Self-Sovereign Identity (SSI) Market by Offering (Solutions and Services), Identity Type (Biometrics and Non-biometrics), Network, Organization Size, Vertical (BFSI, IT & ITES, and Healthcare) and Region - Global Forecast to 2029
[295 Pages Report] The global self-sovereign identity (SSI) market size is projected to grow from USD 1.8 billion in 2024 to USD 47.1 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 90.5% during the forecast period. Growing concerns over identity theft and deepfake fraud trends impacting countries like India, Bangladesh, and Pakistan underscore the urgent need for self-sovereign identity (SSI) solutions. SSI adoption offers crucial security enhancements and personal data control to mitigate cyber risks and safeguard digital identities.
Additionally, government initiatives promoting digital identity frameworks are pivotal in driving widespread SSI adoption, fostering innovation, and ensuring citizens have secure, portable digital identities, prioritizing privacy and security in public services transformation. These combined factors propel the expansion of SSI solutions across diverse sectors and regions.
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Self-Sovereign Identity Market Dynamics
Driver: SMEs driving innovation in self-sovereign identity (SSI)
Small and medium-sized enterprises (SMEs) are at the forefront of driving self-sovereign identity (SSI) initiatives through innovative technologies and strategic partnerships, advancing digital identity solutions. These initiatives provide tailored, secure identity management solutions for diverse business needs. For example, Alliance Block's Nexerald platform, endorsed by global consortiums like the World Wide Web Consortium, enables seamless onboarding to Web3 environments while maintaining industry standard compliance. Additionally, Truvity's funding underscores the crucial role of SMEs in developing SSI toolkits, facilitating the establishment of robust digital identity ecosystems. Collaborations between startups and academic institutions address data privacy and security concerns, promoting technological advancement and fostering a more inclusive approach to identity management. As SME-driven initiatives evolve, they are poised to shape the future of self-sovereign identity, empowering individuals with greater control over their digital identities.
Restraint: Legal uncertainty about cloud SSI adoption
Regulatory ambiguity hinders the widespread adoption of self-sovereign identity (SSI) systems due to the absence of clear frameworks and guidelines from governments and regulators. To achieve broad acceptance, regulatory bodies must establish transparent rules addressing data protection, identity verification, and financial compliance in DI. Legal recognition is crucial for the credibility and acceptance of DI, and stringent laws are needed to govern the handling of personal data within DI systems, ensuring individuals maintain control and provide informed consent.
Opportunity: Governments Embrace SSI for Digital Identity
Governments worldwide acknowledge Self-Sovereign Identity's (SSI) transformative potential in modernizing digital identity management systems. Finland's 3 million euro grant to Findynet Cooperative supports establishing a secure SSI network for electronic transactions with a strong emphasis on privacy protection. Similarly, Bhutan has implemented blockchain-based digital IDs to provide citizens with decentralized identity solutions. These initiatives underscore the potential of SSI to reshape digital identities and build trust in online transactions globally. By adopting SSI, governments aim to empower citizens with enhanced control over their data and facilitate seamless access to public and private sector services.
Challenge: Technical complication
Technical complexity presents a formidable challenge to expanding self-sovereign identity (SSI) systems. The intricate nature of SSI solutions, involving cryptographic principles, decentralized architectures, and interoperability protocols, poses significant hurdles for developers and end-users. Implementing robust SSI infrastructures demands expertise in blockchain technology, cryptography, and secure data management. The complexity of these systems may deter organizations lacking specialized technical skills or resources from adopting SSI solutions. Furthermore, ensuring seamless interoperability among diverse SSI platforms adds to the challenge. Standardizing protocols and formats across systems is essential to facilitate interoperability, but achieving consensus on technical standards remains formidable. Addressing technical complexity requires collaborative efforts from industry stakeholders to streamline development processes, improve user interfaces, and advance SSI technologies for enhanced privacy, security, and user-centric control in the digital realm.
Self-Sovereign Identity Market Ecosystem
By vertical, healthcare is expected to grow at the highest CAGR during the forecast period.
The healthcare segment is experiencing the fastest growth in the SSI market due to the transformative impact of SSI on patient data management and access to healthcare services. SSI empowers patients by granting control over their health records, ensuring seamless access to providers regardless of location or specialty. It eliminates risks associated with missing or poorly documented records, enhancing patient safety and reducing liabilities for healthcare professionals. SSI also provides a secure way to manage patient data, consolidating scattered information into unified digital credentials like insurance cards and medical histories. By leveraging SSI-enabled mobile apps, patients can securely identify themselves, sign documents, and disclose data selectively, eliminating third-party processing and prioritizing privacy. This patient-centric approach promises to revolutionize clinical research and patient care practices, driving rapid adoption of SSI in healthcare.
