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In this modern era of technological innovations, increased and tight competition in the labor market, there is a higher number of women making their way to paid employment in the corporate world. Nevertheless, progressing to top hierarchal positions of leadership and management has been very slow. Although many people perceive management and leadership as the same thing, they are clearly distinguishable as management is the art-science of implementing organizational or project goals through people, systems, and technology in an organization. Leadership is an act of use of power and influences in leading or intending to and making a significant difference, as well as achievement of a certain goal, mission, or objective.

Globally, a strong business argument is ongoing in a bid to attract the contribution of women-executives to the attainment of organizational objectives. Due to the industrial growth, changes in economical and social standards, competition in the global labor market, women’s participation cannot be disregarded any more. Considerable transformation will entail a devoted leadership attention to economic as well as broader performances that can be attained by drawing and maintaining women at leadership and management positions and optimizing their contribution. Labor market in the past few years has experienced stiff competition globally, and this has made the business world promote, employ, and retain women at executive positions. Many affluent companies have adopted globally accepted mechanisms to aid gender diversities within their labor force. This paper explores the need to have more women at leadership and management positions, their benefits, obstacles that hinder them in their full utilization of expertise, possible solutions, and examples of women already on top positions.

The Need to Have More Women in Leadership and Management Positions

According to Husu, Hearn, Lamsa, and Vanhala (2011), leadership that does not include women’s contribution wastes great talents, skills, and knowhow. In the United States, women are identified as one of the major factors that are accelerating the growth of the economy through raising the production power. Women have greatly elevated economic growth through expansion in the workforce and raising production from 1970 to 2009. Employment rate of women has increased by eleven percent, being equivalent to thirty eight million more women, which means that without them the today’s economy would be twenty five percent less that is equivalent to the GDP totals of only 3 states of New York, Illinois, and California. Economic growth is determined by the growth in labor force and increased productivity. Before diversity and women inclusion in the labor market, sixty-five percent of economic growth was driven by growth in labor force, but today about eighty percent of economic growth comes from the rising production. For the country to maintain leadership in the global economy and historical growth rate, research has shown that there is a need to increase production and advance the workforce (Barsh & Yee, 2011).

Therefore, since not the full potential of women has been exhausted and there is still a large number of unemployed, bringing more women will play a major role in labor force development and lead to innovations through their talent and skills. This will help in achieving the country’s goals, sustaining reliance in the fight to maintain historical GDP growth rates, tapping more women in the labor force, and employing experienced women at management positions in order to drive production forward.

Many studies have been carried out that clearly shows the benefits corporations derive from employing women and barriers women encounter that hinder them from unlocking all their capabilities. Developing a program that will aid women in unlocking their full potential and attaining economic goals remains a complicated task. Overall, there is a considerable prospective to raise the number of women in the labor force across the country. In the corporate world, there is a large number of highly skilled women who have secured middle level positions; they only require a chance to advance to leadership positions where they can exhaust their potential.

Even though key corporations have shown great effort in recruiting women, women remain underrepresented in the top corporate hierarchy, and it has not shown any improvements over the years. According to the catalyst, recent studies in the United State reveal that fifteen percent of corporate officer positions and board seats of affluent companies are held by women with 2.2 percent occupying CEOs positions in these companies, with many more graduating with business degrees and MBAs. In the United States, women went home with over a third of MBAs awards in 2010, and this trend has been increasing at a higher rate. Although the number of women in the corporate world is growing at an accelerating rate, they remain underrepresented on the executive level because women find it difficult to climb up to leadership positions in the atmosphere that is highly subjugated by men. For color jobs, the gap broadens with women holding about twelve percent of managerial and professional workforce with three percent Fortune 500 CEOs, among which only three of the five hundred directors are women of color (Catalyst, 2011).

