Rising adoption of Bring Your Own Device (BYOD) policy is a key factor driving Blockchain Identity Management (BIM) market revenue growth
Vancouver, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The worldwide market for Blockchain Identity Management (BIM) was valued at $120.10 million in 2022. It is projected to maintain a consistent annual revenue growth rate of 65.3% throughout the forecast period, as per the latest analysis conducted by Emergen Research. The primary drivers behind this growth are the continuous technological advancements, the growing trend toward digitalization, increased use of mobile devices, and the rising frequency of cyber-attacks.
Blockchain identity and access management play a crucial role in ensuring that only authorized individuals have access to the technological resources necessary for their job responsibilities. Businesses collaborate to establish a secure blockchain network that safeguards user identities and significantly reduces fraudulent activities. Through the implementation of this technology, companies can construct robust blockchains that streamline authentication and reconciliation challenges across various industries.
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Furthermore, blockchain identity management empowers consumers to create encrypted digital identities, which can replace multiple usernames and passwords, offering comprehensive security measures. This not only saves valuable time and resources for both consumers and businesses but also enhances overall security.
Another driving factor contributing to market revenue growth is the decentralization of data. Decentralization results in the creation of multiple ledger copies, fostering greater transparency and providing auditable transaction data. This approach ensures the integrity of record-keeping and allows users to control their data without revealing personally identifiable information.
Additionally, the ongoing innovation in the Internet of Things (IoT) has a significant impact on market growth. For instance, on June 8, 2022, WISeKey International Holding, a prominent player in cybersecurity, Artificial Intelligence (AI), and IoT, unveiled a product designed to enhance the security of supply chain management for critical products. This solution leverages IoT devices in conjunction with picosatellites launched by WISeSat and FOSSA, all underpinned by the Casper blockchain.
However, there are notable challenges that could impede market revenue growth. Regulatory hurdles associated with the adoption of blockchain identity management systems pose a significant obstacle. Regulators often lack a clear understanding of these systems, leading to the ongoing development of rules and regulations governing their use. Compliance with evolving regulations, particularly in areas like Anti-Money Laundering (AML) due to payment process involvement, also presents challenges to organizations in this space. Additionally, a shortage of skilled professionals proficient in blockchain identity management may hinder the market's growth potential.
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Scope of Research
|Market Size in 2022||USD 120.10 Million|
|Revenue Forecast To 2032||USD 18,094.94 Million|
|Base Year For Estimation||2022|
|Quantitative Units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Components, networks, application, provider, organization size, industry, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa|
|Key Companies Profiled||Amazon Web Services, Inc., Bitfury Group Limited, Civic Technologies, Inc., KYC-CHAIN LIMITED, Microsoft, EVERNYM INC., Oracle, Factom PRO, Procivis AG, and OARO|
|Customization Scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global blockchain identity management (BIM) market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective solutions. Some major players included in the global blockchain identity management market report are:
- Amazon Web Services, Inc.
- Bitfury Group Limited
- Civic Technologies, Inc.
- KYC-CHAIN LIMITED
- EVERNYM INC.
- Factom PRO
- Procivis AG
- On 4 May 2023, BOTLabs GmbH, the KILT Protocol's developer, and Deloitte Consulting AG announced the integration of KILT blockchain technology for generating reusable digital credentials to assist KYC and KYB processes. These credentials can be used for various purposes, including regulatory compliance in age verification in e-commerce, private logins, fundraising, and banking and Decentralised Finance (DeFi).
- On 3 January 2023, the government of Turkey announced the deployment of blockchain technology for the login process of its online public services portal, E-Devlet. Fuat Oktay. This will allow Turkish people to access e-wallet applications via the site using a blockchain-based digital identity. Furthermore, this digital identification will be utilized to validate people’s identities during the login procedure.
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Some Key Highlights From the Report
- The software segment accounted for largest revenue share in the global blockchain identity management market in 2022 due to increasing customer privacy control, which includes the option of information to share and disclose. As a result, the reliance on centralized authorities for information exchange decreases while improving user experience. Moreover, efficiency of identification verification is improved due to reduced resources and time, as well as the need for intermediaries. In addition, advancement of Self-Sovereign Identity (SSI) in recent years due to major benefits of greater data privacy is also expected to drive revenue growth of this segment during the forecast period. SSI prevents privacy invasion of personal data, improves the security and control of these data, and increases the efficiency of identification process. As a result, large corporations are partnering to implement this development for improved client privacy. For instance, on 18 May 2023, Tech Mahindra, a recognized leader in digital transformation, consulting, and business re-engineering solutions and services, announced a strategic collaboration with EarthID, the award-winning Decentralised Identity Management platform that provides the seamless and secured exchange and validation of identity information. This partnership will aid in the development of a concept for a Metaverse platform powered by Self-Sovereign Identity (SSI), which would provide users with control over their privacy, data, and authorization.
- The permissionless segment is expected to register steadily fast revenue growth rate in the global blockchain identity management market during the forecast period. This is because of the high level of decentralization, which results in more secure data exchange across several platforms of different business partners. In addition, current advancement of internet of things (IoT) and its integration with these systems is also expected to drive revenue growth of this segment during the forecast period. This is due to major benefit of automation of smart devices operating without the governance of centralized authority. Thus, major businesses are collaborating to adopt permissionless blockchain technology to improve their systems and products. For instance, on 21 November 2022, ConsenSys, a leader in blockchain technology announced its collaboration with Celo, the carbon-negative, EVM-compatible layer-1 blockchain designed for real-world use cases, to escalate Web3 adoption. Celo's expanding ecosystem, as well as its permissionless carbon-negative blockchain tailored for real-world applications, were used in this partnership.
- The healthcare segment is expected to account for significantly large revenue share in the global blockchain identity management market during the forecast period. This is due to increasing security, accuracy, and cost-savings of Electronic Health Records (EHRs) is a significant advantage of BIM in this industry. These benefits result in lower risks of essential medical information privacy violation, which may increase safety and health risks of patients. The current innovation in cryptocurrency benefits this market by eliminating reliance on third-party payment providers and increases transparency, traceability, and security. Furthermore, certain blockchain-based healthcare services, such as Medicalchain, offer users cryptocurrency-based benefits for storing and sharing their medical records, known as MedToken.
- The North America market accounted for largest revenue share in the global blockchain identity management market during the forecast period. This is due to organizations’ rapid technological advancements and inventions and new product releases and activities by governments and big corporations. For instance, on 8 October 2020, Ping Identity, a provider of intelligent identity management for businesses announced the acquisition of ShoCard, a blockchain-based security startup, with plans to bring that technology to market next year integrated with Ping's security platform.
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Emergen Research has segmented the global blockchain identity management market on the basis of components, networks, application, provider, organization size, industry, and region:
- Components Outlook (Revenue, USD Billion; 2019-2032)
- Networks Outlook (Revenue, USD Billion; 2019-2032)
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Loyalty and Rewards Management
- Identity Management
- Supply Chain Management
- Payments and Smart Contracts
- Compliance Management
- Provider Outlook (Revenue, USD Billion; 2019-2032)
- Application Providers
- Middleware Providers
- Infrastructure Providers
- Organization Size Outlook (Revenue, USD Billion; 2019-2032)
- Large Enterprises
- Small Enterprises
- Medium-Sized Enterprises
- Industry Outlook (Revenue, USD Billion; 2019-2032)
- Banking, Financial Services, and Insurance (BFSI)
- Information Technology (IT) and Telecom
- Retail and E-Commerce
- Transport and Logistics
- Real Estate
- Media and Entertainment
- Travel and Hospitality
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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