India Blockchain Identity Management Market is Dominated by BFSI Vertical
India blockchain identity
management market is expected to grow during the forecast period due to
increasing government initiatives.
According to TechSci Research
report, India Blockchain Identity Management Market– Region,
Competition, Opportunities and Forecast, 2019–2029, the India
blockchain identity management market is expected to register robust growth
during the forecast period.
Blockchain identity management
has been revolutionizing various industries across the globe. Blockchain
identity management solutions have the potential to significantly enhance
security, privacy, and transparency in identity management processes. In India,
the demand for such solutions is rapidly growing, driven by the need for secure
and reliable identity verification systems. The blockchain identity management
market in India is expected to grow significantly in the coming years, driven
by several factors such as the increasing demand for self-sovereign
identification, the growing need for secure identity verification systems, and
the rising adoption of blockchain technology across industries. Self-sovereign
identity (SSI) is a concept that allows individuals to control and manage their
own identity data without relying on centralized authorities such as
governments, institutions, or corporations. Blockchain technology can enable
the implementation of SSI by providing a secure and decentralized platform for
storing and sharing identity data. The use of blockchain technology in identity
management can significantly enhance privacy and security, as it eliminates the
need for a central authority to store and manage identity data. With
blockchain-based identity management systems, individuals can control access to
their personal data and choose who they share it with. Identity verification is
a crucial process in various industries, including finance, healthcare, and
government. However, traditional identity verification systems are often
inefficient and prone to fraud and security breaches. Blockchain-based identity
management solutions can provide a more secure and efficient alternative to
traditional identity verification systems. By using blockchain technology,
identity verification systems can provide a tamper-proof and immutable record
of identity data, making it difficult for fraudsters to manipulate or falsify
identity information. Moreover, blockchain identity verification systems can
significantly reduce the time and cost of identity verification processes,
which can be especially beneficial for industries such as finance and
healthcare.
Blockchain technology is being
increasingly adopted across various industries in India. The adoption of
blockchain technology is driven by several factors, including the need for
greater transparency, security, and efficiency in various processes. The
adoption of blockchain technology across industries is expected to create a
favorable environment for the adoption of blockchain-based identity management
solutions. Industries such as finance, healthcare, and government are expected
to be major adopters of blockchain identity management solutions in India. The
finance industry has been exploring the use of blockchain technology for
identity verification and KYC (Know Your Customer) processes. For example, the
Reserve Bank of India (RBI) has been exploring the use of blockchain technology
for interbank transactions and identity verification processes.
Browse over 30 market data
Figures spread through 70 Pages and an in-depth TOC on " India Blockchain Identity Management Market.”
Based on component, the market
is segmented into platform and services. Based on organization size, the market
is segmented into large enterprises and small & medium-sized enterprises.
Based on application, the market is further bifurcated into loyalty &
rewards management, identity management, supply chain management, payments
& smart contracts, compliance management, and others. Based on vertical,
the market is further split into BFSI, government, healthcare & life
sciences, telecom & IT, retail & e-commerce, transport & logistics,
real estate, media & entertainment, travel & hospitality, and others.
The BFSI blockchain identity
management market in India is expected to grow significantly in the coming
years, driven by several factors such as the increasing need for secure identity
verification systems, the rising adoption of blockchain technology, and the
growing demand for digital financial services. The BFSI industry in India has
been exploring the use of blockchain technology in various processes, including
identity management. The adoption of blockchain technology in the BFSI industry
is driven by several factors, including the need for greater security,
transparency, and efficiency in financial transactions.
Blockchain technology can
provide the BFSI industry with a secure and decentralized platform for storing
and sharing customer data, enabling enhanced security and privacy in financial
transactions. Moreover, blockchain technology can enable the automation of
various processes, reducing the need for manual intervention and improving the
efficiency of financial transactions.
Key market players in the India
blockchain identity management market:
- Wipro
Limited
- Tech
Mahindra Limited
- Infosys
Limited
- Accubits
Technologies
- Mindtree
Limited
- Tata
Consultancy Services
- Mphasis
Limited
- KPMG
India Private Limited
- PricewaterhouseCoopers
Private Limited
- IBM
India Private Limited
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“Due to the presence of significant
market participants and ongoing advancements in blockchain technology, India
currently holds a large share of the blockchain identity management market and
is predicted to continue during the forecast period. Additionally, the growing
demand for blockchain identity solutions across industry verticals is driving
the growth of the blockchain identity management market across the country,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“India Blockchain Identity
Management Market -By Component (Platform, Services), By Organization Size
(Large Enterprises, Small & Medium-Sized Enterprises), By Application
(Loyalty & Rewards Management, Identity Management, Supply Chain Management,
Payments & Smart Contracts, Compliance Management, Others), By Vertical
(BFSI, Government, Healthcare & Life Sciences, Telecom & IT, Retail
& E-Commerce, Transport & Logistics, Real Estate, Media &
Entertainment, Travel & Hospitality, Others), By Region, Competition,
Forecast and Opportunities, 2029” has
evaluated the future growth potential of the India blockchain identity
management market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the India blockchain
identity management market.
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