Blockchain Identity Software Market Size, Share, Growth, and Industry Analysis by Type (Cloud-Based and On-Premises) By Application (Large Enterprises and SMEs), Regional Forecast To 2031

Updated On: 15 April 2024

Blockchain Identity Software Market REPORT OVERVIEW

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global blockchain identity software market size was USD 2242 Million in 2021 and market is projected to touch 20397.78 Million by 2031, exhibiting a CAGR of 24.5% during the forecast period.

In essence, blockchain technology is a decentralized system for maintaining ledger entries using digital assets while logging financial transactions. It benefits several sectors because of characteristics like security and transparency. The present identity management system is neither dependable nor secure, which leads to data breaches. Identity management and verification are both handled by blockchain identity software. These platforms' use of a blockchain or distributed ledger system, as opposed to more conventional identity management solutions that rely on centralized systems, improves traceability and documentation.

Many businesses are attempting to combine blockchain technology and Artificial Intelligence (AI) capacities to improve their offerings and open up blockchain identity software market expansion prospects. A few of the factors driving the growth of the blockchain identity software market include the rising need for self-sovereign identification and blockchain identity solutions across industry verticals, as well as the simplification of corporate operations through fast transactions and immutability. The rising need for self-sovereign identification and blockchain identity solutions across industry verticals, as well as the simplification of business operations through quick transactions and immutability, are some of the reasons propelling the expansion of this market.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth

In 2022, despite the COVID-19 epidemic, the blockchain identity software market expanded. The creation of a framework for managing the COVID-19 epidemic relies heavily on blockchain technology. Blockchain technology is being used by numerous hospitals to track the COVID-19 vaccine. This technique is being used by two hospitals in Warwick (London) and Stratford-upon-Avon to keep track of temperature-sensitive COVID-19 storage.

LATEST TRENDS

"Expansion of Venture Capital Funding to Boost Market Growth"

The expansion of venture capital funding for blockchain technology startups is responsible for the blockchain identity software market growth. For instance, the blockchain technology supplier Circle Internet Financial Ltd. revealed in May 2021 that it had secured USD 440 million in funding from institutional and strategic investors. This money was used by the business to grow both internally and externally. It is anticipated that the legalization of cryptocurrencies in nations like El Salvador and Ukraine would open up new prospects for commercial expansion.

Blockchain Identity Software Market Segmentation

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• By Type Analysis

As per the type, the market is classified as follows: Cloud-Based and On-Premises. The cloud-based segment dominates the blockchain identity software market share.

• By Application Analysis

Based on application, the market is segmented as follows: Large Enterprises and SMEs. The CAGR for medium-sized businesses is predicted to be the greatest blockchain identity software market share during the review period.

DRIVING FACTORS

"Expanding Strategic Initiatives to Facilitate Market Development"

The acceptance of cryptocurrencies by the law motivates companies and investors to increase their blockchain technology investments. Additionally, it motivates blockchain identity software market participants to work harder to enhance their services in order to stand out from the competition. Blockchain identity software is anticipated to become more effective and efficient in the near future thanks to the company’s efforts. DeFi is a new blockchain-based financial system that lessens the power banks have over financial services and money. Over the course of the projection period, blockchain identity software market growth is anticipated to be driven by the expanding strategic initiatives in the decentralized finance domain. For instance, the payment company Square stated in July 2021 that it will be starting a DeFi-specific business using bitcoin.

"Adaptation in Healthcare Industry to Promote Industry Progress"

The healthcare industry is adopting blockchain technology at a faster rate thanks to the proliferation of laws protecting consumer data. Due to the rising number of incidences of data theft and breaches, governments throughout the world are putting strict policies in place to protect consumer information. For instance, the General Data Protection Regulation (GDPR), a data protection regulation of the European Union, came into force in May 2018. Protecting EU residents from privacy and data breaches is the goal of GDPR. Companies all around the world are being compelled by such requirements to spend on increasing data security. The aforementioned factors would boost the blockchain identity software market expansion.

RESTRAINING FACTORS

"Increased Risks and Cyberattacks to Hinder Market Growth"

The lack of a uniform set of regulatory norms, an ambiguous regulatory environment, and problems with user authenticity are the factors limiting blockchain identity software market expansion. Different risks and cyberattacks have increased as a result of industries' increasing digital transformation. Organizations struggle to find qualified personnel to deal with the risk elements, though. The delayed rate of acceptance of technologically sophisticated solutions will therefore likely have an effect on blockchain identity software market expansion during the coming years. Additionally, developing nations like India, Mexico, Peru, and others struggle with a lack of knowledge about the dangers of data protection. As a result, it's likely that technology adoption will remain unchanged for a while.

Blockchain Identity Software Market REGIONAL INSIGHTS

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"Increase in Demand to Propel Market Progress in North America"

By accounting for more than 37.0% of global revenue in 2022, the North American regional market dominated the overall blockchain identity software market. The expansion of the regional blockchain identity software market is being driven by the region's businesses adopting blockchain technology more frequently. Blockchain technologies are becoming necessary as a result of the implementation of payment and wallet solutions, smart contracts, and digital identity detection solutions by sectors like government, retail, and BFSI. Additionally, one of the key elements highlighting the expansion of the regional industry is the rise in cryptocurrency adoption among North American consumers.

KEY MARKET PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• IBM (U.S.)
• Accenture (Ireland)
• Kaleido (U.S.)
• BlockCypher (U.S.)
• Hyperledger (U.S.)
• Digital Bazaar (U.S.)
• 1Kosmos (U.S.)
• BlockScore (U.S.)
• BlocWatch (U.S.)
• B2Lab (U.S.)
• Cambridge Blockchain (U.S.)
• Civic Technologies (U.S.)
• Credify (U.S.)
• Dragonchain (U.S.)
• Evernym (U.S.)
• Factom (U.S.)
• HYPR (U.S.)
• IdRamp (U.S.)
• Monetha (Switzerland)
• Netki (U.S.)
• OARO (Spain)
• Tokeny Solutions (Luxembourg)
• Trust Stamp (U.S.)

REPORT COVERAGE

The report covers overall market aspects, including market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.