Allied Market Research, a US-based research and advisory company, has reported that the worldwide blockchain identity management sector will escalate to $11.46 billion by 2026 from the $107 million recorded in 2018. According to the release shared with Blockchain.News, this will represent a compound annual growth rate (CAGR) of 79.2% because as blockchain are able to offer an immutable, interoperable, and unified infrastructure needed in the storage of digital identities.
Urge for transparent transactions
The report notes that retail industries have a growing appetite for reliability, authenticity, quality, and product safety, as this propels the realization of the set objectives. Identity management is crucial in the present internet drive economy, and blockchain-based solutions are proving to be a game-changer because of transparent and tamper-proof transactions.
As a result, the urge for transparency is stipulated to be the key factor driving the market growth in the blockchain identity management industry. Furthermore, the rapidly changing international trade and retail sector is speculated to offer a stepping stone to notable players in this sector.
Large enterprises are expected to rule the roost in this sector during the forecast period. Still, small & medium enterprises (SMEs) will have the fastest CAGR of 85.7% throughout the estimated time.
Identity theft is a problem that is rising at an alarming rate across the globe. Blockchain identity management solutions are expected to be embraced by retail businesses, healthcare organizations, and banks, among others, in curbing this menace.
Proliferation of E-Commerce
An increase in the demand for secure solutions, as well as escalation of E-Commerce, are anticipated to fuel growth in the blockchain identity management industry. The report also attests that the rise in government-based blockchain initiatives will be instrumental in its development.
Furthermore, elevated transaction and scalability speed is speculated to be another significant boost in upcoming years. Nevertheless, the lack of awareness pertaining to blockchain technology is anticipated to impede market growth during the estimated period.
On the other hand, recent research showed that the blockchain-as-a-service (BaaS) market is anticipated to skyrocket to $24 billion by 2027.
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