Market Research Report: Identity Access Management System

MARKET RESEARCH REPORT
IDENTITY ACCESS
MANAGEMENT SYSTEM
IN COLLABORATION WITH
Table of Contents
Market Sizing 3
Trend Analysis 8
Adoption Rate 21
User Persona 27
User Survey 30
Competitor Analysis 34
Disclaimer 35
About 180 DC 36
Market Sizing
Global Scenario
Identity Management System: The total value of the global market for blockchain
digital identity management in 2018 was estimated to be around $107 million.
However, the market is expected to showcase formidable growth at a rate of 79.2%
over the period from 2019 to 2026. In fact, if we take a shorter time span till 2023, it
is expected to grow to USD 1,929.9 million, at a Compound Annual Growth Rate
(CAGR) of 84.5% during the forecast period.
Continuing like this, the worldwide market for blockchain identity management can
reach around $11.46 billion by the end of 2026. Another notable blockchain identity
management market trend reflects the dominance of North America in the overall
market for blockchain identity.
Identity and Access Management System: The identity and access management
market is projected to grow from USD 13.41 billion in 2021 to USD 34.52 billion in
2028 at a CAGR of 14.5 %.
North America dominated the overall blockchain identity management market share
in 2018 and is expected to remain dominant during the forecast period due to the
presence of major market players and ongoing developments in blockchain
technology. In addition, the rise in data security concerns among retailers is also the
key factor that is expected to fuel the blockchain identity management market
growth in this region in upcoming years.
Furthermore, Asia-Pacific is expected to exhibit the highest growth rate during the
forecast period.
The blockchain identity management market is driven by various factors, such as the
increasing demand for self-sovereign identification and rising security
concerns with existing models across the globe. However, the lack of a common set
of regulatory standards an uncertain regulatory landscape, and concerns regarding
the authenticity of the users could hinder the growth of the market.
© 180 DEGREES CONSULTING BITS GOA 3

COVID-19 Impact
The outbreak of Covid-19 mandated lockdown across the globe and the
disruption has led to an acceleration in the practice of remote working.
Consequently, there’s been a significant decline in the use of blockchain
identity management technology in industries such as banks, healthcare, retail,
and others.
Nevertheless, several government bodies are coming up with relaxations on

the existing regulations and with this drift on board, it’s expected that the
global blockchain identity management market is anticipated to retrieve its
position soon.
Recent studies indicate that personally, identifiable information was one of the
targets in almost 97% of breaches in 2018. Furthermore, the improved
enterprise efforts and regulatory legislation for increasing cybersecurity resulted in
the exposure of 2.8 billion consumer data records.
Segment-wise Market view by Industry

BSFI (Banking, financial services and insurance) is obviously the leader today and will be
the leader in this market and it is expected to reach a revenue of 3 billion dollars by
2026.
But one entry that might seem surprising is healthcare but due to rising digitization
across healthcare like telemedicine, EMR, e-health applications create a large number of
identities and to secure these identities which contain patient sensitive data it is going to
fuel the demand for Blockchain-based IMS in the future.
Segment-wise Market view by Region
North America:
North America is expected to dominate the market share in 2022. The growth in this
region is going to the adoption of remote work cloud technology and increasing cyber-
attacks. The market growth is driven by the presence of key companies such as Amazon
Web services akamai technologies HP development Microsoft corporation Oracle
corporation IBM corporation and others.
As of 2020 North America Identity and Access Management, market size is 4.55 billion
USD.

Europe:
Europe Identity and Access Management (IAM) Market value in 2017 was projected to be
over 2 billion and is anticipated to reach over USD 4 billion growing at a CAGR of
over 10% over the forecast timespan.
The major factors contributing to the growth of the IAM market in Europe include
stringent government regulations such as the GDPR for imposing an improved safety of
customers’ data. The growing popularity of BYOD and mobility trends have resulted in an
enhanced demand for end-user device authentication, augmenting the market growth.
As IAM solutions assist in aligning security policies and rules with business drivers, their
demand is rising rapidly in the European market.

