According to a new report, published by KBV research, The Global Blockchain Identity Management Market size is expected to reach $77.3 billion by 2030, rising at a market growth of 79.6% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 80.9% during (2023 - 2030). Services for managing digital identities using blockchain technology come with several advantages that can greatly improve security, privacy, and effectiveness. Blockchain and identity management solutions are their areas of competence, and outsourced service providers can offer these services with knowledge and experience. The organization may experience a lessened learning curve due to more effective implementation through service providers.
The Application Provider segment is leading the Global Blockchain Identity Management Market by Provider Type in 2022 thereby, achieving a market value of $35.7 billion by 2030. The primary factor driving up demand for products in this market segment is the rise in demand to decrease the dependence on middlemen or third parties. Also, application providers who create their own blockchain identity solutions can adapt them to precisely fit the needs of their applications, improving usability and usefulness.
The Small & Medium Enterprises segment has shown the high growth rate of 81.1% during (2023 - 2030). SMEs are driving the market's expansion by looking for cost reductions, increased effectiveness, and enhanced security. Blockchain lets firms concentrate on their core competencies by removing intermediaries, lowering fraud, and automating jobs. With its cryptographic security, data protection is guaranteed, helping to increase stakeholder trust and support compliance.
The Permissioned segment acquired the maximum revenue share in the Global Blockchain Identity Management Market by Network in 2022 thereby, achieving a market value of $54.3 billion by 2030. Organizations can keep tight control over who has access to data and can participate by using permissioned networks. As a result, the network & identity-related data are kept secure and only accessible to authorized users. Permissioned networks lower the risk of hostile actors penetrating the network and compromising identification data by limiting membership to well-known and trusted entities.
The Healthcare segment would obtain a CAGR of 82.6% during (2023 - 2030). Blockchain technology is the best option for preventing unauthorized access to sensitive healthcare data due to its improved security and privacy. Blockchain enhances interoperability, leading to fewer duplicate tests, better patient care, and cost savings by developing a secure, shared platform for storing and exchanging patient data. Additionally, the blockchain automates administrative procedures such as patient identity verification, which boosts productivity and lowers costs.
The North America region dominated the Global Blockchain Identity Management Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $29.5 billion by 2030. The Europe market is poised to grow at a CAGR of 79.2% during (2023 - 2030). Additionally, The Asia Pacific market would witness a CAGR of 81.3% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/blockchain-identity-management-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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