The Blockchain Identity Management Market is to Touch $133.6 Billion by 2030; Proliferation of Iot Devices Requiring Robust Identity Management Systems and Rising Interest from Governments and Enterprises in Blockchain for Secure Public Identity Reco

The Blockchain Identity Management Market size is estimated to reach $133.6  billion by 2030, growing at a CAGR of 81.2% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Blockchain Identity Management Market – By Provider (Application Providers, Middleware Providers, Infrastructure Providers), By Offering (Software and Services), By Network (Permissioned and Permission less), By Organization Size (Large Enterprises, Small & Medium-Sized Enterprises), By Vertical (Government, Healthcare & Life Sciences, Telecom & IT, Retail & Ecommerce, Transport & Logistics, Real Estate, Media & Entertainment, Travel & Hospitality, Automotive, Education, Energy & Utilities, and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Advancements in blockchain technology offering scalability and cost efficiency and Growing need for seamless identity verification in remote work environments are fueling the growth of the Blockchain Identity Management industry during the forecast period.

North America accounted for the largest share of 36% of the Blockchain Identity Management Market in 2023. Rising demand for secure and decentralized identity solutions across industries drive the Blockchain Identity Management market in North America. According to the IBM Cost of a Data Breach Report 2023, the global average breach cost of $4.45 million, marking a 15% rise since 2020. Growing concerns over data breaches and identity theft are driving blockchain adoption for secure and decentralized identity solutions. North America benefits from advanced digital infrastructure and supportive regulations, fostering innovation in identity management. Furthermore, the integration of blockchain with AI is enhancing applications like authentication, access control, and data protection, addressing critical cybersecurity challenges effectively.

The increasing reliance on remote work environments has driven demand for seamless identity verification, emphasizing the need for robust security solutions to prevent data breaches and fraud. Blockchain technology is emerging as a transformative tool in identity management, providing decentralized, immutable, and transparent platforms for secure data sharing. This ensures enhanced trust, reduced risks, and streamlined authentication processes, critical for remote workforce operations. Moreover, regulatory compliance and the proliferation of hybrid work models are prompting businesses to adopt blockchain-driven solutions to protect sensitive information and enable secure digital interactions, fostering confidence in remote work ecosystemss.

The growing reliance on digital platforms has heightened the need for robust identity management solutions to counter escalating cybersecurity threats and online fraud. Blockchain technology provides a decentralized and tamper-resistant framework, addressing vulnerabilities inherent in traditional identity systems. Its ability to securely manage and authenticate identities ensures data integrity and minimizes risks of breaches. Rising incidents of phishing attacks, data theft, and financial fraud have further emphasized the importance of secure, real-time verification processes. Moreover, stringent regulatory requirements and the demand for user-centric privacy controls are driving organizations to adopt blockchain identity management, ensuring enhanced trust and compliance across digital ecosystems. 

• In October 2024, Buenos Aires has introduced QuarkID, a blockchain-based digital identity system using ZKsync technology, enabling 3.6 million citizens to securely manage and share personal documents via the miBA platform. This initiative enhances data privacy, security, and user control, setting a global precedent in decentralized identity management. 

Key companies profiled in the Blockchain Identity Management Market are AWS, IBM, Oracle, Microsoft, Bitfury, Bitnation, Blockverify, BTL Group, Cambridge Blockchain, Civic Technologies and Others.