According to SkyQuest , the global Blockchain Identity Management Market size was valued at US $ 1.3 billion in 2022 and is poised to grow from US $ 2.37 billion in 2023 to US $ 293.39 billion by 2031 , growing at a CAGR of 82.6 % during the forecast period ( 2024 – 2031 ).

Typically , digital identities are kept on centralised systems that are easily targeted by cybercriminals . Organisations therefore require strong identity management solutions . Global Blockchain identity management market is based on encryption technology and offers a decentralised , safe solution . Healthcare , BFSI , retail and other businesses can access real-time information on specific entities or individuals for any kind of verification or authentication by using Blockchain identity management technology . The report ’ s objective is to project the market ’ s size and future growth potential for Blockchain identity management across many sectors , including service providers , organisation sizes and industry verticals .

Safeguarding trust through Blockchain identity solution ’ s enhancing security across industries

Blockchain related identification technologies offer secure , distributed internet identity management solutions to various sectors like retail , BFSI or healthcare . They increase electronic interaction protection and credibility through the contemporary verification techniques based on encryption . Blockchain ID solutions are crucial for improving security and trust in various industries during digital interactions .

Services offer experience in creating and overseeing decentralised identification systems that are suited to certain industry requirements , helping organisations embrace and integrate Blockchain technology for safe identity management . They ensure that identity systems anchored on Blockchain technology are easily distributed , customised or personalised and continuously maintained enhancing security and efficiency as well as trust in digital identity authentication across various industries .

SMEs and large enterprises driving Blockchain identity management industry forward

In the global Blockchain identity market , ‘ enterprise size ’ refers to the division of organisations into small and medium-sized ( SMEs ) and large companies based on the extent to which they are implementing

Blockchain identity solutions . Large corporations require robust systems suitable for storing large amounts of identification information securely , while SME ’ s should opt for cheaper , easily adaptable alternatives .

Global adoption and advancement of Blockchain identity management solutions are largely driven by large companies . Businesses are the ones that most of the time are in front in introducing advanced technologies that enhance safety , streamline operations and ensure conformity in many sectors . Technological progress with an emphasis on Blockchain identity management is largely attributable to the impetus given by big corporations ’ demand creation and development .

SMEs have started to use Blockchain identity management systems to increase security and operational efficiency within tight budgets . SMEs are crucial for advancement of technology and expansion of the Blockchain identity management market . Their choice of scalable solutions promotes low costs and competition within the market hence greater industrial adoption . � www . intelligentfin . tech

Intelligent Fin.tech Issue 22 | Page 57

BLOCKCHAIN IDENTITY MANAGEMENT MARKET AIMS FOR US $ 293.39 BILLION BY 2031

According to SkyQuest , the global Blockchain Identity Management Market size was valued at US $ 1.3 billion in 2022 and is poised to grow from US $ 2.37 billion in 2023 to US $ 293.39 billion by 2031 , growing at a CAGR of 82.6 % during the forecast period ( 2024 – 2031 ).