Blockchain Identity Management Market - Emerging Trends & Global Future Forecasts to 2023

The report analyzes the opportunities in the market for stakeholders by identifying the high-growth segments of the market.

(EMAILWIRE.COM, January 07, 2019 ) The blockchain identity management 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. 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.

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APAC is expected to grow at the highest rate during the forecast period, due to the increasing venture capital funding, significant growth in the number of startups venturing into the marketspace, and governments focusing on regulating the blockchain technology. The key financial hubs and government organizations in major APAC countries, such as Japan, Australia, New Zealand, Hong Kong, and Singapore, provide many opportunities for the adoption of the blockchain identity management solutions. However, lack of common set of regulatory standards and uncertain regulatory landscape and concerns over the authenticity of the user can hinder the growth of the market in various regions.

The major blockchain identity management vendors 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).

These players majorly adopted partnerships and new product launches as the key growth strategies to offer feature-rich blockchain identity management solutions to their customers and enter new regions.

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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.