According to a research report “Blockchain Identity Management Market by Offering (Software and Services), Provider Type (Application Provider, Middleware Provider, and Infrastructure Provider), Network, Organization Size, Vertical and Region – Global Forecast to 2028″ published by MarketsandMarkets, the global blockchain identity management market size is projected to grow from USD 1.3 billion in 2023 to USD 35.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 92.7% during the forecast period.
The expansion of the blockchain identity management market is propelled by a significant increase in the digital identity ecosystem, rendering them a primary focus for hackers. The demand for secure and decentralized solutions in managing user identities and virtual assets has further contributed to the growth of the blockchain identity management market.
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Based on the provider type, the middleware provider segment is to grow at the highest CAGR during the forecast period.
The blockchain identity management market is divided into application, middleware, and infrastructure provider type. The middleware provider type experiences the highest CAGR, offering organizations a comprehensive solution for their blockchain identity management needs. Middleware providers offer essential infrastructure and services for secure identity information exchange among participants. Services include identity registration, verification, storage, and management in a tamper-proof way. They facilitate authentication and authorization and ensure interoperability between various blockchain networks and systems.
By organization size, small and medium-sized enterprises (SMEs) account for the highest CAGR.
Small and medium-sized enterprises (SMEs) contribute the highest CAGR in the blockchain identity management market. SMEs seeking cost savings, enhanced efficiency, and improved security are fueling the growth of the market. Blockchain eliminates intermediaries, reduces fraud, and automates tasks, allowing businesses to focus on core operations. Its cryptographic security ensures data protection, building trust with stakeholders and aiding compliance. As SMEs increasingly rely on digital technologies, the demand for secure and scalable identity management solutions grows, making blockchain an increasingly popular choice.
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By region, Asia Pacific is to grow at the highest CAGR during the forecast period.
The Asia Pacific region accounts for the highest market size due to rapid digital transformation, fostering demand for secure blockchain-based identity solutions. Governments of various countries such as Singapore, India, and Australia are supporting blockchain identity for enhanced service efficiency like e-voting and e-passports. With major players like IBM, Microsoft, and Oracle investing significantly in blockchain technology, the region thrives in the blockchain identity market. Moreover, the rising demand for KYC simplification and self-sovereign identification further propels the growth of this market in the Asia Pacific.
AWS (US), IBM (US), Oracle (US), Microsoft (US), Bitfury (US), NEC (Japan), Dock (Switzerland), and Hu-manity.co (US), Metadium (Cayman Islands), Serto (US), Coinfirm (UK), Accumulate (US), Neuroware (Malaysia), Tradle (US), Peer Ledger (Canada), Procivis (Switzerland), SpringRole (US), Blockchains (US), Oaro (Canada), Fractal (Germany), NuID (US), Validated ID (Spain), KYC-Chain (Hong Kong), TRM Labs (US) and Factom (US) are the key players and other players in the blockchain identity management market.
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