Blockchain Identity Management Market Outlook 2024–2031: The Future of Decentralized ID

Global blockchain identity management market size was valued at USD 1,320.0 million in 2023, which is estimated to grow from USD 2,169.8 million in 2024 to USD 1,01,131.3 million by 2031, growing at a CAGR of 73.12% from 2024 to 2031. This report provides a comprehensive overview of the Blockchain Identity Management market, its growth drivers, key segments, regional insights, and competitive landscape. It serves as a valuable resource for businesses, investors, and industry professionals seeking to capitalize on emerging opportunities and navigate market uncertainties.

Competitive Landscape

The global Blockchain Identity Management market is competitive in nature. In addition to segmental and regional analyses, our study offers a comprehensive view of the competitive landscape in the Blockchain Identity Management market. We delve into the strategies employed by key market players, both organic and inorganic, to strengthen their market position. This information includes an assessment of their strengths, weaknesses, opportunities, and restraints, providing valuable insights for stakeholders.

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Key Companies in Blockchain Identity Management Market:

• Amazon Web Services, Inc.
• IBM
• Oracle
• Bitfury Group Limited
• NEC Corporation
• Dock Labs AG
• Accumulate
• Procivis AG
• OARO
• Fractal ID
• KYC-CHAIN LIMITED
• Civic
• LeewayHertz
• Antiersolutions
• Wipro

Market Overview

The Blockchain Identity Management market has demonstrated remarkable growth, propelled by various factors. These growth drivers have reshaped consumer preferences, introduced technological innovations, and influenced governmental policies. Understanding these trends is crucial for businesses aiming to proactively adapt to market changes and identify new avenues for growth. Furthermore, the report also highlights pivotal factors such as favorable government initiatives, technological advancements, and increasing product development.

The Blockchain Identity Management market research report from Extrapolate is a crucial resource for companies looking to succeed in the global Blockchain Identity Management industry. Organizations can make informed decisions, create powerful marketing strategies, and stay ahead of the curve in this quickly changing environment with the help of our analyses.

In order to assist businesses in proactively addressing potential challenges, we offer an extensive comprehension of hidden risks, encompassing factors such as evolving regulatory policies and economic fluctuations. These valuable insights empower organizations with the necessary tools to navigate uncertain circumstances.

Segmental Analysis:

The report offers an in-depth segmental analysis, providing insights into the most lucrative segments within the Blockchain Identity Management market. By examining customer behaviour, purchasing habits, and demographic trends, businesses can refine their marketing strategies and create tailored experiences for their target audience. The segmentation is based on (product), (application), and geographical regions. The report also focuses on the driving factors and restraints impacting the global Blockchain Identity Management market growth.

Market Segmentation:

• By Offering (Solutions, Services): The solutions segment earned USD 742.2 million in 2023 due to increasing demand for secure, decentralized digital identity management solutions in various industries.
• By Network (Permissioned, Permissionless): The permissioned segment held 57.43% of the market in 2023, due to its enhanced security and regulatory compliance for enterprise applications.
• By Application (Identity Verification, Credentialing and Attestation, Access Management, Data Sharing and Consent Management, Authentication and Authorization): The identity verification segment is projected to reach USD 33,613.1 million by 2031, owing to rising concerns over online fraud and privacy protection.
• By Vertical (BFSI, IT and Telecommunications, Government, Healthcare, Retail and eCommerce, Others): The healthcare segment is anticipated to have a CAGR of 78.33% during the forecast period driven by the need for secure patient data management and compliance with privacy regulations.

Regional Insights:

In 2023, North America held a dominant 36.63% share of the global blockchain identity management market, valued at USD 483.5 million. This leadership is driven by advanced blockchain technologies, stringent cybersecurity regulations, and widespread adoption across sectors like finance, healthcare, and government.

The region benefits from strong demand for secure, decentralized identity solutions that ensure privacy and data protection. Both established enterprises and agile startups play a key role in driving innovation in this space.

In a notable development, the U.S. Department of Homeland Security awarded contracts in July 2024 to six startups—Credence ID, Hushmesh, Netis d.o.o., Procivis, SpruceID, and Ubiqu—to develop privacy-enhanced digital wallets and verifiers. These tools are designed to securely store and verify digital credentials, critical for cross-border travel, employment eligibility, residency, and citizenship verification.

Meanwhile, Asia Pacific is set to witness the fastest growth in the blockchain identity management market, with a projected CAGR of 74.37% over the forecast period. Rapid digital transformation and a growing tech-savvy population are key drivers.

Countries such as China, Japan, India, and South Korea are increasingly implementing blockchain-based identity systems across industries like e-commerce, finance, and public services. Rising demand for secure, privacy-focused solutions, coupled with supportive government initiatives, is fueling the region's impressive market expansion.

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