Blockchain Identity Management Market Size Worth $97,371.87 Million By 2032 | CAGR: 79.5%

The global Blockchain Identity Management market size is expected to reach USD 97,371.87 million by 2032, according to a new study by Polaris Market Research. The report “Blockchain Identity Management Market Share, Size, Trends, Industry Analysis Report, By Offerings (Software, and Services); By Provider Type; By Network; By Application; By End-User; By Region; Segment Forecast, 2024-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Blockchain identity management technology can assist users by improving their online experiences by adopting decentralized identifiers (DIDs) digital wallets and key players are also developing the global DID to save individuals' identities. People can use a DID to efficiently log in to applications and websites without needing to manage a large number of passwords and accounts. People just need to store their DID a single time on a blockchain network, and internet-based businesses can use it for the authentication of users.

• For instance, in February 2023, Wipro Limited released its Decentralized Identity and Credential Exchange (DICE) ID, which gives users control over their data and allows for simpler, more rapid, and more secure exchange of sensitive information online. DICE ID based on blockchain technology saves confirmed personal information across certified providers in the user's identification wallet.

Furthermore, governments throughout the world are making investments in research and development to investigate blockchain's possibilities for identity management technologies.

• For instance, in April 2023, the Indian government launched a blockchain research effort to create a comprehensive technological stack for end-to-end blockchain development of applications. This initiative is part of the government's endeavor to realize Web3, as blockchain plays an important role in it. This endeavor is the product of the National Blockchain Strategy, which comprises important technology components required for Web3. 

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Additionally, the rising demand for openness in the retail supply chain will provide sufficient opportunities for industry expansion. Companies in the retail sector are making investments in blockchain technology such as blockchain identity management to enhance employee happiness, customer experience, revenue growth, and so on.

Blockchain Identity Management Market Report Highlights

• SMEs will grow at a substantial pace, owing to it seeking cost reductions, increased productivity, and higher security.
• The healthcare segment held the largest share because healthcare practitioners can verify details about patients and medical records.
• The software sector held the largest share, owing to the rising demand for privacy control of the customers and the increasing efficiency of identification verification.
• Asia-Pacific is anticipated to grow rapidly on account of the growing need for KYC automation and self-sovereign identity.
• The global players include Amazon Web Services, Civic Technologies, IBM Corporation, Microsoft,  and Tata Consultancy Services.  

Polaris Market Research has segmented the Blockchain Identity Management market report based on offerings, provider type, network, application, end-user, and region:

Blockchain Identity Management, Offerings Outlook (Revenue - USD Billion, 2019 - 2032)

• Software
• Services

Blockchain Identity Management, Provider Type Outlook (Revenue - USD Million, 2019 - 2032)

• Application Providers
• Middleware Providers
• Infrastructure Providers

Blockchain Identity Management, Network Outlook (Revenue - USD Million, 2019 - 2032)

• Permissioned Network
• Permissionless Network

Blockchain Identity Management, Application Outlook (Revenue - USD Million, 2019 - 2032)

• Loyalty and Rewards Management
• Identity Management
• Supply Chain management
• Payments and Smart Contracts
• Compliance Management
• Others

Blockchain Identity Management, End-User Outlook (Revenue - USD Million, 2019 - 2032)

• BFSI
• IT and Telecom
• Retail and E-Commerce
• Government
• Real State and Construction
• Healthcare
• Media and Entertainment
• Travel and Hospitality
• Others Verticals

Blockchain Identity Management, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Blockchain Identity Management Market Report Scope