The blockchain identity management market is expected to grow tremendously over the next few years, provided it can overcome some huge challenges.
A new report from research company Allied Market Research estimated that the global blockchain identity management market was worth $107m in 2018.
It also suggests that the value is expected to grow at a compound annual growth rate of 79.2% over the next six year until the market hit a valuation of $11.46bn in 2026.
The researchers state that there are several reasons for this growth. Those reasons include a rise in the demand for transactions transparency to ensure quality, reliability, authenticity and product safety.
Another reason for the market potentially hitting a valuation of $11.46bn by 2026 is that companies in the sector is increasingly more capable of attracting investment.
That being said, the Allied Market Research report noted that the sector will have to overcome a number of obstacles.
Those include finding ways to close the skills gap.
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