Self-Sovereign Identity (SSI) Market Size, Share, Growth Report, 2024-2032
Self-Sovereign Identity (SSI) Market Size, Share, Growth Report, 2024-2032

Self-Sovereign Identity (SSI) Market Share, Size, Trends, Industry Analysis Report, By Offering (Solutions, Services); By Identity Type; By Network; By Organization Size; By Vertical; By Region; Segment Forecast, 2024 - 2032

  • Published Date:Jun-2024
  • Pages: 118
  • Format: PDF
  • Report ID: PM4965
  • Base Year: 2023
  • Historical Data: 2019-2022

Report Outlook

Self-Sovereign Identity (SSI) Market size was valued at USD 951.36 million in 2023. The market is anticipated to grow from USD 1636.35 million in 2024 to USD 2,75,329.94 million by 2032, exhibiting the CAGR of 89.8% during the forecast period.

Market Overview

Rising identity theft cases in the world and increasing data misuse cases are revealing the importance of stringent regulations on data privacy. These self-sovereign identity technologies give the user the power the power to safeguard their identity from scammers by utilizing blockchain technology without the involvement of central agencies. The growing development of convenient and easy-to-manage self-sovereign identity technology for end users is likely to drive market growth in the coming years. In addition, rising law enforcement on data privacy is anticipated to provide significant demand for self-sovereign identity over the forecast period.

  • For instance, in November 2023, Switzerland introduced a new state-managed nation's digital identity. The adoption of this ID is expected to start in early 2026. This is the outcome after the Swiss Federal Council launched a new E-ID Act law.

Self-Sovereign Identity (SSI) Market

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Moreover, the ongoing technology emergence and deep fake incidents are increasing concerns about data safety. As per a report by a report by computer security company McAfee released in April 2024, over 75% of Indians noticed deep fake content, while 38% of people encountered deep fake scams in the past year in India. This is making people increase their data privacy measures, creating demand for the self-sovereign identity market in the next few years.

Growth Drivers

Growing Countries Efforts to Protect Data Privacy

The rising number of data breaches and security threats in the world is significantly enforcing agencies to implement efficient security standards. This trend is promptly fueling the growth of the self-sovereign identity market, driven by its capability to provide power in revealing their data with the integration of blockchain technology. The growing number of data leakage cases is forcing governments to adopt self-sovereign identity technology for their citizens. For instance, in February 2024, Luxembourg announced its plan to adopt a digital wallet temporarily until the launch of Europe’s uniform self-sovereign identity. As more countries realize the necessity of utilize self-sufficiency, there will be huge potential for market growth during the study period.

Growing Innovations in the Self-Sovereign Identity

The increasing research studies exploring the development of self-sovereign identity technology and the growing demand for data privacy tools are anticipated to boost market expansion. For instance, in December 2023, the Cardano Foundation announced the launch of a W3C-compatible mobile wallet for the management of self-sovereign identity among Cardano and other blockchain technologies.

Furthermore, the growing collaboration agreements to introduce efficient security solutions are anticipated to fuel innovations in the self-sufficiency identity market. For instance, in December 2023, Safe, in collaboration with Web3Auth, announced the launch of an onboarding software, SafeAuth, which enables users to quickly develop safe smart account wallets.

Restraining Factors

The Limited Availability of Proficient People Is Likely to Impede Market Growth

The lower number of people with knowledge about blockchain technology is expected to cause huge problems in the marketplace. This is expected to limit research innovations and, thereby, developments in self-sovereign identity technology in the next few years. Furthermore, the lesser awareness about the self-sovereign identity and its adoption is likely to limit market expansion.

Self-Sovereign Identity (SSI) Market Info

Report Segmentation

The market is primarily segmented based on offering, identity type, network, organization size, vertical, and region.

By Offering

By Identity Type

By Network

By Organization Size

By Vertical

By Region

  • Solutions
  • Services

 

  • Non-Biometrics
  • Biometrics

 

 

  • Permissioned
  • Permissionless

 

 

  • SMEs
  • Large Enterprises
  • BFSI
  • IT and ITeS
  • Telecom
  • Government
  • Real Estate & Construction
  • Healthcare
  • Retail and E-Commerce
  • Media & Entertainment
  • Travel & Hospitality
  • Other Verticals
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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By Offering Analysis

Solutions Segment Is Expected to Witness the Highest Growth during the Forecast Period

The solutions segment is projected to grow at a CAGR during the projected period, mainly driven by the growing demand for self-sovereign identity due to the increasing number of data breaches in the world. The effectiveness of self-sovereign solutions is lowering the adoption of services, contributing to the increasing integration of solutions in the marketplace. Additionally, the higher security and data privacy associated with self-sovereign solutions is further boosting their adoption.

