offering
- Software
- Services
By Provider Type
- Application Provider
- Middleware Provider
- Infrastructure Provider
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
By Network
- Permissioned
- Permissionless
By Vertical
- BFSI
- Government
- Healthcare
- Automotive & Transportation
- Telecom & IT
- Retail & Ecommerce
- Real Estate & Construction
- Media & Entertainment
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Microsoft Corporation
- IBM Corporation
- Oracle Corporation
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- NEC Corporation
- Bitfury Group limited
- TRM Labs, Inc.
- Hu-manity.co
- Peer Ledger, Inc.
- Procivis AG
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Blockchain Identity Management Market by Offering
Chapter 6. Global Blockchain Identity Management Market by Provider Type
Chapter 7. Global Blockchain Identity Management Market by Organization Size
Chapter 8. Global Blockchain Identity Management Market by Network
Chapter 9. Global Blockchain Identity Management Market by Vertical
Chapter 10. Global Blockchain Identity Management Market by Region
Chapter 11. Company Profiles
Companies Mentioned
- Microsoft Corporation
- IBM Corporation
- Oracle Corporation
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- NEC Corporation
- Bitfury Group limited
- TRM Labs, Inc.
- Hu-manity.co
- Peer Ledger, Inc.
- Procivis AG
Methodology
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