A new report on the potential for blockchain identity management solutions to become integrated across sectors has forecast strong growth for its global market place, at a compound annual rate of close to 71%.

The report grounds its predictions on a report broken down into segments by sector — e.g., government, healthcare, banking, financial services and insurance (BFSI), geography, and applications. It was published past the Lyon-headquartered market inquiry solution provider ReportLinker.

Cartoon on an assay of several existing blockchain identity management market vendors — Accenture, Amazon, Bitfury Group, Borough Technologies and others — the written report expects the total global market place to grow by $iii.58 billion between 2022 and 2025.

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The study'due south baseline assumption is that the market for blockchain identity direction will keep to expand as the proliferation of online and cloud services and digitalization more broadly proceed speedily. Equally Cointelegraph has previously reported, the demand for more efficient, decentralized and privacy-respecting identity solutions has arisen in a vast assortment of various sectors, from public services to logistical and supply chain networks and all the way down to consumer wearables and other smart devices.

With increasing digitalization, a form of secure identity verification to access basic services — both public and individual — online is apace becoming an inescapable requirement; some have gone so far every bit to argue that privacy-preserving digital identity needs to exist recognized as a bones correct for all.

In tandem, with the global user base of social media networks now exceeding the 3.viii-billion mark, some advocates have argued that blockchain offers the only adequate, equitable identity solution that can protect these users from threats such every bit information theft and privacy abuses.

Before this month, Ethereum co-founder and lead developer Vitalik Buterin pitched his vision of the future of the Ethereum network across a range of non-financial applications, singling out areas that included both decentralized social media and identity verification and attestation.