Wiseguyreports.Com Adds “Blockchain identity management -Market Demand, Growth, Opportunities and Analysis Of Top Key Player Forecast To 2026” To Its Research Database
Global Blockchain Identity Management Market is accounted for $48.01 million in 2017 and expected to grow at a CAGR of 80.1% to reach $9598.15 million by 2026. Increasing security concerns with existing models across the globe, rising demand for blockchain identity solutions across industry, growing demand for self-sovereign identification and reduction the business functions through high transaction speed and immutability are factors driving the market growth. However, unease related to the authenticity of users, uncertain regulatory status and lack of a common set of standards are hampering the market growth. Wide ranging applications of blockchain identity solutions in banking, cybersecurity, and IOT provides an ample market opportunity.
Based on provider, application providers segment is growing due to observed a level of adoption towards the industry verticals due to the advantages provided by these solutions.
Based on end user, the banking, financial service, and insurance segment is anticipated to due to increasing need for the identity verification in the banking system and having the complexity in identification methods are favoring the market. Banks have been researching ways to share customer information within a secure manner and a blockchain-based solution is a clear contender. Cryptographic protection can help keep information secure while the ability to share a constantly updated record with many parties can simplify the administrative process by reducing unnecessary duplication of information and requests.
North America is anticipated to grow owing to advanced technology implementation & infrastructure and strong presence of key industry players are factors driving the market in this region. Asia Pacific is projected to grow due to growing venture capital funding, significant growth in the number of startups venturing into the marketspace and government is focus on regulating the blockchain technology are fuelling the market in this region.
Some of the key players in Global Blockchain Identity Management Market are Factom, UniqID, Netki, IBM, AWS, BTL Group, KYC-Chain, Oracle, Peer Ledger, Civic Technologies, Bitfury, Blockverify, ShoCard, Cambridge Blockchain and Neuroware.