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Blockchain Identity Management Market Size Worth USD 18,094.94 Million in 2032 | Emergen Research
Blockchain Identity Management Market
Blockchain technology, known for its tamper-resistance and high security features, is playing a pivotal role in safeguarding against identity theft and fraudulent activities. By providing secure data management and authentication mechanisms, blockchain platforms offer enhanced protection to individuals and organizations alike.
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The integration of Artificial Intelligence (AI) with blockchain identity management further enhances security measures by automating processes and reducing human intervention. This combination not only ensures data accuracy but also saves time and resources for businesses.
Collaborations between major companies to leverage these technologies for bolstering security systems are becoming increasingly common. For instance, AnChain.AI's collaboration with Provenance Blockchain Foundation aims to enhance digital finance security, marking a significant step towards fortifying cybersecurity measures.
The market is also witnessing a surge in mobile device adoption, particularly in regions like Sub-Saharan Africa, where mobile money accounts for a significant portion of financial transactions. The integration of blockchain identity management with mobile payment systems enhances transaction security, mitigating risks associated with fraudulent activities and boosting customer satisfaction.
Despite the promising growth prospects, the market faces challenges such as the lack of consent management options and vulnerabilities associated with centralized data storage. Additionally, the high computational requirements for handling large user influxes pose operational challenges for blockchain identity management systems.
Market Segment Insights:
Components:
• The software segment dominates the global blockchain identity management market, driven by enhanced privacy control and increased efficiency in identification verification.
• Self-Sovereign Identity (SSI) solutions are gaining traction due to their ability to provide enhanced data privacy and security.
Networks:
• Permissioned blockchain platforms offer flexibility and customization options, making them preferred choices for businesses seeking secure and scalable solutions.
• Permissionless blockchain networks, known for their high security and transparency, are witnessing significant adoption across various industries.
Industries:
• The healthcare sector leads the market due to the need for secure management of Electronic Health Records (EHRs) and protection against cyber threats.
• Transport and logistics companies are adopting blockchain identity management to enhance security and transparency in their operations, thereby improving customer satisfaction and efficiency.
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Blockchain Identity Management Top 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
• Microsoft
• EVERNYM INC.
• Oracle
• Factom PRO
• Procivis AG
• OARO
Blockchain Identity Management Latest Industry News
• 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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Blockchain Identity Management Market Segment Analysis
For the purpose of this report, Emergen Research has segmented global blockchain identity management (BIM) market on the basis of components, network, application, provider, organization size, industry, and region:
• Components Outlook (Revenue, USD Million; 2019-2032)
o Software
o Solution
• Network Outlook (Revenue, USD Million; 2019-2032)
o Permissioned
o Permissionless
• Application Outlook (Revenue, USD Million; 2019-2032)
o Loyalty and Rewards Management
o Identity Management
o Supply Chain Management
o Payments and Smart Contracts
o Compliance Management
o Others
• Provider Outlook (Revenue, USD Million; 2019-2032)
o Application Providers
o Middleware Providers
o Infrastructure Providers
• Organization Size Outlook (Revenue, USD Million; 2019-2032)
o Large Enterprises
o Small Enterprises
o Medium-Sized Enterprises
• Industry Outlook (Revenue, USD Million; 2019-2032)
o Banking, Financial Services and Insurance (BFSI)
o Government
o Healthcare
o Information Technology (IT) and Telecom
o Retail and E-Commerce
o Transport and Logistics
o Real Estate
o Media and Entertainment
o Travel and Hospitality
o Others
• Regional Outlook (Revenue, USD Million; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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