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 intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.
The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.
All our insights and perspectives are broadly based on 4 Pillars or Stages: ASBC-S, which offer an elaborate and customizable framework for the success of an organization. The essence and the roles of these in organizational successes are highlighted below:
- Agenda for CXOs: TMR, through the study, sets the tone for agendas that are pertinent to CEOs, CFOs, CIOs, and other CXO executives of businesses operating in the market. The perspectives help our clients to bridge the gap between agenda and action plan. TMR strives to offer guidance to CXOs to undertake mission-critical activities empowered by various business analysis tools, and boost the performance of the organizations. The perspectives guide you to decide on your own marketing mix that align well with the policies, visions, and mission.
- Strategic Frameworks: The study offers how organizations are setting both short-term and long-term strategic plans. Our team of experts collaborate and communicate with you to understand these to make your organizations sustainable and resilient during tough times. The insights help them decide sustainable competitive advantage for each business units.
- Benchmarking for Deciding Target Markets and Brand Positioning: The assessments in the study provides a scrutiny of marketing channels and marketing mix. Our various teams work synergistically with you to help identify your actual and potential direct, indirect, and budget competition areas. Additionally, the study helps you decide most effective budgets for various processes and promotional activities. Furthermore, the study guides you to set benchmarks for integrating people and processes with the 4Ps of marketing. Eventually, this will empower you to find out unique propositioning strategies and niches.
- Business Composability for Sustainability (C-S): Constant strategy planning for sustainability characterizing our C-S framework in the report has become more relevant than before in the face of disruptions caused by pandemics, recessions, boom and bust cycles, and changing geopolitical scenario. The TMR study offers a high level of customization to help you achieve business composability. Composable enterprises are increasingly gaining the attention of CXOs in order to help them combat market volatility. Our analysts and industry experts help you wade through such uncertainties and guide you to become a smart sustainable business in entirety.
The study presents scrutiny of region-specific consumer and technology trends, including the most recent industry dynamics. These broadly cover but not limited to
- North America, South America, and the Americas
- Asia Pacific and Japan
- Latin America
- Middle East and Africa
The study offers data-driven insights and guidance of several aspects. Some of the more notable questions are:
- What are the major recent trends that can influence the product life cycle and the RoI?
- Which regulatory trends shape corporate-level, business-level, and functional-level strategies?
- Which micromarketing initiatives of leading players will bring in investments?
- What can be the best framework and tools for PESTLE analysis?
- Which regions will witness rise in new opportunities?
- Which are the game-changing technologies being used to capture new revenue streams in the near future?
- Which operational and tactical frameworks are being adopted by various players in gaining customer loyalty?
- What is the current and expected intensity of competition the market in the near future?
Disclaimer: This market research study is an ongoing effort and extreme care has been taken to maintain the highest levels of accuracy at all stages. However, in the light of the rapidly evolving business dynamics, some region-specific or other segment-specific changes may take time to be part of the study.