The global blockchain identity management market size was US$ 71.1 million in 2021. The global blockchain identity management market is forecast to grow to US$ 11211.60 million by 2030 by growing at a compound annual growth rate (CAGR) of 75.20% during the forecast period from 2022 to 2030.
Factors influencing the Market
The blockchain identity management market is forecast to witness robust growth due to the growing significance of identity verification during the authentication process. In addition, blockchain identity solutions become challenging due to risks like identity theft, username and password combinations, know your customer (KYC) onboarding, and lack of control. Blockchain identity management can play a potential role in overcoming these challenges, which will accelerate the growth of the global blockchain identity management market.
The growing advancements in technology are also boosting cybersecurity threats. As a result, it surges the demand for effective and reliable assistance like blockchain identity management, which will contribute to the growth of the market in the coming years.
The exponential growth of the e-commerce, baking, and finance sector will contribute to the growth of the blockchain identity management market during the study period. In addition, initiatives from the government bodies to promote the use of advanced technologies will benefit the global blockchain identity management market.
The lack of knowledge related to blockchain technology may limit the growth of the market during the study period.
COVID-19 Impact Analysis
The global blockchain identity management market gained rapid traction during the COVID-19 pandemic. The main factors were the booming remote working culture and rising demand for safety solutions. Due to the pandemic, the majority of the offices began operating remotely. Thus, it became essential to adopt blockchain identity management solutions to ensure identity protection and authentication. Furthermore, the sudden expansion of e-commerce and terrific boom in digital currency has further surged the demand for the global blockchain identity management market.
Regional Analysis
North America is forecast to dominate the global blockchain identity management market in terms of revenue. Asia-pacific is forecast to emerge as the second-largest blockchain identity management market during the study period. The growth of these markets is attributed to the presence of prominent market players like IBM, Civic Technologies, etc. In addition, growing concerns related to data security and management will escalate the growth of the blockchain identity management market.
Competitors in the Market
Market Segmentation
The global blockchain identity management market segmentation focuses on Provider, Type, and Region.
Based on Provider
Based on Type
Based on Region
