Revenues from Blockchain Identity Management Market to top 1,929.9 Million USD by 2023

(IT-NEWSWIRE.COM, May 16, 2019 ) The blockchain identity management market is expected to grow from USD 90.4 Million in 2018 to USD 1,929.9 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.5% during the forecast period. The major factors driving the blockchain identity management market include easing the business functions through high transaction speed and immutability, and an increasing demand from individuals as well as organizations over the control of identity information.

The blockchain identity management market research study aims at estimating the market size and future growth potential of the market across segments, such as provider, vertical, and region. The vertical segment covers Banking, Financial Services and Insurance (BFSI); government; healthcare and life sciences; telecom and IT; retail and e-commerce; transport and logistics; real estate; media and entertainment; travel and hospitality; and others (automotive, education, and energy & utilities).

The major vendors of blockchain identity management solutions and services include

• IBM (US)

• AWS (US)

• Civic Technologies (US)

• KYC-Chain (Hong Kong)

• Bitfury (US)

• Evernym (US)

• Factom (US)

• Netki (US)

• ShoCard (US)

• UniquID (US)

• Microsoft (US)

• Oracle (US)

• Bitnation (Switzerland)

• Nodalblock (Spain) and many more…

The blockchain identity management market has been segmented on the basis of providers into 3 categories: application providers, middleware providers, and infrastructure providers. These providers offer infrastructure to develop in the blockchain-based platforms. Among these types, the application providers type is the fastest growing segment in the overall blockchain identity management market. The introduction of blockchain identity management solutions has witnessed a certain level of adoption across the industry verticals owing to the advantages provided by these solutions.

The integration and verification of the users more accurately while addressing the challenges pertaining to the data management and privacy will encourage organizations to adopt the blockchain identity management solutions on a large scale. Moreover, several advantages provided by this technology will make the mortgage and the sale of fractions of real estate assets safer. The KYC process of the customer is simplified with the application of this technology to identity management. All these benefits will drive the segment in the market.

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Revenues from Blockchain Identity Management Market to top 1,929.9 Million USD by 2023