Self-Sovereign Identity (SSI) Market

Self-Sovereign Identity (SSI) Market Size & Share - Future Growth Expectations

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. The expansion of self-sovereign identity is propelled by its critical role in revolutionizing healthcare data management and enhancing patient privacy and trust.

The self-sovereign identity (SSI) market is poised for substantial growth in the coming years, driven by several key factors:

  • Increasing Concerns About Data Privacy and Security
  • Shift Towards Decentralized Identity Models
  • Demand for Seamless and Frictionless Identity Verification
  • Regulatory Compliance and Data Protection Regulations
  • Rise of Digital Identity Initiatives and Government Programs

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Increasing Concerns About Data Privacy and Security:

  • With growing concerns about data breaches, identity theft, and unauthorized access to personal information, individuals and organizations are seeking more secure and privacy-enhancing solutions for identity management.
  • SSI solutions offer greater control and ownership of personal data, reducing the risk of data breaches and enhancing trust in digital transactions.

Shift Towards Decentralized Identity Models:

  • Traditional identity management systems are often centralized, relying on trusted third parties to verify and authenticate identities. However, centralized systems are vulnerable to single points of failure and data breaches.
  • SSI solutions leverage decentralized technologies such as blockchain and distributed ledger technology (DLT) to enable individuals to manage their digital identities independently, reducing reliance on centralized authorities and improving security and resilience.

Demand for Seamless and Frictionless Identity Verification:

  • In today's digital economy, individuals encounter numerous identity verification processes when accessing online services, applying for financial products, or completing transactions.
  • However, traditional identity verification methods are often cumbersome, time-consuming, and prone to fraud. SSI solutions offer a more seamless and frictionless approach to identity verification, enabling individuals to securely share verifiable credentials with service providers in a self-sovereign manner, reducing friction and enhancing user experience.

Regulatory Compliance and Data Protection Regulations:

  • Regulatory compliance requirements, such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the United States, are driving organizations to adopt more privacy-enhancing identity management solutions.
  • SSI solutions align with principles of data minimization, user consent, and privacy by design, helping organizations comply with data protection regulations and mitigate the risk of regulatory fines and penalties.

Rise of Digital Identity Initiatives and Government Programs:

  • Governments and industry consortia are increasingly exploring digital identity initiatives and standards to address identity-related challenges such as identity fraud, financial inclusion, and access to public services.
  • SSI solutions offer a promising approach to digital identity management, enabling governments to empower citizens with greater control over their personal data and streamline identity verification processes across public and private sector applications.

Self-Sovereign Identity (SSI) Market Share - Global Industry Landscape

The self-sovereign identity (SSI) market is characterized by the presence of several key players competing for market share. Some of the leading companies in the self-sovereign identity (SSI)  industry include:

  • Affinidi (Singapore)
  • Procivis (Switzerland)
  • Civic (US)
  • Gataca (Spain),
  • Polygon Labs (Indonesia)

These companies represent a diverse range of players in the Self-Sovereign Identity (SSI) market, each offering innovative solutions for decentralized identity management tailored to the needs of individuals, governments, and organizations across different industries and geographies.

Affinidi (Singapore):

  • Market Share: Affinidi is a notable player in the SSI market, providing solutions for decentralized identity management.
  • Key Offering: Affinidi offers a range of SSI solutions that enable individuals to create, control, and share their digital identities securely. Their offerings include verifiable credential issuance, decentralized identity wallets, and interoperable identity protocols, empowering users to manage their identities across different platforms and applications.

Procivis (Switzerland):

  • Market Share: Procivis is a prominent player in the SSI market, offering decentralized identity solutions with a focus on government and public sector applications.
  • Key Offering: Procivis provides SSI solutions tailored for governments and public sector organizations, including digital identity platforms, e-government services, and citizen engagement tools. Their offerings enable governments to digitize identity documents, streamline public services delivery, and enhance citizen trust and participation in digital governance.

Civic (US):

  • Market Share: Civic is a leading provider of decentralized identity solutions, known for its identity verification and authentication services.
  • Key Offering: Civic offers a decentralized identity platform that enables individuals to control and share their verified identity information securely. Their offerings include identity verification services, decentralized identity wallets, and identity theft protection features, empowering users to protect their identities and control access to their personal information.

Gataca (Spain):

  • Market Share: Gataca is a player in the SSI market, offering solutions for secure and privacy-enhanced digital identity management.
  • Key Offering: Gataca provides SSI solutions that leverage biometric authentication, cryptographic security, and decentralized identity protocols to enable secure and user-centric identity management. Their offerings include biometric identity verification services, decentralized identity wallets, and identity authentication solutions for various industries, including finance, healthcare, and government.

Polygon Labs (Indonesia):

  • Market Share: Polygon Labs is a player in the SSI market, providing decentralized identity solutions tailored for the Indonesian market.
  • Key Offering: Polygon Labs offers SSI solutions designed to address the unique identity management challenges in Indonesia, including identity verification, financial inclusion, and access to government services. Their offerings include digital identity platforms, decentralized identity wallets, and identity verification services, enabling individuals to access digital services securely and participate in the digital economy.

Related Reports:

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

Self-Sovereign Identity (SSI) Market Size,  Share & Growth Report
Report Code
TC 8998
RI Published ON
4/5/2024
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