The Asia Pacific Blockchain Identity Management Market would witness market growth of 81.3% CAGR during the forecast period (2023-2030).
Blockchain's ability to promote interoperability across various identification systems makes it easier for users to switch identities between various platforms and services. This portability, which also does away with the requirement for many accounts, promotes a pleasant user experience. Identity verification processes are made possible by the distributed design of blockchain. Consensus approaches provide instantaneous user verification, streamlining the registration and authentication procedures. Blockchain does away with the requirement for a single, centralized organization to control identification data. Doing this eliminates the need to trust a centralized authority, as is the chance of data manipulation or a single point of failure. The transparency of blockchain enables the auditing of identity-related activities and transactions. This function enhances adherence to data protection rules.
Identity cannot be modified or copied once verified and recorded because of the blockchain's immutability. By preventing identity fraud, this function protects against identity theft. Beyond the banking industry, blockchain identity management has ramifications for the healthcare, supply chain, electoral processes, and government services, all of which call for accurate and secure identification verification.
Distributed ledger technology, including blockchain, is a newly developed technology not constrained to any industry or use. Major world powers are acknowledging that blockchain has the potential to outshine the use of cryptocurrencies and can transform important corporate, government, healthcare, and supply chain processes. China is a significant player in testing blockchain technology and implementing legislative measures, laws, and frameworks to become more competitive globally. The regional market is expected to expand because of the increased adoption of blockchain in the banking industry.
The China market dominated the Asia Pacific Blockchain Identity Management Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5,405 million by 2030. The Japan market is exhibiting a CAGR of 80.2% during (2023 - 2030). Additionally, The India market would experience a CAGR of 82.4% during (2023 - 2030).
Based on Offering, the market is segmented into Software, and Services. Based on Provider Type, the market is segmented into Application Provider, Middleware Provider, and Infrastructure Provider. Based on Organization Size, the market is segmented into Large Enterprises, and Small & Medium Enterprises. Based on Network, the market is segmented into Permissioned, and Permissionless. Based on Vertical, the market is segmented into BFSI, Government, Healthcare, Automotive & Transportation, Telecom & IT, Retail & Ecommerce, Real Estate & Construction, Media & Entertainment, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Blockchain Identity Management Market is Projected to reach USD 77.3 Billion by 2030, at a CAGR of 79.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, Oracle Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), NEC Corporation, Bitfury Group limited, TRM Labs, Inc., Hu-manity.co, Peer Ledger, Inc., and Procivis AG.
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