By Identity Type Analysis

Biometrics Segment Accounted For the Largest Market Share in 2023

The biometrics segment accounted for the largest market share in 2023 and is likely to retain its market position throughout the forecast period. This is due to the increased security and availability of higher power in handling user data privacy with biometrics integration, which is boosting its adoption among the population. Facial recognition, finger prints, and iris scans have unique characteristics among humans. This is providing additional security to the people, driving biometrics utility.

By Network Analysis

Permissionless Segment Held the Significant Market Revenue Share in 2023

The permissionless segment held a significant market share in revenue in 2023, which was highly accelerated due to the increased security. The potential to develop self-sovereign technology without the need for any approvals from government entities is further driving the self-sovereign identity market over the study period. This removes decentralization along with intermediaries, which in a way limits the chances of data leakage, increases data security, and makes a compatible option for the permissionless self-sovereign identity in the marketplace.

Self-Sovereign Identity (SSI) Market Seg

Regional Insights

North America Region Registered the Largest Share of the Global Market in 2023

The North America region held the dominant share in 2023. This is mainly attributable to the presence of established countries with strong information technology and infrastructure. The increasing countries policies to promote data security and reduce data breaches are optimally stimulating the self-sovereign identity market penetration. For instance, in February 2024, the Virginia Innovation Partnership Corporation gave the Commonwealth Commercialization Fund of USD 100,000 to the Old Dominion University to boost the advancements in self-sovereign identity management in 5G-based medical devices. Additionally, in May 2024, Microstrategy unveiled its plan to introduce a decentralized identity solution for bitcoin.

The Asia Pacific region is expected to be the fastest growing region with a healthy CAGR during the projected period, owing to the growing research activities in self-sovereign identity. The rising number of companies focusing on developing efficient data protection measures, specifically in India and China, is propelling significant innovations in the region. For instance, in December 2023, Zetrix, a China-based company, and Beitou announced the launch of driver licenses and digital IDs on blockchain by integrating self-sovereign identity.

Europe is projected to register significant growth in the coming years driven by increasing efforts to enhance cyber security and limit crimes in the region. For instance, in March 2024, GMV joined forces with in the Strategic Initiative for Innovative Public Procurement (IECPI) project started by Spanish National Cyber Security institute with the investment of EUR 224 million. As a part of this it is starting to develop self-sovereign identity solutions and cyber security operation facility for space. These developments are anticipated to drive self sovereign identity adoption in the coming years.

Self-Sovereign Identity (SSI) Market Reg

Key Market Players & Competitive Insights

Strategic Partnerships to Drive the Competition

The self-sovereign identity (SSI) market is fragmented and is anticipated to witness competition due to several players' presence. Key companies in the world are focusing on developing efficient self-sovereign identity technology with user-friendly interfaces through collaborations and partnerships. For instance, in May 2023, Tech Mahindra entered into a partnership agreement with EarthID to create plans for a self sovereign identity powered metaverse.

Some of the major players operating in the global market include:

  • 1Kosmos (US)
  • Accumulate (US)
  • Affinidi (Singapore)
  • Blockchain Helix (Germany)
  • cheqd (England)
  • Civic (US)
  • Dock (Switzerland)
  • Finema (Thailand)
  • Fractal ID (Germany)
  • Gataca (Spain)
  • IDEX Biometrics (Norway)
  • Imageware (US)
  • Infopulse (Poland)
  • Kaleido (US)
  • Metadium (Cayman Islands)
  • Midy (US)

Recent Developments in the Industry

  • In November 2023, Energy Web announced that it has entered into a partnership framework with a European-based energy company, Elia Group, to innovate a digital identity app that incorporates an efficient data exchange system between heat pumps and electric vehicles.

Report Coverage

The self-sovereign identity (SSI) market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.

The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, offering, identity type, network, organization size, vertical, and their futuristic growth opportunities.

Self-Sovereign Identity (SSI) Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 1636.35 million

Revenue forecast in 2032

USD 2,75,329.94 million

CAGR

89.8% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments covered

  • By Offering
  • By Identity Type
  • By Network
  • By Organization Size
  • By Vertical
  • By Region

Regional scope

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Competitive Landscape

  • Self-Sovereign Identity (SSI) Market Share Analysis (2023)
  • Company Profiles/Industry participants profiling includes company overview, financial information, product/service benchmarking, and recent developments

Report Format

  • PDF + Excel

Customization

Report customization as per your requirements with respect to countries, region, and segmentation.

FAQ's

The global self-sovereign identity (SSI) market size is expected to reach USD 2,75,329.94 million by 2032

Key players in the market are 1Kosmos, Accumulate, Affinidi, Blockchain Helix, cheqd, Civic, Dock

North America contribute notably towards the global Self-Sovereign Identity (SSI) Market

Self-Sovereign Identity (SSI) Market Self-Sovereign Identity (SSI) Market

Self-Sovereign Identity (SSI) Market report covering key segments are offering, identity type, network, organization size, vertical, and region.