On the other hand, the corporate business case for increasing, retaining, and putting more women at top leadership positions is strong and progressing well. Individuals are optimistic that there is still a chance to make major steps forward in increasing the number of women at leadership and management positions. Many corporations and companies are recruiting women in a greater number because they are turning to developmental programs that are designed specifically for women to respond to their market demands and remain competitive in the labor market. In addition, they have introduced a friendlier environment such as part-time working, parental leaves, and working from home using technology. Despite that, some remaining challenges are critical as involvement at key career positions can have enormous effects. For instance, if corporations focus on women on the middle management level and alleviate a number of women to the next level, they could significantly develop a better way of achieving gender balance on the leadership and management levels. Women on the middle management level have demonstrated adequate and greater expertise in leading and management skills than those fresh from school. In addition, young women with no or slight family concerns can be good leaders (Barsh & Yee, 2011).

Barriers Encountered

Different researchers have pointed out different barriers that hold women back from exercising their right to secure top leaderships positions in the corporate context, which include gender bias, cultural beliefs, workplace structures, and interaction patterns. One of the most common barriers is a structural barrier when women lack informal networks to make significant connections. They fear being excluded from social networks. They lack female role models in the top management and support from male counterparts on the top level, although women put more effort to remaining more relevant for their colleagues than men do (Barsh & Yee, 2011).

Secondly, lifestyle issues, which relate to roles played outside job, but affect career choices, include overnight executive travel requirements and motherhood. For example, many organizations run towards financial returns, which are short-term and maintaining corporate performance. Short-term financials influence operations, leadership, and culture, which prevent the optimization of women’s contribution to organization objectives (Piterman, 2013).

Thirdly, institutional barriers, which entail institutional cultural practices that formulate the running of the company such as no part-time job or promotions, are done on merit and performance for women, but for men on a potential basis.

Finally, individual mindset, which is the worst enemy or challenge that hinders women’s advancement. It is the entrenched belief that men should dominate in some fields. Although many organizations worldwide have joined hands in the fight against gender inequality, empowering women, promoting women leadership and management through public outreach, and researching to improve labor market, in some companies women still experience discrimination. Both male and female managers believe or innocently communicate that women are not suited for leadership positions, assuming that women are better handling family responsibilities and should leave leadership roles to their male counterparts. In most cases, even women hold such beliefs and support men when leadership positions arise, thus underestimating their ability to lead.

According to Ibarra, Ely, and Kolb (2013), a person becomes a leader by internalizing a leadership quality and mounting it with a sense of purpose. Internalizing the logic of being a leader and taking a focused action are a central process of being a leader. The society or other people assert or oppose the action, thus supporting or discouraging the person or her followers. In the view of the fact that creating and internalizing leader identity is paramount in the process of becoming a leader, then gender bias may hold back women’s potential and diminish their self-confidence by hindering their identity, which is necessary for taking up leadership responsibilities. It results in women locking their potential and remaining underrepresented in leadership positions, thereby validating the norm and belief that support men in bids for leadership positions.

All these barriers and mindsets are always hard to eliminate, but it is clear that there is a need for a systematic and organizational transformation. Most companies that are welcoming transformations by changing their culture in order to maintain diversity balance remain competitive and enjoy economic benefits.

In addition, regardless of the barriers, a good number of women have done well on top leadership positions and, according to recent catalyst report, women have shown positive impacts that have greatly improved corporate performance. Companies with a large number of women on top leadership positions have been ranged the best in terms of financial returns. What spurs the growth of these female leaders is their confidence in changing the belief that some fields are male-dominated, changing their adversities to lessons, building networks and connections with sponsors, and showing willingness to move out of comfort zones with a strong belief that they are matching forward no matter the difficulty to make a difference. Women always work with passion, inspire, motivate, and love their work more than men.

Ways of Encouraging Women in Organizations

Companies have identified ways, which will lead them to achieve their goal of employing, retaining, and advancing women in the current market. These practices have supported many organizations, which are driving the change. First, leaders are acting as role models by accepting and welcoming gender diversity matters with open arms. Advocating for the issues openly support cultural changes and encourage others to change their mindsets.