India:
The market value of India's identity and access management products in 2019 amounted
to nearly six billion Indian rupees. This was estimated to cross 12 billion rupees by
2025. This marked a CAGR of over 12% between 2020 and 2025.

Trends Analysis
Usage of Passwords Manager
The Password Management Market was valued at USD 1,246.9 million in 2020 and
is expected to reach USD 3,071 million by 2026, at a CAGR of 15.87% over the
forecast period 2021 – 2026
Growth in the number of mobile and computer users is augmenting the demand
for password management which comes with the accounts created on various
internet-based service providers, from media and entertainment to food ordering
services.
One in five Americans currently uses a password manager. This equates to an

estimated 45 million people.
According to a survey conducted by LocalCircles more than one-third of Indians

store their confidential information like Bank Account details, Aadhar/PAN on
their mobile, computers in their contact list.
The main reason for the slow growth of the password management market in
India is that majority of the population doesn’t believe that password managers
are secure

As per the Tech Republic Survey:-

Data Breaches
There has been a 4-fold rise in data theft in a year, i.e from 2020 to 2021 as
a result of which 86.6 mn Indian users had personal info stolen.
Data analysis shows that the five countries with the largest number of data
breaches were the US, Iran, India, Russia, and France. Breaches in these five
countries accounted for over half of all the leaks in 2021.
95% of breached records came from three industries in 2016: Government,

retail, and technology.
India ranks second after the US for hacking attempts in the world, according to
the report by Akamai Technologies.
The report has mentioned that in 2018 over 120 crore attempts were made
to hack financial institutes in the country

Benefits of DIDs
OWNERSHIP
A user should be able to revoke access to trusted third parties, and have
proof that it must be deleted from their servers.
PORTABILITY & RECOVERY

With SSI, all of our documents can be digital, allowing for storage and
management within a single digital wallet
SCALABILITY
Using international standards and protocols solutions can be replicated
across countries. Decentralized ledgers can be joined from anywhere in
the world because the internet and digital wallets are available on any
smartphone.
COMPLETE CONTROL
A user should be able to fully own it’s personal digital identity and only
he/she should be able to monetize their own data.
SECURITY
Digital wallets are able to meet the maximum standards of security.
With different layers of identification, authentication, and authorization
PSEUDONYMITY
SSI protocols allow selective disclosure of information and zero-
knowledge proofs.

Risk Mitigation
The various risks associated with the current identity and access
management along with how identrix is mitigating them:
No Risk Mitigation
1 Centralized model Use of Distributed Ledger
Technology to establish trust
2 Insufficient process Smart contract based user

automation data authentication
3 Data portability Available on all devices
Improper Customer data One stop solution for every

4
management requirment
Lack of control over

5 User consent based
sensitive data
Onboarding users and

6 Lack of interoperability
enterprises on a single platform
Inability to trace back Transactions can be traced back

7 data transactions on Identix Distributed Ledger
8 Data Breaches Decentralized data management

Advantages of SSI
According to a report by Trinsic, SSI market from ~a few hundred to ~56,115

(verifiable credentials in production) production verifiable credentials in only 10
months (January -October 2020)is a strong signal of a market that is growing.
Governments around the world are exploring the potential of SSI. The Canadian
province of British Columbia has developed a platform called Verified Organization
Network (VON) to allow organizations to manage their verified claims. Likewise, the
US’s Department of Homeland Security’s Science and Technology Directorate has
invested in the development of SSI standards. Finally, Australia’s post office and
Digital Transformation Office have explored blockchain-based identity
management systems
While it's impossible to know the current state of SSI adoption precisely, but
according to some research leads me to believe we're somewhere in the
highlighted area. We've come a long way, but there's still a long way to go.
SSI is most valuable when it’s widely adopted. SSI benefits greatly from a network
effect that forms as adoption grows. The immediate business value of SSI at a given
point in time is an exponential function of the state of adoption.

