Press Release

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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