Secondly, companies are appointing leaders with influence. Many companies that are doing well choose and appoint managers who are respected, courageous, and equipped with diversity issues to help and guide the company in the process of achieving gender balance. Thirdly, firms are creating strong networks and connections with sponsors and advocacy groups. Most sponsors have development programs, which assist highly skilled women by giving them opportunities for expansion and advancement and advocate for their promotions. Fourthly, corporations are recognizing talent management as an important pillar in attaining economic advantage, which is ending up with promoting women to the top management.

Finally, firms are having accountability and database where companies share performance dialogues with different management levels. These databases help talented women to be considered when a leadership position arises.

Examples of Women in Management and Leadership in Corporate America and their Roles in Management and Leadership

A number of women have taken leadership positions in the corporate America (InvestorPlace, 2012) and among them, the following are very prominent.

Ginni Rommetry

The 56-year-old Ginni was born in July, 1957 in the suburbs of Chicago. She received her first degree from the North-Western University with first class honours in computer science. On October 25, 2011, Ginni was appointed the chief executive officer of IBM Company. IBM is an internationally recognized company that deals with computer hardware and software, IT services, and IT consulting services. Currently, Ginni serves as the chairperson, president, and CEO of the company (CNN Money, 2013). In the company, Ginni plays an outstanding role in marketing and financial management of the company. Being in her second term as a CEO has greatly employed the company’s resources into commercializing the company’s various products. For the last two years, her leadership has resulted in significant sales opportunities across the world. She has also worked hard to acquire an extensive market for the company’s products in Africa. She has done this by selecting new clients in both marketing and finance in an effort to preserve the tech company that has been in the market for over 100 years (Aluise, 2012). This has seen the company stay ahead of the stiff competition in the computer services industry. According to CNN Money, Ginni was ranked the top most influential woman in the American corporate sector in 2012, maintaining rank number one. Currently, Ginni has spearheaded towards the shift of the company from hardware business to the provision of software services as well as consulting services. This has greatly increased the company’s global market and has ultimately led to high financial returns. In 2010, her leadership and management of the global markets stocked up approximately $100 billion in sales (MSN, 2012). Being a senior president of the company’s global business services, Ginna has raised a team of over one hundred specialists in consulting services. She has also incorporated PWC into IBM.

Indra Nooyi

The 57-year-old Indra Nooyi is the chairperson and CEO of Pepsi CO, one of the world largest food and beverages company in the world and in America. Indra holds a BS in maths, physics, and chemistry from MCC and an MBA from ISM. She also holds a Master’s degree in public and private management from the Yale Management School. On October 1, 2006, she was appointed a CEO and chairperson of the Pepsi Company in America (CNN Money, 2013). Since her appointment, Indra has spearheaded the restructuring of the Pepsi Company that has been in the beverage market for 18 years now. Her leadership and management roles have seen the company lead in sales of Taco Bell, Pizza Hut restaurants, and KFC as well as the Yum brands. Indra also holds a tremendous reputation as one of the most confident and self-driven leaders in the American businesses profiles. In her tenure, she has presided for over twenty two billion dollar brands. These brands include Quaker, Tropicana, Pepsi-Cola, Gatorade, and Frito-lay. In her management functions, Indra has led the company’s takeover of Quaker Oats that was estimated to be worth over 13.4 billion dollars. Her tenure has also led to the acquisition of Tropicana worth over 3.3 billion dollars. Recently, Indra has played a great role in the expansion of the company’s market beyond the general domestic soda business by creating other more marketable products. For example, she has introduced Hummus and Yoghurt, which are some of the fast growing selling products in the market (MSN, 2012). Her excellent financial skills have seen the company’s fast growth in revenue generation and boast of over 22 billion dollar brands. Despite the stiff competition from their rivals, Coca-Cola, Indra is still anticipating company’s growth in the corporate world.

