The market for blockchain identity management reached a value of over $400 million in 2021. It is expected that the market will exhibit a robust growth rate of 90.01% during the next few years. The publisher’s analysis reveals that the market is driven by the increasing number of end-users and the continuous monitoring of the COVID-19 pandemic.
Besides the technological advancements, the report also provides a comprehensive analysis of the various factors that affect the market. The concept of blockchain identity management involves providing a secure and real-time solution that enables individuals and entities to manage their identities.
It utilizes a distributed trust paradigm to provide a verifiable and secure method of gathering information. The key infrastructure used in this process is a public key infrastructure (DPKI). This ensures that the information is protected from unauthorized access.
The global blockchain identity management market is mainly driven by the increasing number of organizations and individuals relying on self-sovereign identity technology to store and manage their personal data. It eliminates the time and manual efforts involved in issuing and managing identities. Due to its secure and reliable nature, it has been widely used in various sectors such as financial services, healthcare, and transportation.
Market Trends for Blockchain Identity Management
Due to the increasing number of data breaches and cyber-attacks, the demand for effective identity management solutions is expected to rise during the next few decades. This is also contributing to the growth of the global blockchain identity management market.
The increasing number of organizations and individuals relying on self-sovereign identity technology to store and manage their personal data is also contributing to the growth of the global blockchain identity management market.
The increasing number of businesses and individuals using blockchain identity management to build trust and transparency in their transactions is expected to fuel the market’s growth. In addition, governments of various countries are promoting the use of blockchain identity management to improve the efficiency and scalability of their operations. Other factors that are expected to drive the market’s growth include the increasing number of smartphones and the rising number of internet users.
