The global blockchain identity management market size is expected to reach USD 34.94 billion by 2030, growing at a CAGR of 82.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. Blockchain technology presents a robust solution for mitigating the risks associated with data breaches and unauthorized access. Blockchain significantly reduces vulnerabilities by storing identity information in a decentralized and immutable ledger. Employing cryptographic protection further enhances the security and reliability of the identity management process, driving market growth. Individuals gain enhanced control over their personal data through blockchain-based identity management.
This empowerment allows users to selectively share specific attributes as needed, safeguarding their privacy and enabling consent management. Moreover, the technology fosters seamless portability of identities across various platforms and services, streamlining user experiences and eliminating the need for multiple accounts. Blockchain's distributed architecture enables swift and efficient identity verification procedures. Real-time user verification facilitated by consensus mechanisms simplifies onboarding and authentication processes. In addition, the decentralized nature of blockchain eliminates the reliance on a single central entity for identity data management.
This not only eradicates the need for trust in a central authority but also eliminates the risk of data manipulation or a single point of failure. The COVID-19 pandemic positively impacted the market by heightening awareness about data privacy and security. As individuals and organizations shifted more activities online, concerns about cyber threats, data breaches, and unauthorized access grew significantly. Blockchain technology's inherent security features, including cryptographic encryption and immutability, gained attention as effective tools to mitigate these risks. This increased awareness led to a greater appreciation for blockchain's potential to ensure the confidentiality and integrity of personal and sensitive information, driving market growth.
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Blockchain Identity Management Market Report Highlights
- The services segment is expected to grow at a significant rate from 2023 to 2030. With services encompassing a wide range of offerings, from strategy development to technical support, its flexibility, and tailored approach are driving the segment growth
- The application provider segment dominated the market in 2022. Application providers frequently invest in R&D to stay ahead of the curve, continuously enhancing their offerings to align with evolving market trends and regulatory requirements
- The permissioned network segment dominated the market in 2022. The permissioned nature of these networks facilitates compliance with regulatory frameworks, allowing organizations to meet legal and industry-specific requirements. As businesses increasingly prioritize data protection and adherence to regulations, permissioned networks provide a robust solution that balances security, efficiency, and compliance
- The large enterprises segment dominated the market in 2022. The integration of blockchain-based identity management aligns with the growing emphasis on regulatory compliance and data protection standards
- With their substantial influence and ability to invest in advanced technology solutions, large enterprises are at the forefront of adopting and shaping the future of blockchain-based identity management, positioning themselves to leverage its benefits for improved operational efficiency, user experience, and overall security
- The IT & ITeS vertical segment dominated the market in 2022. The streamlined and transparent processes enabled by blockchain-based identity management align harmoniously with the IT & ITeS sector's goals of optimizing operational efficiency and enhancing user trust
- Asia Pacific is expected to register the fastest CAGR from 2023 to 2030 due to the rising need for dependable blockchain-driven identity solutions. Governments in nations like Singapore, India, and Australia are championing blockchain identity to amplify service efficacy, evident in applications like e-voting and e-passports
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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Blockchain digital identity management provides individuals total privacy and control of their personal information while making data shareable on a trusted network.
SecurEnds Modern Credential Entitlement Management, a User Access Review product addresses access/entitlement auditing and reporting.It automates user access rights, access certification and remediation to meet security compliance for identity governance.
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Historically, identity management has often concentrated on an enterprise's internal users such as staff, contractors or others inside the supply chain.
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