Ellen Kullman

The 57-year-old Ellen Kullman is the head of the board and chief executive officer of DuPont Company. DuPoint is one of the largest chemical companies in America. Ellen was born in January 1956. She has a Bachelor of Science in mechanical engineering from the Tufts University as well as an MBA from the North-Western University. On October 1, 2008, Ellen was appointed the CEO of DuPont company (CNN Money, 2013). Ellen has been a great and visionary leader since her appointment. She has successfully seen her company survive one of the greatest economic recessions in America. She did this by centring on various company resources that the company could control to avoid unnecessary expenditures. During this season, she requested all the employees to take a two-week leave without pay voluntarily. All the executives were required to take an off that was to last for approximately three weeks. Her tenure witnessed the company reach over 70 percent of its time-off objective. This greatly lowered company’s expenditure by over 700 million dollars in 2009. Her leadership did not only see DuPont survive, but also rebound. Despite her tenure witnessing a great economic recession, Ellen’s leadership has witnessed a notable rise in stocks. Within her leadership, DuPont stock has risen to over 50 percent as compared to the Dow tenure that witnessed a 19 percent return throughout the same period. Ellen’s tenure has also witnessed 6.3 billion dollars takeover of Danish Enzyme Company. This has significantly improved the company’s extensive growth in the bio-fuels market (MSN, 2012). Recently, she has reset the company’s selling commodity units. This strategy has positively influenced the company’s growth, allowing it to move to high margin areas. Consequently, her decision has paid off, resulting in doubling of the stock with an over 86 percent rise.

Conclusion

The perception of gender and leadership makes women aspiring leadership positions create a developmental agenda that will aid in unlocking their potential and raising the rate of women in the leadership and labor force across the globe. Many corporations are recruiting women in a fair or higher number because they are turning to developmental programs designed specifically for women in order to respond to market demands and remain competitive. In addition, they have introduced a friendlier environment of part-time working and working from home.

In order to meet this growing demand, well-known business institutions such as Stanford, Harvard, and Simmons School of Management, which initiated women-only leadership programs in early 1970, have started a new program in leadership for women. More efforts should be made to ensure collective inclusion of women in top management and leadership in the corporate America. Such efforts will see more women like Ginni, Indra, and Ellen at top management positions. This will be possible if the barriers hindering women’s success are addressed without further delay. However, this might not be done sooner and, hence, it is the duty of every woman aspiring to be on the top to take personal initiative and campaign for those with weaker voices. Those already on top positions should use their powers to motivate women at lower levels and raise their concerns during corporate meetings. This way, more women might climb the corporate ladder and improve their world and that of those around them.

The global workflow management Services market size was USD 11.58 Billion in 2022 and is expected to register a revenue CAGR of 30% over the forecast period, according to the latest report by Reports and Data.

One of the primary reasons driving revenue growth in the workflow management Services market is rising desire for enterprises to automate and optimize their workflow processes. Businesses may use these technologies to replace manual, paper-based activities with automated, digital workflows. This reduces the chance of human mistake while also boosting workflow efficiency, resulting in faster turnaround times and more production. Workflow management Services can help reduce operating costs by eliminating needless procedures, requiring less manual engagement, and enhancing data accuracy.

The rising trend toward digital transformation is another major element driving the market revenue growth for workflow management Services. As businesses adopt digital technology, the need for solutions that can automate and optimize operations is increasing. Workflow management Services may help businesses digitize their operations, making them faster, more efficient, and less prone to errors. As a result, businesses may profit from enhanced competitiveness and the flexibility to respond to changing market conditions more quickly. As more people work remotely, there is a higher demand for solutions that may improve cooperation and communication. Process management technologies may ensure that remote teams, no matter where they are, can collaborate productively. Workflow management Services can also help businesses track the progress of activities and projects, ensuring that they are completed within budget and on schedule.