By network, the permissionless is expected to grow at the highest CAGR during the forecast period.
The permissionless network is poised to experience rapid growth, driven by its dynamic and decentralized nature within the self-sovereign identity market. Unlike permissioned networks, permissionless architectures operate without restrictions, enabling unrestricted participation and interaction. This inclusive environment fosters innovation and accessibility, empowering individuals and organizations to engage in the SSI ecosystem freely. For instance, platforms like Ethereum and Algorand showcase the scalability and efficiency of permissionless setups, leveraging smart contracts for verifiable credential issuance and authentication. This unrestricted approach resonates with the ethos of SSI, driving the fastest growth in the market toward a decentralized and accessible future.
By region, North America accounts for the highest market size during the forecast period.
North America is expected to hold the largest market share in the SSI market due to its unique blend of factors driving demand. Identity theft is a significant concern in the region, prompting individuals and businesses to seek effective solutions like SSI that can mitigate fraud risks by decentralizing data storage. Additionally, North America shares data privacy concerns similar to those of Europe, creating a solid market demand for SSI solutions that empower users with data control. The region's stringent regulatory landscape, including requirements like KYC and AML, further accelerates adoption as SSI offers streamlined compliance processes. Moreover, the involvement of major tech players and a thriving startup ecosystem contributes to developing and adopting innovative SSI technologies, solidifying North America's leadership position in the self-sovereign identity market.
Key Market Players
The key players in the self-sovereign identity market are Microsoft (US), Ping Identity (US), IDEX Biometrics (Norway), NEC (Japan), Imageware (US), Dock (Switzerland), Metadium (Cayman Islands), Blockchain Helix (Germany), Validated ID (Spain), Wipro (India), Persistent (India), Infopulse (Poland), and others.
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The study categorizes the self-sovereign identity market by segments - offering, identity type, network, organization size, vertical, and region.
By Offering:
- Solutions
- Services
By Identity Type:
- Non-Biometrics
- Biometrics
By Network:
- Permissioned
- Permissionless
By Organization Size:
- SMEs
- Large Enterprises
Vertical:
- BFSI
- IT and ITeS
- Telecom
- Government
- Real Estate & Construction
- Healthcare
- Retail and E-Commerce
- Media & Entertainment
- Travel & Hospitality
- Other Verticals
By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Recent Developments
- In November 2023, Ping Identity partnered with ConnectID to simplify integration into existing systems and onboard new customers. The partnership aims to provide a cohesive solution for customers of all sizes, enhancing digital customer experiences and enabling secure online identity verification without unnecessary data sharing.
- In February 2023, Wipro Lab45, the innovation arm of Wipro, introduced DICE ID, a Decentralized Identity and Credential Exchange solution. Built on blockchain, it empowers users with control over personal data, facilitating secure sharing online through self-verifiable digital credentials.
- In October 2022, IDEX Biometrics and TrustSEC, a leading European provider of digital authentication solutions, partnered to bring biometric intelligent card solutions to the cybersecurity market. The partnership combines TrustSEC's smart card module with IDEX Biometrics' TrustedBio fingerprint sensor solution, targeting secure access for digital and cryptocurrency wallets and physical and logical access management.
- In May 2022, Microsoft introduced Microsoft Entra, a product family consisting of identity and access management solutions. It included Azure AD and introduced two new categories: Cloud Infrastructure Entitlement Management (CIEM) and Decentralized Identity. Entra was intended to safeguard user access to apps and resources, enabling security teams to manage permissions in multi-cloud environments and ensure end-to-end digital identity security.
Frequently Asked Questions (FAQ):
What are the opportunities in the global self-sovereign identity market?
Integrating blockchain-based SSI and zero-knowledge proofs (ZKPs), along with biometrics, amplifies secure, user-centric digital identity solutions, fostering growth and opportunities for the SSI market.
What is the definition of the self-sovereign identity market?
Self-sovereign identity (SSI) refers to a digital framework that emphasizes individual ownership and control over one's identity information, free from the oversight of centralized authorities. In an SSI system, individuals manage their identity credentials digitally, enabling them to selectively disclose relevant information to different parties without relying on intermediaries. This approach empowers users to assert their identities with greater autonomy and security, akin to physical interactions.
Which region is expected to show the highest market share in the self-sovereign identity market?
Europe is expected to account for the largest market share during the forecast period.
What are the major market players covered in the report?
Major vendors, namely, include Microsoft (US), Ping Identity (US), IDEX Biometrics (Norway), NEC (Japan), Imageware (US), Dock (Switzerland), Metadium (Cayman Islands), Blockchain Helix (Germany), Validated ID (Spain), Wipro (India), Persistent (India), and Infopulse (Poland).
What is the current size of the global self-sovereign identity market?
