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The blockchain identity management market share is expected to increase by USD 3.58 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 70.8%.
This blockchain identity management market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers blockchain identity management market segmentations by end-user (BFSI, government, healthcare, and others), application (end-point, network, and infrastructure), and geography (North America, Europe, APAC, South America, and MEA). The blockchain identity management market report also offers information on several market vendors, including Accenture Plc, Amazon.com Inc., Bitfury Group Ltd., BLOCKCHAINS LLC, Broadcom Inc., Civic Technologies Inc., International Business Machines Corp., Oracle Corp., SAP SE, and SecureKey Technologies Inc. among others.
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Based on our research output, there has been a neutral impact on the market growth during and after the post-COVID-19 era. The rising demand for digitalization is notably driving the blockchain identity management market growth, although factors such as high price and complexity in the integration of application software computing may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the blockchain identity management market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Blockchain Identity Management Market Driver
One of the key factors driving the global blockchain identity management market is the rising demand for digitalization. Several industries, including consumer products, healthcare, manufacturing, and retail, are increasingly adopting digitalization across the world. Due to this industry, IT resources are becoming more vulnerable to cyberattacks. As a result, there is a greater demand for blockchain identity management systems, which may be used to avoid cyberattacks. Furthermore, technical advancements such as the incorporation of chatbots in customer service apps and the global adoption of the bring your own device (BYOD) policy have raised the necessity for proactive cyberattack protection. The popularity of the Bring Your Own Device (BYOD) policy is growing across all industries since it allows employees to access corporate data using personal devices such as cellphones and laptops. Due to the growing popularity of the BYOD policy, firms including VMware Inc. (VMware), QlikTech International AB (QlikTech), and Parallels International GmbH (Parallels International) have developed a variety of BYOD solutions. When workers access corporate information on their own devices, such as cellphones, the solution assures security. As a result, various industries are integrating digitalization-based processes, which is propelling the worldwide blockchain identity management solutions market forward.
Key Blockchain Identity Management Market Trend
Data privacy concerns are another factor hindering the global blockchain identity management market growth in the forecast period. Data privacy is a key issue in conversational AI, which is one of the major challenges for the global blockchain identity management market. As chatbots are becoming increasingly popular, many enterprises across the globe are adopting this type of AI technology to simplify business processes. However, with an increase in the occurrence of cybercrimes around the world, concerns have been expressed about the security of chatbots and VAs. Furthermore, most of the time, customers are not even aware of the amount of data being shared and how it is being used by third-party vendors. Moreover, AI-based applications such as blockchain identity management need to be fed with a huge amount of data (mostly personal data), which raises privacy concerns regarding using these chatbots. Hence, with the growing popularity of chatbots and VAs, there is also a growing concern regarding data security issues, which is hindering their adoption.
Key Blockchain Identity Management Market Challenge
High price and complexity in the integration of application software computing will be a major challenge for the global blockchain identity management market during the forecast period. Enterprise application software solutions are generally expensive due to the high costs associated with the development and licensing. Furthermore, prices are decided on the basis of the features of application software, not on the basis of the individual features used by customers. However, the high price of application software restricts organizations from purchasing such solutions or delays their purchase decisions. In both ways, it limits market growth. Furthermore, enterprises use different applications such as CRM, TMS, and SCM, and integrating a new ERP with the existing applications becomes difficult. In addition, the growing popularity of Software as a Service (SaaS) in the market is further leading to the integration of SAP with cloud-based applications. However, technological differences between SAP and cloud-based applications create integration issues. Numerous applications are available for different purposes. In each case, the technology used is different, thereby making the integration complex. Furthermore, the major challenge is that the incompatibility often remains hidden during the development process and becomes visible only at the end phase. This results in increased costs, poor quality, and dissatisfaction among customers.
This blockchain identity management market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global blockchain identity manage market as a part of the global data processing and outsourced services market within the global IT services market. The parent global IT services market covers companies offering IT consulting and system integration services, application services, electronic data processing services, business process outsourcing services, infrastructure services, and Internet services. The global data processing and outsourced services market covers providers of commercial electronic data processing and/or business process outsourcing services. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the blockchain identity management market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the blockchain identity management market encompasses successful business strategies deployed by the key vendors. The blockchain identity management market is fragmented and the vendors are deploying growth strategies such as operations expansion through partnerships and collaborations with the end-user organization to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The blockchain identity management market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the blockchain identity management market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global data processing and outsourced services market includes the following core components:
The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Market Segmentation by End-user
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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