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Some Key Highlights from the Report

• The software segment is predicted to have the most revenue share during the projected period. Workflow management software automates corporate processes from start to finish, allowing users to develop, monitor, and improve workflows. The program has various advantages, including greater process visibility, improved compliance, decreased mistakes, and higher productivity. Workflow management software use is rising across a variety of industries, including healthcare, banking and financial services, and government, among others, which is projected to fuel revenue growth in the market.

• During the projected period, the cloud-based segment is anticipated to have the fastest revenue growth rate. Businesses may benefit from a number of benefits from cloud-based workflow management Services (WMS), including lower total cost of ownership, simple scalability, and flexibility. Businesses no longer need to invest in costly hardware and infrastructure because the cloud-based approach allows them to just pay for the resources they really utilize. Additionally, cloud-based WMS is very scalable, making it simple for enterprises to add or remove users and features as needed. Because they lack the funds to invest in on-premise Services, Small and Medium-sized Enterprises (SMEs) are increasingly adopting cloud-based WMS.

• It is anticipated that North America accounted for the largest revenue share throughout the projection period because there are several significant competitors in the market there. The usage of advanced technologies like artificial intelligence (AI) and machine learning (ML), as well as the advent of cloud-based Services, are leading to an expansion of the market in North America. As the need for digital transformation grows and mobile device use rises, the market revenue growth in this area is accelerating.

• The Asia Pacific market is anticipated to have the quickest revenue CAGR during the projected period. The success of the region is largely due to the increase in internet and smartphone use, the acceptance of automation solutions, and the drive toward digital transformation. The fastest market growth is anticipated in countries like China, India, and Japan in the Asia Pacific region. The growth of e-commerce platforms in the region is also boosting demand for WMS Services since these platforms require efficient and automated processes to simplify their operations.

Competitive Landscape:

global workflow management Services market. It is interesting to note that cloud-based WMS is expected to register the fastest revenue growth rate during the forecast period. This can be attributed to the numerous benefits that cloud-based WMS offers businesses, such as reduced cost of ownership, easy scalability, and flexibility.

One of the key advantages of cloud-based WMS is that it eliminates the need for businesses to invest in expensive hardware and infrastructure. This is because the WMS is hosted and managed by the cloud service provider, which allows businesses to access the system via the internet. As a result, businesses only pay for the resources they use, which can significantly reduce their operational costs.

Another advantage of cloud-based WMS is that it is highly scalable. This means that businesses can easily add or remove users and features as needed, without having to worry about the limitations of their hardware and infrastructure. This scalability also allows businesses to quickly adapt to changing market conditions and customer demands, which is critical in today's fast-paced business environment.IBM Corporation

• Oracle Corporation

• SAP SE

• Software AG

• Newgen Software Technologies Limited

• Nintex Global Limited

• BPM Online

• PegaServices Inc.

• TIBCO Software Inc.

• Kofax Inc.

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Finally, cloud-based WMS is increasingly being adopted by Small and Medium-sized Enterprises (SMEs), which do not have the resources to invest in on-premise solutions. This is because cloud-based WMS is typically offered on a subscription basis, which allows SMEs to access advanced features and functionality without having to make a large upfront investment.

Global Workflow Management Services market segmentation:

By Component Outlook

• Software

• Services

By Deployment Type Outlook

• On-premise

• Cloud-based

By Organization Size Outlook

• Large Enterprises

• Small and Medium-sized Enterprises (SMEs)

By Industry Vertical Outlook Banking, Financial Services, and Insurance (BFSI)

• Healthcare

• Retail

• IT and Telecom

• Manufacturing

• Government

• Others

Regional Outlook:

• North America

o U.S.

o Canada

o Mexico

• Europe

o Germany

o Italy

o U.K.

o Rest of EU

• Asia Pacific

o India

o China

o Japan

o South Korea

o Rest of APAC

• Latin America

o Brazil

o Argentina

o Rest of Latin America

• Middle East & Africa

o Saudi Arabia

o South Africa

o U.A.E

o Rest of MEA

Key objectives of the report:

• Details about revenue growth, market size, drivers, opportunities, constraints

• Historical and forecast revenue of the key segments, products, applications and detailed analysis of the regions in the market

• Production capacity, revenue, pricing structure, market share, and CAGR.

