Blockchain Identity Management Market Worth 1,929.9 Million USD by 2023
PUNE, India, June 5, 2018 /PRNewswire/ --
According to a new market research report "Blockchain Identity Management Market by Provider (Application Provider, Middleware Provider, Infrastructure Provider), Organization Size, Vertical (BFSI, Government, Healthcare and Lifesciences, Real Estate), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 90.4 Million in 2018 to USD 1,929.9 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.5% during the forecast period.
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The major factors driving the Blockchain Identity Management Market include easing the business functions through high transaction speed and immutability, and an increasing demand from individuals as well as organizations over the control of identity information.
The real estate vertical is expected to grow at the highest CAGR in the global Blockchain Identity Management Market during the forecast period
The integration and verification of the users more accurately while addressing the challenges pertaining to the data management and privacy will encourage organizations to adopt the blockchain identity management solutions on a large scale. Moreover, several advantages provided by this technology will make the mortgage and the sale of fractions of real estate assets safer. The KYC process of the customer is simplified with the application of this technology to identity management. All these benefits will drive the segment in the market.
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The application providers segment is expected to grow at the highest CAGR in the global Blockchain Identity Management Market during the forecast period
The Blockchain Identity Management Market has been segmented on the basis of providers into 3 categories: application providers, middleware providers, and infrastructure providers. These providers offer infrastructure to develop in the blockchain-based platforms. Among these types, the application providers type is the fastest growing segment in the overall Blockchain Identity Management Market. The introduction of blockchain identity management solutions has witnessed a certain level of adoption across the industry verticals owing to the advantages provided by these solutions.
North America is expected to hold the largest market size in the Blockchain Identity Management Market during the forecast period
North America is estimated to hold the largest market size in the Blockchain Identity Management Market in 2018. The region is considered as the most advanced in terms of technology adoption and infrastructure. Strong presence of key industry players offering blockchain identity management solutions in this region is the main driving factor for the Blockchain Identity Management Market. Organizations in this region have started recognizing the potential of this technology for identity verification and are increasingly implementing the solutions across industries for various purposes, including KYC authentication, personal information storage, and track records of the individuals. Also, governments in this region are adopting the blockchain technology. US governments have recognized the blockchain technology's potential for the delivery of public services, and started adopting this technology to develop business applications. Moreover, the Canada Federal government is exploring the blockchain technology to boost the growth of innovation economy.
The major vendors of blockchain identity management solutions and services include IBM (US), AWS (US), Civic Technologies (US), KYC-Chain (Hong Kong), Bitfury (US), Evernym (US), Factom (US), Netki (US), ShoCard (US), UniquID (US), Microsoft (US), Oracle (US), Bitnation (Switzerland), Nodalblock (Spain), EdgeSecure (Airbitz, US), Blockverify (UK), Peer Ledger (Canada), Cambridge Blockchain (US), uPort (US), Originalmy (Brazil), Neuroware (Malaysia), Tradle (US), Existenceid (Australia), Coinfirm (Poland), and BTL Group (Canada).
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