NEW YORK, June 21, 2022 /PRNewswire/ -- The blockchain identity management market share is expected to increase by USD 3.58 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 70.8%. The blockchain identity management market is categorized by Technavio as a part of the global data processing and outsourced services market within the global IT services market. blockchain identity management market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches.
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Blockchain Identity Management Market: Key Drivers
The increasing demand for digitalization is driving the blockchain identity management market. Several industries, including healthcare, consumer products, manufacturing, and retail, are increasingly adopting digitalization globally. Owing to this industry IT resources are becoming more vulnerable to cyberattacks. As a result, there is a greater demand for blockchain identity management systems that help in avoiding cyberattacks. Furthermore, technical advancements such as the incorporation of chatbots in customer service apps and the global adoption of the bring your own device (BYOD) policy have raised the necessity for proactive cyberattack protection. The popularity of the Bring Your Own Device (BYOD) policy is increasing across all industries as it allows employees to access corporate data using personal devices such as and laptops. Owing to the growing popularity of the BYOD policy, firms such as QlikTech International AB (QlikTech), VMware Inc. (VMware), and Parallels International GmbH (Parallels International) have developed a variety of BYOD solutions. When workers access corporate information on their own devices, such as cellphones, the solution assures security. As a result, various industries are integrating digitalization-based processes, which is propelling the worldwide blockchain identity management solutions market forward.
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Blockchain Identity Management Market: Key Challenges
High price and complexity in integration of application software computing are expected to be a major hindrance to the blockchain identity management market during the forecast period. Enterprise application software solutions are expensive due to the high costs associated with the licensing and development. Furthermore, prices are decided on the basis of the features of an application software not on the basis of the individual features used by customers. However, the high price of application software restricts organizations from purchasing such solutions or delays their purchase decisions, and limits market growth. Furthermore, enterprises use different applications such as TMS, CRM, and SCM, and integrating a new ERP with the existing applications becomes difficult. In addition, the increase in popularity of Software as a Service (SaaS) in the market is further leading to the integration of SAP with cloud-based applications. However, technological differences between SAP and cloud-based applications create integration issues. Numerous applications are available for different purposes. In each case, the technology used is different, thereby making the integration complex.
Product Insights and News
The blockchain identity management market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. For instance, Accenture Plc., a leading vendor, acquired Industrie & Co to help Australian clients maximize Cloud First Investments and transform them into digital businesses. Another vendor, Amazon.com Inc. partnered with Vodafone to launch 'edge computing' in the UK.
The report identifies the following as the dominant vendors in the market:
Bitfury Group Ltd.
Civic Technologies Inc.
International Business Machines Corp.
SecureKey Technologies Inc.
Blockchain Identity Management Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 70.8%
Market growth 2021-2025
$ 3.58 billion
YoY growth (%)
North America, Europe, APAC, South America, and MEA
Performing market contribution
North America at 35%
Key consumer countries
US, UK, Canada, Germany, and Japan
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
Accenture Plc, Amazon.com Inc., Bitfury Group Ltd., BLOCKCHAINS LLC, Broadcom Inc., Civic Technologies Inc., International Business Machines Corp., Oracle Corp., SAP SE, and SecureKey Technologies Inc.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
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North America's Contribution to Blockchain Identity Management Market
The increase in demand for digitalization is expected to propel the blockchain identity management market growth in North America over the forecast period. The region is expected to contribute 35% of market growth as countries such as the US, and Canada are the key markets for the blockchain identity management market. Market growth in North America is expected to be higher than the growth of the market in other regions.
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The blockchain identity management market is divided by end-user into the BFSI segment, government segment, healthcare segment, and others segment. The BFSI segment is expected to be the major contributor to the market during the forecast period. The adoption of digital payments and use of technologies such as machine learning, and artificial intelligence in the global banking system is expected to increase the demand for more secure network connections and drive market growth during the forecast period.
CAGR of the market during the forecast period 2021-2025
Comprehensive details of factors that will challenge the growth of blockchain identity management market vendors
Detailed information on factors that will drive blockchain identity management market growth during the next five years
Accurate predictions on upcoming trends and changes in consumer behavior
A thorough analysis of the market's competitive landscape and detailed information on vendors
Precise estimation of the blockchain identity management market size and its contribution to the parent market
The growth of the blockchain identity management industry across North America, Europe, APAC, South America, and MEA
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Table of Contents
1 Executive Summary
2 Market Landscape
2.1 Market ecosystem
2.2 Value chain analysis
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2020
3.4 Market outlook: Forecast for 2020 - 2025
4 Five Forces Analysis
4.1 Five forces summary
4.2 Bargaining power of buyers
4.3 Bargaining power of suppliers
4.4 Threat of new entrants
4.5 Threat of substitutes
4.6 Threat of rivalry
4.7 Market condition
5 Market Segmentation by Application
5.1 Market segments
5.2 Comparison by Application
5.3 End-point - Market size and forecast 2020-2025
5.4 Network - Market size and forecast 2020-2025
5.5 Infrastructure - Market size and forecast 2020-2025
5.6 Market opportunity by Application
6 Market Segmentation by End-user
6.1 Market segments
6.2 Comparison by End user
6.3 BFSI - Market size and forecast 2020-2025
6.4 Government - Market size and forecast 2020-2025
6.5 Healthcare - Market size and forecast 2020-2025
6.6 Others - Market size and forecast 2020-2025
6.7 Market opportunity by End user
7 Customer landscape
8 Geographic Landscape
8.1 Geographic segmentation
8.2 Geographic comparison
8.3 North America - Market size and forecast 2020-2025
8.4 Europe - Market size and forecast 2020-2025
8.5 APAC - Market size and forecast 2020-2025
8.6 South America - Market size and forecast 2020-2025
8.7 MEA - Market size and forecast 2020-2025
8.8 Key leading countries
8.9 Market opportunity by geography
9 Drivers, Challenges, and Trends
9.1 Market drivers
9.2 Market challenges
9.3 Market trends
10 Vendor Landscape
10.2 Landscape disruption
10.3 Competitive Scenario
11 Vendor Analysis
11.1 Vendors covered
11.2 Market positioning of vendors
11.3 Accenture Plc
11.4 Amazon.com Inc.
11.5 Bitfury Group Ltd.
11.6 BLOCKCHAINS LLC
11.7 Broadcom Inc.
11.8 Civic Technologies Inc.
11.9 International Business Machines Corp.
11.10 Oracle Corp.
11.11 SAP SE
11.12 SecureKey Technologies Inc.
12.1 Scope of the report
12.2 Currency conversion rates for US$
12.3 Research methodology
12.4 List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library and its client base consist of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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