Blockchain Identity Management Market Expected to Reach USD 11.18 million by 2026 | Current Trends and Industry Analysis
An increase in investment by retail industries in blockchain-based solutions is also expected to boost market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, March 8, 2023 /EINPresswire.com/ — An increase in transaction transparency, a rise in the need to ensure quality, reliability, authenticity,& product safety, and rise in investment by retail industries in blockchain-based solutions augment the growth of the global blockchain identity management market.
However, the lack of skilled experts restrains the growth to some extent. Moreover, the rapidly changing retail sector and international trade are anticipated to pave the way for multiple opportunities for the key players in the market.
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As per the report published by Allied Market Research, the global blockchain identity management market was pegged at $107 million in 2018 and is anticipated to reach $11.46 billion by 2026, registering a CAGR of 79.2% during the study period. The report offers a detailed analysis of value chain, market dynamics, top winning strategies, key segments, business performance, and competitive landscape.
Covid-19 Impacts on Blockchain Identity Management Market-
• The outbreak of Covid-19 mandated lockdown across the globe and the disruption has led to an acceleration in the practice of remote working. Consequently, there’s been a significant decline in the use of blockchain identity management technology in industries such as banks, healthcare, retail, and others.
• Nevertheless, several government bodies are coming up with relaxations on the existing regulations and with this drift on board, it’s expected that the global blockchain identity management market is anticipated to retrieve its position soon.
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Based on organization size, the market is bifurcated into large enterprises and small & medium enterprises. The large enterprise’s segment contributed for more than four-fifths of the global blockchain identity management market revenue in 2018, and is anticipated to rule the roost during the estimated period. Contrarily, the small & medium enterprises segment would grow at the fastest CAGR of 85.7% throughout the forecast period.
Based on service provider, the market is classified into application provider, middleware provider, and infrastructure provider. The infrastructure provider segment contributed to the largest market share, accounting for more than half of the global blockchain identity management market share in 2018, and is projected to dominate throughout the study period. On the other hand, the application provider segment would showcase the fastest CAGR of 84.8% by the end of 2026.
Based on geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The region across North America held the largest share in 2018, generating nearly half of the global blockchain identity management market. On the other hand, the region across Asia-Pacific, would cite the fastest CAGR of 89.7% by 2026.
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The key blockchain identity management industry players profiled in the report include Auxesis Services & Technologies (P) Ltd., Cognizant, Infosys Limited, International Business Machines Corporation (IBM), Microsoft Corporation, Oracle Corporation, SAP SE, and Tata Consultancy Services Limited, Bitfury Group Limited, and Amazon Web Services, Inc. (AWS).
Key Benefits for Blockchain Identity Management Market:
• This study presents the analytical depiction of the global blockchain identity management market trends and future estimations to determine the imminent investment pockets.
• A detailed analysis of the market measures the potential of the market. These segments outline the favorable conditions for the market.
• The report presents information related to key drivers, restraints, and opportunities.
• The current market is quantitatively analyzed from 2018 to 2026 to highlight the financial competency of the industry.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the industry.
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