A recent report on the potential for blockchain identity management solutions to become integrated across sectors is previewing that we’ll experience strong growth for its global market, at a compound annual rate of close to 71 percent.
The report bases its predictions on a recent study lied down into segments by different sectors such as government, healthcare, banking, financial services and insurance (BFSI), geography, and applications. (Report published by the market research solution provider ReportLinker).
Base on an analysis of several existing blockchain identity management market vendors like Accenture, Amazon, Bitfury Group, Civic Technologies, and others they predict that the total global market to grow by $3.58 billion between the years 2021 and 2025.
The study assumes is that the market for blockchain identity management will continue to expand as online and cloud services and digitalization continue to proliferate. The demand for more efficient, decentralized privacy-respecting identity solutions is on the rise in many different sectors, from public services to logistical and supply chain networks all the way down to consumer wearables and other smart devices.
With the continuous increasing digitalization of our world, a form of secure identity verification to access both public and private basic services online is becoming a necessary requirement; some analysts suggest that privacy-preserving digital identity must be recognized as a basic right for all.
In other words with the global user base of social media networks exceeding the 3.8-billion users, some say that the only blockchain offers the only adequate and efficient identity solution able to protect these users from the many different threats found online such as data theft and privacy abuses issues.
This year back in July, Ethereum co-founder and leading developer Vitalik Buterin pitched his vision of the future for the Ethereum network across a wide range of non-financial applications, singling out areas that included both decentralized social media and identity verification and attestation between many others.