Blockchain Identity Management Market Growth, Demand, Key Drivers, and Forecast to 2033

"The new report published by The Business Research Company, titled Blockchain Identity Management Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the blockchain identity management market size has grown exponentially in recent years. It will grow from $1.60 billion in 2023 to $2.80 billion in 2024 at a compound annual growth rate (CAGR) of 74.9%. The blockchain identity management market size is expected to see exponential growth in the next few years. It will grow to $26.27 billion in 2028 at a compound annual growth rate (CAGR) of 75.0%.

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Escalating Data Security Concerns Propel Blockchain Identity Management Market
The rise in data security concerns is expected to propel the growth of the blockchain identity management market going forward. Data security concerns refer to issues related to the protection of data from unauthorized access, breaches, theft, and corruption. The increasing number of data security concerns can be attributed to the rising sophistication of cyber threats, the expanding digital footprint of individuals and organizations, the proliferation of interconnected devices and IoT systems, and the growing reliance on cloud services and remote work arrangements. Blockchain technology enhances digital identity management by providing decentralized, immutable, and cryptographically secure solutions, thereby significantly reducing the risk of cyber threats and improving data security. For instance, in January 2023, according to a report by Check Point, an Israel-based software security provider, there was a 38% surge in global cyberattacks in 2022 compared to 2021. The communications industry experienced an average of 1,380 attacks per organization per week, marking a 27% increase compared to 2021. Similarly, the Internet service provider/managed service provider (ISP/MSP) industry encountered an average of 1,372 attacks per organization per week in 2022, reflecting a 28% increase from the previous year. Therefore, a rise in data security concerns is driving the blockchain identity management market.

Advancements In Blockchain Identity Management With Quantum-Secured Solutions For Enhanced Data Security And Trust
Major companies operating in the blockchain identity management market are focusing on developing advanced solutions, such as quantum secure identity management products, to address the increasing concerns related to data security, privacy, and authentication. Quantum secure identity management products help provide unparalleled levels of security by leveraging quantum encryption technology, ensuring tamper-proof verification of identities, safeguarding sensitive data, and enhancing trust in digital transactions and interactions. For instance, in July 2021, Arqit Limited, a UK-based quantum encryption platform, partnered with Dentons East LLP, a UK-based law firm, to launch QuantumKeep, the world's first quantum secure identity management product. QuantumKeep is a self-sovereign identity system (SSI) designed to revolutionize traditional data management methods in sectors such as government, finance, and professional services. This innovative product utilizes Arqit's quantum encryption technology and blockchain storage to securely capture and represent user identities. It stores data anonymously, building a chain of trust among the parties involved. The product addresses the growing concerns of data security and compliance by providing a highly secure channel for the exchange of personal data, meeting regulatory obligations while protecting against cyber threats.

The blockchain identity management market covered in this report is segmented -

1) By Offering: Software, Services
2) By Network: Permissioned, Permissionless
3) By Provider Type: Application Provider, Middleware Provider, Infrastructure Provider
4) By Enterprise Size: Small And Medium Enterprises, Large Enterprise
5) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Government, Retail, Automotive And Transportation, Healthcare, Other Industry Verticals

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Major companies operating in the blockchain identity management market are Microsoft Corporation, Amazon Web Services Inc. (AWS), International Business Machines Corporation (IBM), Oracle Corporation, NEC Corporation, Unum ID Inc., Wipro Limited, SpringRole Inc., Bitfury Group Limited, Dock Labs AG, Antier Solutions Private Limited, Civic Technologies Inc., Evernym Inc., Jolocom GmbH, BTL Group, Blockpass IDN Ltd., Blockstack PBC, ConsenSys, Symbiont Inc, Sovrin Foundation Inc., SelfKey Foundation Ltd., Factom Inc., ChainGuardian Inc., Netki Inc., ShoCard Inc.

Contents of the report:
1. Executive Summary
2. Blockchain Identity Management Market Report Structure
3. Blockchain Identity Management Market Trends And Strategies
4. Blockchain Identity Management Market - Macro Economic Scenario
5. Blockchain Identity Management Market Size And Growth
…..
27. Blockchain Identity Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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