Global Blockchain Identity Management Market to Reach USD 35.1 Billion by 2028, Fueled by Rising Security Concerns and Adoption of Enhanced Security Measures

World Blockchain Id Administration Market

Dublin, Aug. 31, 2023 (GLOBE NEWSWIRE) — The “Global Blockchain Identity Management Market by Offering (Software and Services), Provider Type (Application Provider, Middleware Provider, and Infrastructure Provider), Network, Organization Size, Vertical and Region – Forecast to 2028” report has been added to ResearchAndMarkets.com’s providing.

The worldwide Blockchain Id Administration market is on observe for substantial progress, with a projected worth of USD 35.1 billion by 2028, up from USD 1.3 billion in 2023, reflecting a exceptional Compound Annual Development Charge (CAGR) of 92.7% throughout the forecast interval.

The market’s growth is propelled by rising considerations over safety in centralized identification programs, in addition to the demand for enhanced safety measures towards hackers focusing on conventional identification administration programs.

Key Market Developments:

Rising Demand for Safety: As hackers more and more goal typical identification administration programs, industries are turning to blockchain identification administration options to reinforce safety, fostering the expansion of the market.

Verticals Driving Demand: Industries corresponding to Actual Property and Development, healthcare, BFSI, and retail and eCommerce are embracing blockchain-based identification options for enhanced effectivity and knowledge integrity via decentralized and immutable programs. These verticals are propelling substantial progress within the demand for blockchain identification administration options.

BFSI Main the Method: The BFSI section holds the most important market share, leveraging blockchain for safe and compliant identification administration, improved effectivity, cost-effectiveness, and enhanced buyer expertise throughout a number of monetary establishments.

Asia Pacific’s Speedy Development: Asia Pacific is anticipated to exhibit the very best CAGR throughout the forecast interval as a result of its rising inhabitants, digital transformation focus, authorities help for blockchain know-how, and heightened consciousness of cybersecurity dangers.

Story continues

Premium Insights:

Blockchain Id Administration to Tackle Id Theft Points

BFSI Section and North America Maintain Largest Market Share

Software program Section Holds Bigger Market Share

Software Supplier Section Leads in 2023

Massive Enterprises Section Holds Bigger Market Share

Asia-Pacific as a Prime Funding Market

Market Dynamics:

Drivers:

Rising world safety considerations driving demand for blockchain identification options.

Enhanced enterprise operations with quick transactions and knowledge immutability.

Rise of digital identification ecosystem and blockchain gaming vertical.

Restraints:

Alternatives:

Challenges:

Use Circumstances:

Use Case 1: Enhancing Effectivity and Transparency in Commerce AWS helped SGX enhance effectivity, transparency, and settlement time for commerce utilizing blockchain.

Use Case 2: Combatting Educational Certificates Fraud Bitfury assisted Synergy College in combating tutorial certificates fraud with blockchain know-how.

Use Case 3: Enhancing Belief and Transparency Seres leveraged Oracle Blockchain Platform to reinforce belief, traceability, and transparency.

Key Firms within the Blockchain Id Administration Market:

Accumulate

AWS

Bitfury

Blockchains Inc.

Coinfirm

Dock

Factom

Fractal

Hu-Mainty.Co

IBM

Kyc-Chain

Metadium

Microsoft

NEC

Neuroware

NUID

Oaro

Oracle

Peer Ledger

Procivis

Serto

Springrole

Tradle

TRM Labs

Validated ID

For extra details about this report go to https://www.researchandmarkets.com/r/s8a96i

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