According to a new forecast, the global blockchain identity management market will grow at a compound annual growth rate of nearly 71 percent between 2021 and 2025.
According to a new report on the potential for blockchain identity management solutions to be integrated across sectors, the global market will grow at a compound annual rate of nearly 71 percent.
The report bases its predictions on a study divided into sectors such as government, healthcare, banking, financial services and insurance (BFSI), geography, and applications. ReportLinker, a Lyon-based market research solution provider, published it.
Based on an analysis of several existing blockchain identity management market vendors — Accenture, Amazon, Bitfury Group, Civic Technologies, and others — the report forecasts a $3.58 billion global market between 2021 and 2025.
The study’s underlying assumption is that the market for blockchain identity management will continue to grow in tandem with the proliferation of online and cloud services and, more broadly, digitalization. As previously reported, there is a growing demand for more efficient, decentralized, and privacy-preserving identity solutions across a wide range of industries, from public services to logistical and supply chain networks, and all the way down to consumer wearables and other smart devices.
With increasing digitalization, a form of secure identity verification to access basic services — both public and private — online is quickly becoming an unavoidable requirement; some have even argued that privacy-preserving digital identity should be recognized as a fundamental right for all.
In parallel, with the global user base of social media networks now exceeding 3.8 billion, some proponents argue that blockchain is the only adequate, equitable identity solution that can protect these users from threats such as data theft and privacy violations.
Earlier this month, Ethereum co-founder and lead developer Vitalik Buterin presented his vision for the Ethereum network’s future across a variety of non-financial applications, highlighting areas such as decentralized social media and identity verification and attestation.