• To offer insights about current market position, forecast estimation, competitive landscape and research and development activities

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Overall, the growth of cloud-based WMS is a reflection of the growing trend towards cloud-based solutions in general. As more businesses recognize the benefits of cloud-based solutions, we can expect to see continued growth in this market segment.

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The global Strategic Asset Management market is experiencing remarkable growth, as reflected in its substantial market size of USD 1107.57 billion in 2022. This growth trajectory is expected to continue, with projections indicating that the market will reach an impressive value of USD 3071.38 billion by 2032. This substantial expansion is forecasted to be driven by a robust revenue Compound Annual Growth Rate (CAGR) of 12% throughout the forecast period.

Several key factors contribute to this impressive growth in the Strategic Asset Management market. One of the primary drivers is the increasing adoption of Strategic Asset Management solutions by enterprises worldwide. Businesses across various industries are recognizing the strategic importance of effective Strategic Asset Management in optimizing their operations, reducing costs, and enhancing overall efficiency. As a result, they are increasingly investing in Strategic Asset Management solutions to gain better control over their assets and ensure their longevity.

Furthermore, the escalating demand for asset tracking, monitoring, and maintenance is a significant catalyst for the market's revenue growth. Industries are facing mounting challenges related to the management and maintenance of a wide range of assets, including machinery, infrastructure, and technology. The complexity of these assets, coupled with the need for real-time monitoring and the imperative to comply with stringent regulations, has led to a heightened focus on Strategic Asset Management solutions. These solutions provide businesses with the tools and capabilities they need to track assets in real-time, monitor their performance, and proactively address maintenance needs.

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The Strategic Asset Management market is experiencing significant growth, largely propelled by the increasing demand for robust asset tracking, monitoring, and maintenance solutions across various industries. This surge in demand can be attributed to several key factors. First and foremost, the modern landscape of assets has become increasingly complex. Companies are managing a wide array of assets, ranging from machinery and equipment to IT infrastructure and vehicles, each with its unique set of challenges and maintenance requirements. As a result, there is a growing imperative to implement comprehensive Strategic Asset Management systems that can handle this complexity effectively.

Real-time monitoring has also emerged as a critical need in today's business environment. With the advent of IoT (Internet of Things) technology, assets can now be equipped with sensors and connected to networks, allowing for continuous monitoring of their status and performance. This real-time data is invaluable for proactive decision-making, as it enables businesses to identify issues or anomalies as they occur, rather than after they result in costly downtime or failures. Predictive maintenance, a subset of real-time monitoring, uses data analytics and machine learning to predict when equipment is likely to fail, enabling preemptive maintenance actions that reduce downtime and extend asset lifespan.

Furthermore, regulatory compliance has become a major concern for industries across the board. There are stringent regulations governing the maintenance and safety standards of assets in various sectors, such as manufacturing, healthcare, and transportation. Strategic Asset Management solutions play a pivotal role in ensuring that companies adhere to these regulations by providing documentation, tracking, and reporting capabilities that demonstrate compliance.

Strategic Asset Management solutions providers have responded to these evolving needs by offering a range of features designed to streamline asset tracking, monitoring, and maintenance. These features include real-time asset tracking, which allows businesses to pinpoint the location of assets at any given moment, making inventory management and asset utilization optimization more efficient. Remote monitoring capabilities enable companies to oversee assets in geographically dispersed locations, reducing the need for on-site inspections and enhancing overall operational efficiency.

Some leading companies operating in the global Strategic Asset Management market.

