A new report on the potential of blockchain identity management solutions to be integrated across industries predicts strong growth for its global market, with an average annual rate of nearly 71%.
The report bases its predictions on a study broken down into segments by sector – ex. B. Government, Healthcare, Banking, Financial Services and Insurance (BFSI), Geography and Applications. It was published by ReportLinker, a market research solutions provider based in Lyon.
Based on an analysis of several existing Blockchain Identity Management Vendors market – Accenture, Amazon, Bitfury Group, Civic Technologies, and others – the report expects the total global market to grow by $ 3.58 billion between 2021 and 2025.
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The basic assumption of the study is that the market for blockchain identity management will continue to grow with the proliferation of online and cloud services and digitization in general. As Cointelegraph previously reported, the demand for more efficient, decentralized and privacy-compliant identity solutions has arisen in a wide variety of sectors, from public services to logistics and supply chain networks to wearables and other smart devices for consumers.
With increasing digitalization, a form of secure identity verification for access to basic services – both public and private – is quickly becoming an inevitable requirement online; Some have even gone so far as to argue that the privacy of digital identity must be recognized as a fundamental right for all.
At the same time, some proponents have argued that as the global user base of social media networks now surpasses the 3.8 billion mark, blockchain offers the only adequate, equitable identity solution that can protect these users from threats like data theft and privacy abuse.
Earlier this month, Ethereum co-founder and lead developer Vitalik Buterin unveiled his vision of the future of the Ethereum network across a range of non-financial applications, highlighting areas that included both decentralized social media and identity verification and attestation.