The Blockchain Identity Management Market is projected to expand to USD 34.94 billion by 2030, with a compound annual growth rate (CAGR) of 82.6% from 2023 to 2030.
Leveraging blockchain technology enhances data security against breaches and unauthorized access by decentralizing and securing identity information on an immutable ledger. Cryptographic methods increase the security and dependability of managing identities, propelling market expansion. Blockchain-based identity management empowers users with greater control over their data, allowing them to share specific details as necessary while maintaining privacy and enabling consent management. Furthermore, this technology promotes the smooth transferability of identities across different platforms and services, improving user experiences and reducing the necessity for numerous accounts. The distributed nature of blockchain facilitates rapid and efficient identity verification processes, with real-time user verification through consensus mechanisms streamlining onboarding and authentication. The decentralized approach also removes the dependence on a singular central authority for managing identity data, thereby eliminating trust issues, data tampering risks, and single points of failure. The COVID-19 pandemic has positively influenced the market by increasing awareness regarding data privacy and security. The shift towards more online activities heightened concerns over cyber threats, leading to a greater appreciation for blockchain’s security features, such as cryptographic encryption and data immutability, in safeguarding data integrity and confidentiality.
Blockchain Identity Management Report Highlights:
The services segment is anticipated to witness notable growth between 2023 and 2030, driven by a diverse range of offerings from strategic planning to technical support, highlighting the segment’s adaptability and customized solutions.
The application provider segment led the market in 2022, with continuous investments in research and development to innovate and align with changing market demands and regulatory standards.
Permissioned networks were predominant in 2022, offering a compliant solution for organizations to meet regulatory and industry-specific demands, thus supporting a balance between security, efficiency, and compliance.
Large enterprises were the leading market participants in 2022, emphasizing regulatory compliance and data protection. Their significant resources and investment capabilities position them as pioneers in adopting blockchain for identity management, aiming for enhanced operational efficiency, user experience, and security.
The IT & ITeS sector was the major vertical market in 2022, with blockchain identity management processes aligning with the sector’s objectives to optimize operational efficiency and bolster user trust.
The Asia Pacific region is expected to experience the fastest CAGR from 2023 to 2030, driven by a growing demand for reliable blockchain identity solutions. Countries like Singapore, India, and Australia are advancing blockchain identity applications, such as e-voting and e-passports, to improve service efficiency.
