LONDON--(BUSINESS WIRE)--The global blockchain identity management market size is expected to grow by USD 4.61 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The adoption of digitalization across the world by several industries, such as consumer goods, healthcare, manufacturing, and retail, is increasing. Digitalization makes the IT resources of industries prone to cyberattacks. Hence, the rising adoption of digitalization is increasing the demand for blockchain identity management solutions, which can be used as tools to prevent cyberattacks. Moreover, technological developments such as the integration of chatbots in customer support applications and the implementation of the bring your own device (BYOD) policies across the world have increased the need for the proactive prevention of cyberattacks. This increases the demand for blockchain identity management, thereby driving market growth.
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As per Technavio, the proliferation of online services and cloud applications will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Blockchain Identity Management Market: Proliferation of Online Services and Cloud Applications
The use of internet-based services and applications is growing rapidly across the global consumer base and enterprises. The rise in the use of cloud-applications means that consumers or employees have to deal with a plethora of different domains, websites, authentication factors, and identification protocols and standards, with an equal number of passwords or authentication keys to be managed simultaneously. As a result, the productivity of employees may be affected significantly. Blockchain identity management can provide a single sign-on capability across all online services and platforms and eliminate the above-mentioned hassles. Blockchain identity management services allow end-users to manage access to all their accounts and applications using a single user identity and authentication factor. This saves the end-user time while accessing their services across multi-domain cloud-based or virtual applications.
“Other factors such as the rising spend on IT technologies, the digital transformation, and the increased adoption of blockchain technology will have a significant impact on the growth of the blockchain identity management market value during the forecast period,” says a senior analyst at Technavio.
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Blockchain Identity Management Market: Segmentation Analysis
This market research report segments the blockchain identity management market by end-user (BFSI, government, healthcare, and others) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the blockchain identity management market share in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North America region is expected to register the highest incremental growth due to factors such as the increased focus on personal privacy, IT security compliance and governance regulations, and the adoption of cloud-based IT security solutions and services.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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