The blockchain identity management market share is expected to increase by USD 3.58 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 70.8%.
The blockchain identity management market is categorized by Technavio as a part of the global data processing and outsourced services market within the global IT services market. Blockchain identity management market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches.
Blockchain Identity Management Market: Key Drivers
The increasing demand for digitalization is driving the blockchain identity management market. Several industries, including healthcare, consumer products, manufacturing, and retail, are increasingly adopting digitalization globally. Owing to this industry IT resources are becoming more vulnerable to cyberattacks. As a result, there is a greater demand for blockchain identity management systems that help in avoiding cyberattacks.
Furthermore, technical advancements such as the incorporation of chatbots in customer service apps and the global adoption of the bring your own device (BYOD) policy have raised the necessity for proactive cyberattack protection. The popularity of the Bring Your Own Device (BYOD) policy is increasing across all industries as it allows employees to access corporate data using personal devices such as and laptops. Owing to the growing popularity of the BYOD policy, firms such as QlikTech International AB (QlikTech), VMware Inc. (VMware), and Parallels International GmbH (Parallels International) have developed a variety of BYOD solutions. When workers access corporate information on their own devices, such as cellphones, the solution assures security. As a result, various industries are integrating digitalization-based processes, which is propelling the worldwide blockchain identity management solutions market forward.
Blockchain Identity Management Market: Key Challenges
High price and complexity in integration of application software computing are expected to be a major hindrance to the blockchain identity management market during the forecast period. Enterprise application software solutions are expensive due to the high costs associated with the licensing and development. Furthermore, prices are decided on the basis of the features of an application software not on the basis of the individual features used by customers. However, the high price of application software restricts organizations from purchasing such solutions or delays their purchase decisions, and limits market growth. Furthermore, enterprises use different applications such as TMS, CRM, and SCM, and integrating a new ERP with the existing applications becomes difficult. In addition, the increase in popularity of Software as a Service (SaaS) in the market is further leading to the integration of SAP with cloud-based applications. However, technological differences between SAP and cloud-based applications create integration issues. Numerous applications are available for different purposes. In each case, the technology used is different, thereby making the integration complex.
Product Insights and News
The bIockchain identity management market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. For instance, Accenture Plc., a leading vendor, acquired Industrie & Co to help Australian clients maximize Cloud First Investments and transform them into digital businesses. Another vendor, Amazon.com Inc. partnered with Vodafone to launch ‘edge computing’ in the UK.
Dominant vendors in the market:
- Accenture Plc
- Amazon.com Inc.
- Bitfury Group Ltd.
- BLOCKCHAINS LLC
- Broadcom Inc.
- Civic Technologies Inc.
- International Business Machines Corp.
- Oracle Corp.
- SAP SE
- SecureKey Technologies Inc.