The blockchain identity management from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Blockchain Identity Management Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The blockchain identity management market size has grown exponentially in recent years. It will grow from $1.60 billion in 2023 to $2.80 billion in 2024 at a compound annual growth rate (CAGR) of 74.9%. The growth in the historic period can be attributed to rising concerns over data privacy, growing cybersecurity threats, regulatory compliance requirements, the proliferation of digital transactions, trust and transparency, cost efficiency, and interoperability needs.
The blockchain identity management market size is expected to see exponential growth in the next few years. It will grow to $26.27 billion in 2028 at a compound annual growth rate (CAGR) of 75.0%. The growth in the forecast period can be attributed to the emergence of decentralized identity standards, integration with emerging technologies, a focus on user-centric identity solutions, industry collaboration and consortia, regulatory evolution, globalization, and cross-border identity management. Major trends in the forecast period include interoperable identity solutions, convergence with DEFI, a focus on privacy-enhancing technologies, AI and machine learning integration, blockchain governance models, the emergence of tokenized identity, and regulatory sandbox initiatives.
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Scope Of Blockchain Identity Management Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Blockchain Identity Management Market Overview
Market Drivers -
The rise in data security concerns is expected to propel the growth of the blockchain identity management market going forward. Data security concerns refer to issues related to the protection of data from unauthorized access, breaches, theft, and corruption. The increasing number of data security concerns can be attributed to the rising sophistication of cyber threats, the expanding digital footprint of individuals and organizations, the proliferation of interconnected devices and IoT systems, and the growing reliance on cloud services and remote work arrangements. Blockchain technology enhances digital identity management by providing decentralized, immutable, and cryptographically secure solutions, thereby significantly reducing the risk of cyber threats and improving data security. For instance, in January 2023, according to a report by Check Point, an Israel-based software security provider, there was a 38% surge in global cyberattacks in 2022 compared to 2021. The communications industry experienced an average of 1,380 attacks per organization per week, marking a 27% increase compared to 2021. Similarly, the Internet service provider/managed service provider (ISP/MSP) industry encountered an average of 1,372 attacks per organization per week in 2022, reflecting a 28% increase from the previous year. Therefore, a rise in data security concerns is driving the blockchain identity management market.
Market Trends -
Major companies operating in the blockchain identity management market are focusing on developing advanced solutions, such as quantum secure identity management products, to address the increasing concerns related to data security, privacy, and authentication. Quantum secure identity management products help provide unparalleled levels of security by leveraging quantum encryption technology, ensuring tamper-proof verification of identities, safeguarding sensitive data, and enhancing trust in digital transactions and interactions. For instance, in July 2021, Arqit Limited, a UK-based quantum encryption platform, partnered with Dentons East LLP, a UK-based law firm, to launch QuantumKeep, the
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