News:Global Blockchain Identity Management Market is projected to reach a value of over USD 17.1 Billion by 2027

BLOCKCHAIN IDENTITY MANAGEMENT MARKET: Summary

The Global Blockchain Identity Management Market is projected to reach a value of over USD 17.1 Billion by 2027 at a CAGR of around 81.5%.

Blockchain is a technology, based on distributed ledgers shared between group of people or institutions and the number entities in the group can be expanded as per requirement. With every transaction, the data is added as a block, which has timestamp and the link to the previous block in the chain. The data once added becomes a record; any individual in the group cannot alter the recording unless all the participants agree for the same. Using this technology, the information present in various bits can be managed as real time data at one source.

This technology is appropriate for handling both authorization and supervision of personally identifiable information, because the data can be managed without depending on centralized managing authority. As blockchain have distributed ledgers, it ensures complete exchange of business application across entire industries, simultaneously managing authorization and control of personal data from a single access point. The organizations can embrace blockchain into identity management by switching from proprietary to open platforms and adjusting to enterprise business model.

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BLOCKCHAIN IDENTITY MANAGEMENT MARKET: Drivers & CHALLENGES

Market Driver:

  • Rapid Demand of Self-Sovereign Identity Solution

As the usage of internet is increasing swiftly, securing personal information of the users has become a major concern to deal. The digital identity of the users is created which has personal information, the same identity is used for various platforms, and the authorization is done by federated systems such as Google. However, the users does not have any control on their digital identity and such data can be breached. For instance, Facebook- Cambridge Analytica data scandal where personal data of 50 million Facebook users was used without their consent.

New identity system to resolve these issues is self-sovereign identity system; in this system, users have control of their digital identity eliminating any type of centralized authority. The European Union General Data Protection Regulation intensified the demand for this system. Blockchain can be crucial in implementation of this identity system because of its distributed ledger architecture.

Hence, rapid demand of self-sovereign identity solution can be a contributing factor in the growth of the blockchain identity management market, during the forecast period.

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Market Challenge:

  • Synthetic Identity Theft

Synthetic identity is created by collaborating valid information from various individuals into one fake identity. As every bit of information of the fake identity is authentic, the identification system can fail in recognizing the fake identity and may authorize the access. The blockchain is based on ledger that depends on the integration of the inputs; it can be misled by the fake identity. Although the challenge can be diminished by using digital signatures, without which the records cannot be accepted by the blockchain.

Hence, synthetic identity theft can be a limiting factor in the growth of the Blockchain identity management market during the forecast period.

Blockchain Identity Management market: Key segments

  • Segmentation based on enterprise: Large Enterprises, and Small and Medium-sized Enterprises.

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Blockchain Identity Management MARKET: Report SCOPE

The report on the Blockchain Identity Management market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.

Report Features

Specifics

Historical/Estimated/Forecasted Market Size Years

2018–2027

Base Year for Market Calculation

2019

Forecasted Period

2020–2027 (2020 estimated year, forecasted up to 2027)

Measured Units

Value (USD Million)

Segments Included

Enterprise, End-users, and Region

Regional Coverage

North America, South America, Asia-Pacific, Europe, Middle East & Africa

KEY Companies Covered

  • IBM (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)

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Blockchain Identity Management MARKET: report segmentation

For the scope of the report, In-depth segmentation is offered by Forencis Research

Blockchain Identity Management Market, by Enterprise

  • Large Enterprises

Blockchain Identity Management Market, by End User

  • Government

Blockchain Identity Management Market, by Region

  • North America

Table of Content

1 Introduction

2 Research Design & Scope

3 Executive Summary

4 Market Dynamics

5 Industry Trends — Porters Five Forces Analysis

6 GLOBAL BLOCKCHAIN IDENTITY MANAGEMENT MARKET BY ENTERPRISE, Market Size in USD Million (2019–2027)

7 GLOBAL BLOCKCHAIN IDENTITY MANAGEMENT MARKET BY END-USER, Market Size in USD Million (2019–2027)

8 GLOBAL BLOCKCHAIN IDENTITY MANAGEMENT MARKET BY REGION, Market Size in USD Million (2019–2027)

9 Competitive Landscape

10 Company Profiles

11 Appendix

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