According to SkyQuest, the global Blockchain Identity Management Market size was valued at US$1.3 billion in 2022 and is poised to grow from US$2.37 billion in 2023 to USD 293.39 billion by 2031, growing at a CAGR of 82.6 % during the forecast period (2024-2031).
Typically, digital identities are kept on centralized systems that are easily targeted by cybercriminals. Organisations therefore require strong identity management solutions. Global Blockchain identity management market is based on encryption technology and offers a decentralised, safe solution. Healthcare, BFSI, retail and other businesses can access real-time information on specific entities or individuals for any kind of verification or authentication by using Blockchain identity management technology. The report’s objective is to project the market’s size and future growth potential for Blockchain identity management across many sectors, including service providers, organisation sizes and industry verticals.
Safeguarding trust through Blockchain identity solution’s enhancing security across industries
Blockchain related identification technologies offer secure, distributed internet identity management solutions to various sectors like retail, BFSI or healthcare. They increase electronic interaction protection and credibility through the contemporary verification techniques based on encryption. Blockchain ID solutions are crucial for improving security and trust in various industries during digital interactions.
Blockchain related identification technologies offer secure, distributed internet identity management solutions to various sectors like retail, BFSI or healthcare. They increase electronic interaction protection and credibility through the contemporary verification techniques based on encryption. Blockchain ID solutions are crucial for improving security and trust in various industries during digital interactions.
Services offer experience in creating and overseeing decentralised identification systems that are suited to certain industry requirements, helping organisations embrace and integrate Blockchain technology for safe identity management. They ensure that identity systems anchored on blockchain technology are easily distributed, customised or personalised and continuously maintained enhancing security and efficiency as well as trust in digital identity authentication across various industries.
SMEs and large enterprises driving Blockchain identity management industry forward
In the global blockchain identity market, ‘enterprise size’ refers to the division of organisations into small and medium-sized (SMEs) and large companies based on the extent to which they are implementing blockchain identity solutions. Large corporations require robust systems suitable for storing large amounts of identification information securely, while SME’s should opt for cheaper, easily adaptable alternatives.
Global adoption and advancement of Blockchain identity management solutions are largely driven by large companies. Businesses are the ones that most of the time are in front in introducing advanced technologies that enhance safety, streamline operations and ensure conformity in many sectors. Technological progress with an emphasis on Blockchain identity management is largely attributable to the impetus given by big corporations’ demand creation and development.
SMEs have started to use Blockchain identity management systems to increase security and operational efficiency within tight budgets. SMEs are crucial for advancement of technology and expansion of the blockchain identity management market. Their choice of scalable solutions promotes low costs and competition within the market hence greater industrial adoption.