Impact of Password Reset to Businesses
20%-50% $70
Percentage of the Helpdesk calls are for Average Helpdesk labour cost for
password resets a single password reset
11 hrs $5.2m/annum
Lost every year in resetting the Estimated Average cost of productivity
passwords per organization due to password reset
51% 21%
Percentage of people use similar Percentage of users who forget
passwords over & over password after 2 weeks
25% 18.75%
Percentage of the people who forget Percentage of abandonment rate due to
password at least once a day password reset issues

HYPR released the findings of a two and a half year Password Usage Study,
which compiled data from over 500 full-time workers across the United States
and Canada and found:

Google and Facebook sign-ins
Signing in using your Google or Facebook accounts into various websites saves
you a lot of work as you don’t have to create yet another account, but is it
secure? These are the issues faced while doing sign-in via Google &
Facebook:-
1) Requesting your Data:
Logging in to a website using a service such as Facebook or Google allows the

website to make a request for data about you. The exact data that the website
is requesting pops up in a window asking for permission. Saying yes to that
request adds one more tiny bridge between the virtual islands of your online
self. This seemingly small agreement can carry larger repercussions. Linking
two or more sites allows companies to collect more data, building an
increasingly rounded profile about you. Allowing one account to have access
to others means that if the least secure account is hacked, the rest could also
be compromised.
2) What happens to your Data:
The data held by social platforms and service providers like Google covers
your habits and preferences. Facebook Like buttons littered throughout the
Internet bounce back data about products or articles you've liked, while the
Facebook Open Graph platform for other sites comes with plug-ins that collect
data such as which of your friends already use a particular website or what
you do while on the site.
Google tracks your online habits through search queries, its Chrome browser
and more, building demographic profiles it then sells to companies who want
to buy advertising on Google products, from Gmail sidebar ads to sponsored
search results.
The more data ecosystems that are connected, the more a company can know
about us and the more we continue to be their product, helping to maximize
their profits.

Adoption Rate
Global Adoption Rate
Decentralised identities are being readily adopted across the globe.

Germany and Spain are building an ecosystem of decentralised digital
identities. More and more countries in Europe are embracing their vision for
user-centric, decentralised identity. The European Union Announces EU-wide
digital wallet.
Thailand too is moving towards self-sovereign ID. Singapore is trialling Self-

Sovereign Identity as an extension of its National Digital Identity platform.
South Africa is BankServ's industry-wide governance framework for self-
sovereign identity. Canada and The Netherlands are piloting ePassports based
on decentralized digital identity.
The Digital Credentials Consortium university-led effort whose founding

members are MIT, Harvard University, Delft University, among 9 others. They
are exploring the use of public key infrastructures, public ledgers, and
blockchains to develop a learner-centric digital credentialing ecosystem.
Canada and The Netherlands are piloting ePassports based on decentralized

digital identity, “Known Traveler Digital Identity”.
A McKinsey analysis predicts Brazil, China, Ethiopia, India, Nigeria, the

United Kingdom, and the United States indicates that individual countries
could unlock economic value equivalent to between 3 and 13 per cent of
GDP in 2030 from the implementation of digital ID programs.
Blockchain Adoption rate :

In India: 7.3% of the population
Worldwide: 0.5% of the population

Digital identities are being readily adopted across the globe:
1. Estonia has given every citizen a way to own and control the use of their
digital identities since 2001. The country also uses the X-Road open data
exchange system, which helps support applications using digital ID, and has been
adopted by well over a dozen countries worldwide.
2. The UK and Australia have been active in developing trust frameworks as a
way for the public and private sectors to prepare for digital identities, and
without needing to roll out a national system.
Ontario and the EU plan to leverage decentralized identity. Other early adopters
span many sectors from finance to healthcare to travel.
The use of Blockchain has been on the rise and global spending on
blockchain is expected to reach $11.7 billion in 2022.
72% of users want to know how their data is processed when they
use social media accounts. 63% of EU citizens want a secure single
digital ID for all online services.

