The North America Blockchain Identity Management Market would witness market growth of 77.6% CAGR during the forecast period (2023-2030).
Blockchain identity management offers real-time data on a specific person or entity, enabling businesses in the banking, healthcare, and retail sectors, among others, to confirm their identities for any kind of authentication or evidence. Furthermore, owing to its cryptographic security, blockchain ensures user data's dependability, safety, and authenticity. These elements should therefore influence all industries.
The primary driver of the expansion of the market is the growing need for parties to create trust & transaction transparency. Additionally, the market is growing due to increased demand from businesses for privacy and security solutions. The growth of the market is also anticipated to be boosted by the expansion of e-commerce. Furthermore, expanding government initiatives for developing blockchain technology in established and emerging countries will be advantageous for market expansion. Additionally, in the next years, the market is anticipated to have significant expansion due to the surge in demand for better scalability and transaction speed.
As a result of its early adoption of cutting-edge technology, the growing need to stop retail theft, and the presence of large market suppliers, the North American region is anticipated to occupy a sizable proportion of blockchain technology. Market vendors constantly develop new blockchain solutions for the retail sector to be competitive. Blockchain technology is also being incorporated into supply chains by companies like Walmart to optimize and streamline operations. The benefits include increased supply chain automation and minimal human intervention, as well as high traceability, which enables one to track supplies in real-time through all supply chain stages and store all necessary data on a decentralized ledger. The market will experience explosive growth as blockchain technologies are being adopted in various industries around the region.
The US market dominated the North America Blockchain Identity Management Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $21,160.5 million by 2030. The Canada market is registering a CAGR of 81.6% during (2023 - 2030). Additionally, The Mexico market would showcase a CAGR of 80.1% 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 U.S., Mexico, Canada, and Rest of North America.
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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