WESTFORD, Mass., July 11, 2024 /PRNewswire/ — SkyQuest has reported that the global Blockchain Identity Management Market was valued at USD 1.3 billion in 2022 and is expected to reach USD 293.39 billion by 2031, with a CAGR of 82.6% during the forecast period (2024-2031).
Traditional digital identities stored on centralized systems are vulnerable to cyber threats, prompting organizations to seek strong identity management solutions. The global blockchain identity management market provides a decentralized and secure alternative based on encryption technology. Various industries such as healthcare, BFSI, retail, and others can utilize blockchain identity management for real-time verification and authentication. The market report aims to project the growth potential of blockchain identity management across different sectors, organization sizes, and industry verticals.
Key highlights from the report include:
– Market revenue of $2.37 billion in 2023, estimated to grow to $293.39 billion by 2031
– Poised to grow at a CAGR of 82.6% during the forecast period of 2024-2031
– Segments covered include offering, provider type, organization size, verticals, and network
– Geographies covered include North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
– Key market opportunities include streamlined identity verification processes and seamless cross-sector interoperability
Blockchain identity solutions play a vital role in enhancing security and trust in various industries by offering secure and distributed internet identity management solutions. These solutions leverage encryption-based verification techniques to enhance electronic interaction protection and credibility. Services specializing in blockchain identity management help organizations implement secure identity systems tailored to their specific needs, ensuring enhanced security, efficiency, and trust in digital identity authentication.
The adoption and advancement of blockchain identity management solutions are driven by both large enterprises and SMEs. Large corporations require robust systems to securely store vast amounts of identification information, while SMEs opt for cost-effective and adaptable solutions. SMEs play a significant role in promoting technological advancement and expanding the blockchain identity management market through their adoption of scalable solutions.
In conclusion, blockchain identity management plays a crucial role in enhancing trust and efficiency across global enterprises and industries. The collaborative efforts of large enterprises and SMEs drive innovation and adoption in the market, creating a competitive environment that fosters industry growth and development. The blockchain identity industry is poised for significant growth as organizations prioritize efficient and secure identity management. This industry offers increased security and trust in digital interactions across all organizational sizes. SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets, providing access to technologies, markets, and finance in various sectors. They work with innovators, inventors, entrepreneurs, companies, and investors to optimize the economic potential of their intellectual assets. SkyQuest has experience in innovation management and commercialization, expanding their reach across North America, Europe, ASEAN, and Asia Pacific. For more information, contact Mr. Jagraj Singh at SkyQuest Technology in Westford, Massachusetts, USA.