BlackRock Inc, Vanguard Group Inc, State Street Global Advisors, Fidelity Investments, PIMCO, Allianz Strategic Asset Management, T. Rowe Price Group Inc, Franklin Resources Inc, Capital Group, Invesco Ltd, J.P. Morgan Strategic Asset Management

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The global market is further segmented into type and application:

By Component Outlook

• Solution

• Real-Time Location System (RTLS)

• Barcode

• Mobile Computer

• Labels

• Global Positioning System (GPS)

• Others

• Service

• Strategic Strategic Asset Management

• Operational Strategic Asset Management

• Tactical Strategic Asset Management

By Asset Type Outlook

• Digital Assets

• Returnable Transport Assets

• In-transit Assets

• Manufacturing Assets

• Personnel/ Staff

By Application Outlook

• Infrastructure Strategic Asset Management

• Transportation

• Energy Infrastructure

• Water & Waste Infrastructure

• Critical Infrastructure

• Others

• Enterprise Strategic Asset Management

• Healthcare Strategic Asset Management

• Aviation Strategic Asset Management

• Others

Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.

• North America (U.S., Canada, Mexico)

• Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)

• Asia Pacific (China, India, Japan, South Korea, Rest of APAC)

• Latin America (Brazil, Rest of LATAM)

• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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The world gets more advanced each and every day due to technological advancements and new technological models. So there is a need to establish more advanced security models in order to tackle the upcoming technological advancements. The methods of password protection and centralized databases used in previous generations have proved to be low-security models. Hence, there is a need to update the previous generation of security models with more security features. One of the advanced security models provided by blockchain in identity management promises improved security, convenience, and privacy.

Great Alternative for a Paper-Based System:

The core reason to jump into blockchain-based identity management is to get relief from traditional paper-based systems. Blockchain identity management solution greatly helps users claim ID proofs in case they miss the original documents. People who miss their ID proofs have to undergo a serious procedural and complex process to gain new documents. For this process, they have to visit government offices, wait for hours in line, fill out forms, and submit them to the required officer. This probably costs the valuable time of users, and it is also associated with a large amount of paperwork. In such cases, people living away from the offices suffer a lot when claiming their new ID proofs. Blockchain identity management plays a major role in eliminating such issues. Government organizations can store the ID proofs on the blockchain, which is permanent and cannot be duplicated.

Enhancing the overall online user experience:

Normally, users entering a social media platform must enter passwords and OTPs to access their accounts. Blockchain identity management systems can store users' passcodes and fingerprints, which can be directly accessed by social media platforms for authentication purposes.

Faster verification process:

IDs stored in a blockchain identity management system can be used for a variety of purposes, like claiming driving licenses, passports, KYC verification for financial reasons, and other necessary warranties. This will significantly reduce users' time since completing the formalities for claiming ID proofs separately requires more time.

Security:

Blockchain identity management provides a hack-free zone for storing user's personal identifications. The decentralization nature of blockchain ensures security with high protocols, like cryptographic methods, where the possibility of hacking is completely low.

Self-Sovereign Identity:

Self-Sovereign Identity (SSI) is the concept that people can store their own identification data on their own devices. The quality of decentralization makes this approach possible since there are no intermediaries or third parties in a decentralization network to take control of the data. Decentralized Identifiers (DID) refer to the identities that are controlled by the respective identity owners on their own devices. Since these DIDs are decentralized, the chance of data theft or hacking is comparatively lower than in centralized networks.

Concluding thought:

From the dawn of technology until now, the world of security has remained questionable.  Even though many advancements have been made in modern security systems, there are still some loopholes for cracking such systems. In such cases, cutting-edge technology like blockchain has come forward to provide its service on identity management systems.  These blockchain-based identity management systems incorporate higher technical security measures than any other previous technology. The services offered by Blockchain Identity Management Solutions can be utilized in almost every field. In the future, blockchain-based identity management will be the top choice for companies due to its advanced security protocols