Blockchain technology refers to peer-to-peer distributed, irreversible record of information. Every “block” of information comprises a comprehensive and accurate record of all transactions that cannot be changed once verified and secured cryptographically. Blockchain is used to create a platform that protects identities of individuals from theft. It significantly lowers the incidence of fraudulent activities. The technology helps organizations build strong blockchains that can handle matters of reconciliation and authentication encountered in numerous industries.

Furthermore, it allows individuals to develop encrypted digital identities that can substitute multiple usernames and passwords while providing comprehensive security features capable of saving resources and time of customers and institutions. Individuals can simply produce a self-sovereign identity on blockchain. An individual identity entirely controlled and retained personally by the individual is a self-sovereign identity. It is hard to steal such an identity from an individual. This resolves the problem of identity stealing, which is frequent in the conventional identity management system. The practice of using permissioned blockchains could also offer a decentralized way of registration. An individual would obtain an identity that is not reliant on any centralized authority and therefore cannot be controlled or interfered by any third party without the individual’s consent.

Rise in safety concerns about conventional identity management models is significantly driving the blockchain identity management market. Increase in demand for self-sovereign identification among enterprises is also fueling market growth. Implementation of blockchain technology is simplifying business functions through remarkable immutability and transaction speed. In mid-2017, an Equifax data breach revealed data of 145.5 million users. The breach occurred due to a software flaw, which allowed hackers to take control over the company’s website. Blockchain identity management solutions would help avoid losses incurred due to improper identity management.

Lack of technical awareness and required skillsets among enterprises regarding the implementation of the blockchain technology for identity management is expected to hamper the market during the forecast period. Furthermore, lack of certain regulatory standards is limiting the market growth. However, wide usage of blockchain identity solutions in cybersecurity, banking, and IoT is anticipated to offer lucrative opportunities to the blockchain identity management market.

The global blockchain identity management market can be segmented based on enterprise size, end-use industry, provider and region. On the basis of provider, the blockchain identity management market is segmented into middleware providers, application provider and infrastructure providers. In terms of enterprise size, the blockchain identity management market can be bifurcated into small & medium size enterprises and large enterprises. Based on end-use industry, the blockchain identity management market can be classified into BFSI, automotive, IT & telecom, media & entertainment, retail, government, health care, transport and logistics, media and entertainment, travel and hospitality, and others. In terms of region, the global blockchain identity management market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America

Blockchain technology can be applied to identity applications in areas such as birth certificates, e-residency, digital identities, passports, wedding certificates, IDs, and online account logins. Creating an identity on blockchain can provide individuals better control over their personal information and the users accessing it.  Key players operating in the global blockchain identity management market include IBM Corporation, Civic Technologies, KYC-Chain Bitfury, Evernym, Factom, Netki, ShoCard, UniquID, Microsoft Corporation, UniquID, Oracle Corporation, Bitnation, Nodalblock, EdgeSecure, Blockverify, Peer Ledger, Cambridge Blockchain, uPort, Originalmy, Neuroware, Tradle, Existenceid, Coinfirm, SelfKey Foundation, and BTL Group. Major players are employing strategies such as partnerships, acquisitions, R&D investments, and production innovation in order to remain competitive in the market.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Blockchain Identity Management Market

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