The Europe Blockchain Identity Management Market would witness market growth of 79.2% CAGR during the forecast period (2023-2030).
For many participants in the blockchain network, a blockchain creates a single, shared intermediary for transaction, information, and flow monitoring. Each member of the network has access to the entire ledger, which contains all the information about transactions and goods movements. In the digital ledger, anyone who tries to alter the data or commit fraud is merely exploiting their own ledger and will be put out of sync. The ledgers & transactions on the blockchain are also encrypted. In addition, each new transaction in the ledger generates a new block that is connected to the blocks that came before it. As a result, altering the newly formed blocks is impossible. Additionally, the blockchain does away with the validation of the real data and instead enables the direct validation of the proof through official channels. Therefore, a proof's authentication relies on the verifier's assessment of the attestor's credibility.
Self-sovereign identification, which enables people to manage their identities and personal data while depending on a centralized authority, is a capability that blockchain can enable. This might be especially helpful when consumers are utilizing services from many suppliers. System-wide security can be improved, and attacks can be avoided with the help of blockchain identity management. By keeping identification information in a decentralized, irreversible ledger, blockchain technology lowers the risk of data breaches and unauthorized access. The information is cryptographically secured, which raises the process's overall security and dependability. People have greater control of their private data due to identity management based on the blockchain. Users can decide when to reveal specific attributes, maintaining their privacy and controlling consent.
Blockchain is strongly backed by the European Commission regarding finance, policy, and legal and regulatory frameworks. Building a pan-European public services blockchain, boosting funding for research & innovation, encouraging blockchain for sustainability, promoting legal certainty, bolstering interoperability and standards, advancing the development of blockchain skills, and interacting with the community are some of its blockchain strategy's most important components.
The EU offers grants along with investments to fund blockchain research & innovation. Through the Horizon program, grants are awarded. Through Horizon 2020, the Commission awarded funds totaling over €180 million between 2016 and 2019. The Horizon Europe follow-up program will have a sizable budget for further grants. The recently established artificial intelligence (AI) and blockchain investment fund, which invests in venture capital funds focusing on AI and blockchain companies and early-stage initiatives, is one way that the Commission promotes investment in blockchain startups and projects. According to estimates, the market in Europe will increase because of the increasing use of this technology.
The Germany market dominated the Europe Blockchain Identity Management Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5,091.9 million by 2030. The UK market is showcasing a CAGR of 77.7% during (2023 - 2030). Additionally, The France market would register a CAGR of 80.5% during (2023 - 2030).
Based on Offering, the market is segmented into Software, and Services. Based on Provider Type, the market is segmented into Application Provider, Middleware Provider, and Infrastructure Provider. Based on Organization Size, the market is segmented into Large Enterprises, and Small & Medium Enterprises. Based on Network, the market is segmented into Permissioned, and Permissionless. Based on Vertical, the market is segmented into BFSI, Government, Healthcare, Automotive & Transportation, Telecom & IT, Retail & Ecommerce, Real Estate & Construction, Media & Entertainment, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Blockchain Identity Management Market is Projected to reach USD 77.3 Billion by 2030, at a CAGR of 79.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, Oracle Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), NEC Corporation, Bitfury Group limited, TRM Labs, Inc., Hu-manity.co, Peer Ledger, Inc., and Procivis AG.
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