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The blockchain identity software market size was valued at USD 127.3 million in 2022 and is expected to reach USD 473.8 million by 2028, growing at a CAGR of 23.6% during the forecast period.

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The global blockchain identity software market is expected to grow at a significant rate during the forecast period (2023-2028). Market growth is driven by the increasing demand for secure solutions for identity management, increasing use of blockchain technology and increasing need for identity verification and authentication.

Market Segmentation:

The global blockchain identity software market is segmented on the basis of type, application, end-use industry, and region.

Based on type, the market is segmented into:

• Public blockchain
• Private blockchain

Based on application, the market is segmented into:

• Identity verification and authentication
• KYC compliance
• Access management
• Legitimation
• Others

Based on the end-use industry, the market is segmented into:

• BFSI
• Health Service
• The authorities
• Retail and e-commerce
• IT and telecom
• Others

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Regional Analysis:

The global blockchain identity software market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

• North America: The region is expected to dominate the market during the forecast period owing to the presence of major players, increasing adoption of blockchain technology, and increasing investment in R&D activities.
• Europe: The region is expected to witness significant growth due to the increasing adoption of blockchain technology and growing demand for secure identity management solutions.
• Asia-Pacific: The region is expected to grow at the highest CAGR during the forecast period due to the growing adoption of blockchain technology, rising investment in R&D activities, and growing demand for identity verification and authentication solutions.
• South America: The region is expected to witness moderate growth during the forecast period owing to the growing adoption of blockchain technology and growing demand for secure identity management solutions.
• Middle East and Africa: The region is expected to witness steady growth during the forecast period due to the increasing adoption of blockchain technology and growing demand for secure identity management solutions.

Challenging landscape:

The global blockchain identity software market is highly competitive and fragmented with the presence of several key players. Some of the prominent players operating in the market include IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Bitfury Group Limited, Amazon Web Services, Civic Technologies, Inc., Evernym, Inc., Factom, Inc., and Netki, Inc . . .

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