Infiniti Research has forecast a compound annual growth rate (CAGR) of 71% for the global blockchain identity management market from 2021 to 2025. The marketing research firm’s new report, titled ‘Global Blockchain Identity Management Market 2021-2025’, expects the global market to grow by $3.58 billion (£2.57bn) during the four year period.
The study assumes that the market for blockchain identity management will continuously expand as the growth of cloud services and digitalisation continues apace.
By drawing on analysis from a number of existing blockchain identity management vendors — such as Accenture, Amazon, Bitfury Group, and Civic Technologies – the report was able to break down the global market into sectors such as healthcare, banking, government and more.
In support of Infiniti and its findings, there has been a clear trend in the growing demand for more efficient and privacy-respecting identity solutions across multiple industries in recent years.
As digitalisation continues, secure identity verification for access to basic public and private services will become increasingly necessary. Furthermore, as the global population of social media users now in excess of 3.8 billion, voices in the blockchain industry have argued that the ledger-based technology offers the most suitable and equitable solution to protect users from privacy abuses and potential data theft.