The global self-sovereign identity (SSI) market size is projected to grow from USD 1.8 billion in 2024 to USD 47.1 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 90.5% during the forecast period. .
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The study involved significant activities in estimating the current market size for the self-sovereign identity market. Exhaustive secondary research was done to collect information on the self-sovereign identity industry. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain using primary research. Different approaches, such as top-down and bottom-up, were employed to estimate the total market size. After that, the market breakup and data triangulation procedures were used to estimate the market size of the segments and subsegments of the self-sovereign identity market.
Secondary Research
The market for the companies offering self-sovereign identity solutions and services is arrived at by secondary data available through paid and unpaid sources, analyzing the product portfolios of the major companies in the ecosystem, and rating the companies by their performance and quality. Various sources were referred to in the secondary research process to identify and collect information for this study. The secondary sources include annual reports, press releases, investor presentations of companies, white papers, journals, certified publications, and articles from recognized authors, directories, and databases.
In the secondary research process, various secondary sources were referred to identify and collect information related to the study. Secondary sources included annual reports, press releases, and investor presentations of self-sovereign identity vendors, forums, certified publications, and whitepapers. The secondary research was used to obtain critical information on the industry's value chain, the total pool of key players, market classification, and segmentation from the market and technology-oriented perspectives.
Primary Research
In the primary research process, various supply and demand sources were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the self-sovereign identity market.
After the complete market engineering (calculations for market statistics, market breakdown, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. Primary research was also undertaken to identify the segmentation types, industry trends, competitive landscape of self-sovereign identity solutions offered by various market players, and fundamental market dynamics, such as drivers, restraints, opportunities, challenges, industry trends, and key player strategies.
In the complete market engineering process, the top-down and bottom-up approaches and several data triangulation methods were extensively used to perform the market estimation and market forecasting for the overall market segments and subsegments listed in this report. Extensive qualitative and quantitative analysis was performed on the complete market engineering process to list the key information/insights throughout the report.
Following is the breakup of the primary study:
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Market Size Estimation
Top-down and bottom-up approaches were used to estimate and validate the size of the global self-sovereign identity market and the size of various other dependent sub-segments in the overall self-sovereign identity market. The research methodology used to estimate the market size includes the following details: critical players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure included the study of the annual and financial reports of the top market players, and extensive interviews were conducted for key insights from the industry leaders, such as CEOs, VPs, directors, and marketing executives.
All percentage splits and breakdowns were determined using secondary sources and verified through primary sources. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data is consolidated and added to detailed inputs and analysis from MarketsandMarkets.
Infographic Depicting Bottom-Up And Top-Down Approaches
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Data Triangulation
The market was split into several segments and subsegments after arriving at the overall market size using the market size estimation processes explained above. The data triangulation and market breakup procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Market Definition
Self-sovereign identity (SSI) refers to a digital framework that emphasizes individual ownership and control over one's identity information, free from the oversight of centralized authorities. In an SSI system, individuals manage their identity credentials digitally, enabling them to selectively disclose relevant information to different parties without relying on intermediaries. This approach empowers users to assert their identities with greater autonomy and security, akin to physical interactions.
Key Stakeholders
- Government agencies
- Consulting firms
- Information Technology (IT) security agencies
- Raw material/Component suppliers
- Research organizations and consulting companies
- Government bodies, such as regulating authorities and policymakers
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Venture capitalists and private equity firms
- Chief technology and data officers
- SSI service professionals
- SSI foundations
- Business analysts
- Information Technology (IT) professionals
- Consultants/Consultancies/Advisory firms
Report Objectives
- To define, describe, and forecast the self-sovereign identity market based on - offering, identity type, network, organization size, vertical, and region.
- To define, describe, and forecast the self-sovereign identity market by – offering, identity type, network, organization size, vertical, and region.
- To forecast the market size of five main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America
- To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market.
- To provide detailed information on the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the self-sovereign identity market.
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the self-sovereign identity market.
- To profile the key players of the self-sovereign identity market and comprehensively analyze their market size and core competencies.
- Track and analyze competitive developments, such as new product launches, mergers and acquisitions, partnerships, agreements, and collaborations in the global self-sovereign identity market.
Customization Options
With the given market data, MarketsandMarkets offers customizations based on company-specific needs. The following customization options are available for the report:
Geographic Analysis
- Further breakup of the Asia Pacific market into countries contributing 75% to the regional market size
- Further breakup of the North American market into countries contributing 100% to the regional market size
- Further breakup of the Latin American market into countries contributing 75% to the regional market size
- Further breakup of the Middle Eastern and African market into countries contributing 75% to the regional market size
- Further breakup of the European market into countries contributing 75% to the regional market size
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Self-Sovereign Identity (SSI) Market