The blockchain identity management market is anticipated to grow at a CAGR during the forecast period. The factor such as a rise in the need to establish transaction transparency between parties is the major factor that fuels the market growth for the blockchain identity management industry. Blockchain identity management offers real-time information regarding the particular person that allows industries such as retail, healthcare, and banks among others to verify their identity for any kind of identification. Moreover, blockchain assures the safety and authenticity of the user’s data along with its cryptographic security. Therefore, these factors are anticipated to propel the market across the industries. Additionally, an increase in demand for privacy and security solutions in enterprises and a rise in the proliferation of e-commerce is anticipated to boost the growth of the market. 

Blockchain technology enables in creating a platform for the protection of individual identity against potentially fraudulent activities. As well as it aids the individual to create digital encrypted identities along with comprehensive security functionality. However, lack of awareness regarding blockchain technology is anticipated to hamper the growth of the market over the forecast period. Furthermore, an increase in demand for scalability and transaction speed is anticipated to offer key growth opportunities for the blockchain identity management market in the near future. The increase in government initiatives for the development of blockchain technology is growing and also in developed countries are expected to have the opportunity for market growth. 

Moreover, blockchain technology enables in enhancing the existing identity management by resolving the issues of KYC on boarding, lack of control over personal data and identity theft. The blockchain identity management solutions work by registering for ID, followed by upload of KYC documents, generating trust score of the individual, offer a digital ID and verification of KYC documents. 

Segmental Outlook 

The global blockchain identity management market is segmented on the basis of provider and verticals. Based on providers, the market is segmented into infrastructure providers, middleware providers, and application providers. The application providers segment is anticipated to witness a significant market growth during the forecast period. Based on verticals, the market is segmented into BFSI, government, healthcare, automotive & transportation, retail and e-commerce, and others. 

Infrastructure Provider will be the largest segment by Provider

Based on providers, the market is segmented into infrastructure providers, middle ware providers, and application providers. The infrastructure provider is anticipated to hold a significant market share in the market during the forecast period. The growth of this segment is mainly due to a rise in the need to scale the organization’s infrastructure in a sustainable way. 

Global Blockchain Identity Management Market Share by Providers, 2018 (%)

Regional Outlooks

The global blockchain identity management market is further segmented based on geography including North America, Europe, Asia-Pacific and Rest of the World. North America is anticipated to be the largest market share in the market during the forecast period.North America is expected to have the most advanced system in terms of infrastructure and the adoption of new technology. Moreover, the presence of major market players of blockchain technology solutions and on-going developments in blockchain technology in the region is the major factor for market growth. Additionally, an increase in data security concerns in the retailers is the factor that is anticipated to boost the growth of the market in the region in the near future. 

Global Blockchain Identity Management Market Growth, by Region 2019-2025

Asia-Pacific will augment with the fastest rate in the blockchain identity management market 

Asia-Pacific is expected to hold the fastest rate in the market during the forecast period, owing to governments focusing on regulating the blockchain technology, considerable growth in the number of startups and raising venture capital funding. The government organization in Asia-Pacific countries such as Australia, Hong Kong, Japan, Singapore, and New Zealand offers various opportunities for the adoption of the blockchain identity management technology. However, the lack of a common set of regulatory standards and an uncertain regulatory landscape can hamper the growth of the market in the region.

Market Players Outlook

The key players of blockchain identity management market include Amazon Web Services, Inc., Bitfury Group LTD., BTL Group Ltd., Cambridge Blockchain LLC, Civic Technologies, Inc., Coinfirm, Evernym Inc., Factom, Inc, IBM Corp., KYC-CHAIN LTD., Microsoft Corp., Netki, Oracle Corp., and Peer Ledger, Inc. among others. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market. For instance, in February 2019, Amazon Web Services had introduced an agreement that Clippers Court Vision has made it primary machine learning, artificial intelligence, and cloud computing provider. It is an augmented game-watching platform that is created by the Los Angeles Clippers and Second Spectrum, the official video tracking technology provider for the NBA.

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global blockchain identity management market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.