Blockchain Identity Management Market to Grow at a CAGR of 79.2% to Reach USD 11.46 billion by 2026

Allied Market Research published a new report, titled, "Blockchain Identity Management Market to Grow at a CAGR of 79.2% to Reach USD 11.46 billion by 2026." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Rise in transactions transparency, surge in need to ensure quality, reliability, authenticity, and product safety, and rise in investment by retail industries in blockchain-based solutions fuel the growth of the global Blockchain Identity Management Market. On the other hand, lack of skilled experts impedes the growth to some extent. Nevertheless, rapidly changing retail sector and international trade is expected to pave the way for a number of opportunities for the key players in the industry.

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Based on service provider, the infrastructure provider segment contributed to more than half of the global blockchain identity management market share in 2018, and is expected to dominate throughout the study period. Increase in need to scale the organizations infrastructure in secure and sustainable way is driving the growth of this segment. Simultaneously, the application provider segment would showcase the fastest CAGR of 84.8% by the end of 2026. Rise in need to reduce the involvement of third parties or middlemen are the key factor boosting the market demand of this segment.

Based on organization size, the large enterprises segment accounted for more than four-fifths of the global blockchain identity management market revenue in 2018, and is anticipated to rule the roost during the estimated period. Growing need to eliminate conventional issues, innovate new solutions, and deliver concrete business outcomes are the major factors boosting the grow of the segment. At the same time, the small & medium enterprises segment would grow at the fastest CAGR of 85.7% throughout the forecast period. Increase in need to move from traditional business models to digital business fuels the growth.

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Based on geography, North America held the largest share in 2018, generating nearly half of the global blockchain identity management market. This is due to the presence of major market players in this province. The region across Asia-Pacific, on the other hand, would cite the fastest CAGR of 89.7% by 2026. Growing data security concerns and customer demands are the major factors propelling the demand for blockchain among retailers in this region.

Some of the key blockchain identity management industry players profiled in the report include Amazon Web Services, Inc. (AWS), Auxesis Services & Technologies (P) Ltd., Bitfury Group Limited, Cognizant, Infosys Limited, International Business Machines Corporation (IBM), Microsoft Corporation, Oracle Corporation, SAP SE, and Tata Consultancy Services Limited.

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Impact of COVID-19 on Debt Collection Software Market:

• The software industry has witnessed increased demands for certain applications. On the other hand, major software firms are following the remote working system amid COVID-19.

• However, SaaS companies that sell to specialty sectors including hospitality, food, and others have seen a relatively poorer drop in growth.

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