NEWS PROVIDED BYSkyQuest Technology
Jul 11, 2024, 10:15 ET
WESTFORD, Mass., July 11, 2024 /PRNewswire/ — According to SkyQuest, the global Blockchain Identity Management Market size was valued at USD 1.3 billion in 2022 and is poised to grow from USD 2.37 billion in 2023 to USD 293.39 billion by 2031, growing at a CAGR of 82.6 % during the forecast period (2024-2031).
Typically, digital identities are kept on centralized systems that are easily targeted by cybercriminals. Organizations therefore require strong identity management solutions. Global blockchain identity management market is based on encryption technology and offers a decentralized, safe solution. Healthcare, BFSI, retail, and other businesses can access real-time information on specific entities or individuals for any kind of verification or authentication by using blockchain identity management technology. The report’s objective is to project the market’s size and future growth potential for blockchain identity management across many sectors, including service providers, organization sizes, and industry verticals.
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Blockchain Identity Management Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $2.37 Billion |
| Estimated Value by 2031 | $293.39 Billion |
| Growth Rate | Poised to grow at a CAGR of 82.6% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, Provider Type, Organization Size, Verticals, and Network |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Digital interactions across various industries through blockchain technology |
| Key Market Opportunities | Streamlined identity verification processes and seamless cross-sector interoperability |
| Key Market Drivers | Blockchain identity management adoption fostering market demand |
Segments covered in Blockchain Identity Management Market are as follows:
- Offering
- Software, and Services
- Provider Type
- Infrastructure Providers, Application Providers, and Middleware Providers
- Organization Size
- Large Enterprises, Small and Medium Enterprises (SMEs)
- Verticals
- BFSI, IT & Telecom, Government, Real Estate and Construction, Healthcare, Retail and E-Commerce, Media and Entertainment, Travel and Hospitality, and Others
- Network
- Permissioned, and Permissionless
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Safeguarding Trust through Blockchain Identity Solution’s Enhancing Security Across industries
Blockchain related identification technologies offer secure, distributed internet identity management solutions to various sectors like retail, BFSI or healthcare. They increase electronic interaction protection and credibility through the contemporary verification techniques based on encryption. Blockchain ID solutions are crucial for improving security and trust in various industries during digital interactions.
Blockchain related identification technologies offer secure, distributed internet identity management solutions to various sectors like retail, BFSI or healthcare. They increase electronic interaction protection and credibility through the contemporary verification techniques based on encryption. Blockchain ID solutions are crucial for improving security and trust in various industries during digital interactions.
Services offer experience in creating and overseeing decentralised identification systems that are suited to certain industry requirements, helping organisations embrace and integrate blockchain technology for safe identity management. They ensure that identity systems anchored on blockchain technology are easily distributed, customised or personalized and continuously maintained enhancing security and efficiency as well as trust in digital identity authentication across various industries.
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SMEs and Large Enterprises Driving Blockchain Identity Management Industry Forward
In the global blockchain identity market, “enterprise size” refers to the division of organisations into small and medium-sized (SMEs) and large companies based on the extent to which they are implementing blockchain identity solutions. Large corporations require robust systems suitable for storing large amounts of identification information securely, while small and medium-sized enterprises (SMEs) should opt for cheaper, easily adaptable alternatives.
Global adoption and advancement of blockchain identity management solutions are largely driven by large companies. Businesses are the ones that most of the time are in front in introducing advanced technologies that enhance safety, streamline operations and ensure conformity in many sectors. Technological progress with an emphasis on block chain identity management is largely attributable to the impetus given by big corporations’ demand creation and development.
Small and medium-sized enterprises (SMEs) have started to use blockchain identity management systems to increase security and operational efficiency within tight budgets. SMEs are crucial for advancement of technology and expansion of the blockchain identity management market. Their choice of scalable solutions promotes low costs and competition within the market hence greater industrial adoption.
Expansive Role of BIM in Enhancing Trust and Efficiency Across Global Enterprises and Industries
A revolutionary approach to digital identity security across many sectors like healthcare and retail is blockchain identity management. Their shared ledgers and strong decentralisation ensure real time verification and authentication guaranteeing high level of encryption Big enterprises are driving this forward through introduction of novel ideas thereby creating appetite for internet business development. SMEs make a substantial simultaneous contribution by implementing scalable, affordable solutions that encourage industry rivalry and wider adoption. The blockchain identity industry, which offers increased security and trust in digital interactions across all organisational sizes, is positioned for significant development if organisations continue to prioritise efficient and secure identity management.
Related Report:
Blockchain as a Service Market
Blockchain Technology in Healthcare Market
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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