Corporates & Startups
Decentralized Identity Foundation: DIF is an engineering-driven organization

focused on developing the foundational elements necessary to establish an open
ecosystem for decentralized identity and ensure interop between all participants.
Many companies across the world are its members. Some of its members are:

Some famous corporates and startups who have adopted digital identities and
are providing services regarding it are:

Social Sector
HEALTH CARE:
Digital identities for doctors, to easily verify staff identities, qualifications, and
certifications in the UK. Inter-enterprise credential exchange systems to facilitate
real-time audits of healthcare suppliers in Switzerland.
Using decentralized identity to reduce onboarding costs and making smoother

experiences for customers and partners by health insurance providers in Ireland.
The Indian Government has started ABHA, a digital health ID, but it is not currently
based on blockchain technology.
Good Health Pass, This initiative aims to create an interoperable, trusted framework
and ecosystem for the issuance, use, and management of COVID-19 test and
vaccination credentials for international travel. 125 members of this initiative include
IBM, Mastercard, SITA, and Tykn.
TRANSPORTATION:
Aligns with the goal of the European Union to create a Single Transportation Market
by 2050 while focusing on privacy and data integrity between different Public
Transportation Providers.
EDUCATION:
Arizona State University and Dallas Community College District have begun adopting
blockchain systems to secure student data.
QualiChain is being developed in the United Kingdom as a decentralized education

system.
The government of the United States of America has implemented the Education
Blockchain Initiative (EBI), which explores novel applications of distributed ledger
technologies like blockchain to address complex challenges in education.

Governance Sector
Many developed countries like Canada, Australia, and the EU nations are
looking to provide Digital ID wallets to their citizens.
Countries in Africa and the Middle East are embracing biometric

technologies and rapid growth is forecasted for this market.
The European Commission announced the creation of EBSI, the European

Blockchain Services Infrastructure, a joint initiative of the Commission and the
European Blockchain Partnership (composed of 29 countries). EBSI’s vision is to
“leverage blockchain to the creation of cross-border services for public
administrations and their ecosystems to verify information and make services
trustworthy.”
The Indian government has leveraged blockchain technology to digitally

certify startups and help them receive a range of incentives, such as financing
assistance, tax exemptions and relaxations in public procurement norms
without much hassle.

User Persona
In order to conduct our primary research, we divided the end users of the app
into the user personas and conducted a survey amongst these groups. User
Personas are :
Persona Theme: 18-25 yrs Old
RAJ
22, MUMBAI
ABOUT:
Raj is tech savvy youth who is in college and

works part time as a product manager intern.
He has just started with investing and loves to
travel with friends and goes on a few trips with
friends in a year.
PAIN POINTS:
Difficulty in handling multiple documents

and passwords.
Difficulty in providing documented proof to

educational institutions, employers etc.
Lack of privacy and control of over their
own data.

JANHAVI
30, DELHI
ABOUT:
She is a tech-savvy working woman who has a busy

life. She is also a regular investor. She also goes on
an annual abroad vacation and short tours with a
family 2-3 times a year.

PAIN POINTS:
Difficulty in handling multiple documents and

passwords.
Delay in obtaining and verification of

documents.
Lack of privacy and control in the existing
system.

AMIT
42, JABALPUR
ABOUT:
Want to make his life easier by learning new tech,

runs his retail business 6 days a week. He is a
regular investor and has a diverse portfolio, goes
on a vacation abroad twice a year.

PAIN POINTS:
Slower process of document verification while

obtaining loans from banks due to the slow
existing system
Difficulty in handling multiple

clearances,
business & bank-related documents


User Survey
Based on our user division, we conducted a survey of 160 users and received
these responses:
Q) Do you know what digital credentials are and do you use them?
Q) How do you manage your digital credentials? (More than 1 options possible)

Q) How many personal & professional documents do you have and use regularly?
Q) How often do you forget to carry an essential document while traveling/ at banks etc.?
Q) Have your ever been a victim of a data breach caused at a website / app ?

Q) On the scale of 1-5, How important is data privacy for you?
Q) How do you manage your passwords?
Q) How many password protected applications do you use on your devices?

