The increasing demand for blockchain identity solutions across industry verticals and for self-sovereign identification, along with streamlining business activities through high-transaction speed and immutability, is fueling the market growth. North America accounted for the largest share of the market in 2021 and is expected to maintain this position during the predictable period Due to the presence of major market players and ongoing advancements in blockchain technology, The Asia-Pacific region is expected to develop at the fastest rate during the forecast period due to rising project capital funding, an increase in the number of companies coming to the market, and governments focused on regulating blockchain technology. Detailed analysis was completed to get detailed information regarding the competitors in the blockchain identity management market based on their solutions/product offerings and business strategies.
The major players in the blockchain identity management market include IBM Corporation (US), Microsoft Corporation (US), SAP SE (Germany), Oracle Corporation (US), Bitfury Group Limited (The Netherlands), Civic Technologies, Inc. Cambridge Blockchain, KYC-Chain, Factom, Oracle Corporation, Evernym, Inc., Netki, Inc., UniquID Inc., and Venture Proxy Limited, These companies have adopted various growth strategies, such as new product/service launches, partnerships, agreements, collaborations, and expansions to increase their shares in the global blockchain identity management market. In October 2018, IBM and SecureKey Technologies Inc. collaborated to provide digital identity network based on IBM Blockchain on the IBM Cloud.
As per recent studies published by the global research hub, the Blockchain Identity Management market is set to expand at a CAGR of 80.2% over 2020–2028 and hit revenue worth nearly USD 12,146.5 million by 2028.
We will discuss some of the Key players operating in the blockchain identity management market
International Business Machines Corporation (IBM) is a company providing information technology products and services. It operates through five segments. The Cloud and Cognitive Software segment includes Watson, a cognitive computing platform, data and analytics solutions, and transaction processing software. The Global Business Services segment offers business consulting services, delivery system integration, application management, maintenance, support services, and business process outsourcing services. The company was founded by Charles Ranlett Flint in 1911 and is headquartered in New York, U.S.
IBM annual revenue for 2021 was USD 57.35 billion, a 3.93% increase from 2020.
The company was founded by Jeff Bezos in 1994 and is headquartered in the U.S. Amazon Web Services is a provider of information technology infrastructure services to businesses in the form of web services. The company offers cloud infrastructure services, such as computing, storage, content delivery, database, and networking services, as well as platform services. These services include analytics, enterprise applications, mobile services; the internet of things, developer tools, management tools, security and identity services, and application services. It also provides cloud solutions for websites, backup, and recovery, archiving, disaster recovery, development, and test, big data, financial services, high-performance computing, digital marketing, e-commerce, media and entertainment, mobile services, internet of things, enterprise IT, gaming, databases, scientific computing, governments, education, and non-profits.
Amazon Web Services annual revenue for 2021 was USD 62,202 million
Oracle Corporation is headquartered in Austin, Texas. In 2020, Oracle was the third-largest software company in the world by revenue and market capitalization. Oracle is a computer technology corporation that develops and markets computer hardware systems and enterprise software products. The company offers a fully integrated stack of business hardware and software systems. It engineers hardware and software to work together in the cloud and the data center-from servers and storage to database and middleware, through applications.
Oracle annual revenue for 2021 was USD 40.47 billion, a 3.61% increase from 2020.
Civic was co-founded in 2015 by Vinny Lingham and Jonathan Smith. Civic Technologies delivers tools to control and protect identities for businesses and individuals. Through the Company decentralized architecture with the blockchain and biometrics on the mobile device, the platform provides multi-factor authentication without a username, password, third-party authenticator, or physical hardware token.
The Bitfury Group is the leading full-service Blockchain technology company and one of the largest private infrastructure providers in the Blockchain ecosystem. The Bitfury Group develops and delivers both the software and hardware solutions necessary for businesses, governments, organizations, and individuals to securely move an asset across the blockchain. The Bitfury Group believes the Blockchain can and will open new doors for global economic opportunity and prosperity, and its mission is to create advanced Blockchain applications that will further promote innovation and the advancement of the peer-to-peer economy and the Internet of Things.
Bitfury estimated annual revenue is currently USD 23.6M per year.