Q) How frequently do you forget your passwords and use the forgot password option
or contact the customer care for the same?
Q) How frequently do you use Google/ Facebook/ Apple to sign-in into an application?
Q) How frequently do you read the privacy terms and conditions while using the
aforementioned service providers to sign-in into different applications?
These responses suggest that there is a huge demand for the product like
Identrix amongst the users

Competitor Analysis
Like every organization, Identrix too have many competitors who are
competing for same users. Below is the competitor analysis of Identrix with
the current players in the Blockchain Identity & Access Management Systems
market:
Feature/Company

Identity Wallet

Enterprise Dashboard

Issue and Verify credentials

Consent based data sharing

Blockchain / DLT based

Service Integration

Credential Template
Marketplace
Available across multiple
devices
This competitor analysis shows that there are many features & services
available on Identrix which are lacking from its competitors. Identrix have
expanded its use cases even to those places which are not offered by the
current players in the market.

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MARKET RESEARCH REPORT

© 180 DEGREES CONSULTING BITS GOA 3

Nevertheless, several government bodies are coming up with relaxations on

Segment-wise Market view by Industry

© 180 DEGREES CONSULTING BITS GOA 4

Segment-wise Market view by Region

© 180 DEGREES CONSULTING BITS GOA 5

© 180 DEGREES CONSULTING BITS GOA 6

© 180 DEGREES CONSULTING BITS GOA 7

Usage of Passwords Manager

One in five Americans currently uses a password manager. This equates to an

According to a survey conducted by LocalCircles more than one-third of Indians

© 180 DEGREES CONSULTING BITS GOA 8

© 180 DEGREES CONSULTING BITS GOA 9

95% of breached records came from three industries in 2016: Government,

© 180 DEGREES CONSULTING BITS GOA 10

PORTABILITY & RECOVERY

© 180 DEGREES CONSULTING BITS GOA 14

2 Insufficient process Smart contract based user

3 Data portability Available on all devices

Improper Customer data One stop solution for every

Lack of control over

Onboarding users and

Inability to trace back Transactions can be traced back

8 Data Breaches Decentralized data management

© 180 DEGREES CONSULTING BITS GOA 15

According to a report by Trinsic, SSI market from ~a few hundred to ~56,115

© 180 DEGREES CONSULTING BITS GOA 16

© 180 DEGREES CONSULTING BITS GOA 17

© 180 DEGREES CONSULTING BITS GOA 18

1) Requesting your Data:

Logging in to a website using a service such as Facebook or Google allows the

2) What happens to your Data:

© 180 DEGREES CONSULTING BITS GOA 20

Global Adoption Rate

Decentralised identities are being readily adopted across the globe.

Thailand too is moving towards self-sovereign ID. Singapore is trialling Self-

The Digital Credentials Consortium university-led effort whose founding

Canada and The Netherlands are piloting ePassports based on decentralized

A McKinsey analysis predicts Brazil, China, Ethiopia, India, Nigeria, the

Blockchain Adoption rate :

© 180 DEGREES CONSULTING BITS GOA 21

© 180 DEGREES CONSULTING BITS GOA 22

Decentralized Identity Foundation: DIF is an engineering-driven organization

© 180 DEGREES CONSULTING BITS GOA 23

© 180 DEGREES CONSULTING BITS GOA 24

Using decentralized identity to reduce onboarding costs and making smoother

QualiChain is being developed in the United Kingdom as a decentralized education

© 180 DEGREES CONSULTING BITS GOA 25

Countries in Africa and the Middle East are embracing biometric

The European Commission announced the creation of EBSI, the European

The Indian government has leveraged blockchain technology to digitally

© 180 DEGREES CONSULTING BITS GOA 26

Persona Theme: 18-25 yrs Old

Raj is tech savvy youth who is in college and

Difficulty in handling multiple documents

Difficulty in providing documented proof to

© 180 DEGREES CONSULTING BITS GOA 27

She is a tech-savvy working woman who has a busy

Difficulty in handling multiple documents and

Delay in obtaining and verification of

© 180 DEGREES CONSULTING BITS GOA 28

Want to make his life easier by learning new tech,