The Latin America, Middle East and Africa Self-Sovereign Identity (SSI) Market would witness market growth of 86.2% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Self-Sovereign Identity (SSI) Market by Country in 2023 and would continue to be a dominant market till 2031; thereby, achieving a market value of $2,439.9 million by 2031. The Argentina market is showcasing a CAGR of 87.3% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 85.7% during (2024 - 2031).
The market faces some challenges. For example, integrating SSI solutions with existing systems and applications can be complex and costly, particularly for organizations with heterogeneous IT environments. Customization, data migration, and compatibility testing may entail additional expenses, leading some organizations to postpone or abandon SSI initiatives due to integration challenges.
Governments enact data protection and privacy regulations that influence the design and implementation of SSI systems. Governments often lead the adoption of SSI solutions by implementing them in various public sector applications, such as citizen services, healthcare, taxation, and voting systems. By showcasing the benefits of SSI in government services, authorities encourage broader adoption across other sectors, driving market growth.
The LAMEA region is experiencing rapid urbanization and population growth, driving the expansion of healthcare infrastructure and the modernization of healthcare facilities. SMEs offering digital health record solutions can partner with healthcare providers, hospitals, and clinics to digitize patient records, streamline administrative processes, and improve the quality of care. Thus, the increasing government spending on the IoT sector and rapid expansion of keeping patient records digitally is driving the growth and development of the market.
Based on Offering, the market is segmented into Solution and Services. Based on Network, the market is segmented into Permissioned and Permissionless. Based on Identity Type, the market is segmented into Biometrics and Non-Biometrics. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Vertical, the market is segmented into BFSI, Government, Media & Entertainment, Healthcare & Lifesciences, Travel & Hospitality, Real Estate & Construction, Retail & Consumer Goods, Telecom & IT, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The Brazil market dominated the LAMEA Self-Sovereign Identity (SSI) Market by Country in 2023 and would continue to be a dominant market till 2031; thereby, achieving a market value of $2,439.9 million by 2031. The Argentina market is showcasing a CAGR of 87.3% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 85.7% during (2024 - 2031).
The market faces some challenges. For example, integrating SSI solutions with existing systems and applications can be complex and costly, particularly for organizations with heterogeneous IT environments. Customization, data migration, and compatibility testing may entail additional expenses, leading some organizations to postpone or abandon SSI initiatives due to integration challenges.
Governments enact data protection and privacy regulations that influence the design and implementation of SSI systems. Governments often lead the adoption of SSI solutions by implementing them in various public sector applications, such as citizen services, healthcare, taxation, and voting systems. By showcasing the benefits of SSI in government services, authorities encourage broader adoption across other sectors, driving market growth.
The LAMEA region is experiencing rapid urbanization and population growth, driving the expansion of healthcare infrastructure and the modernization of healthcare facilities. SMEs offering digital health record solutions can partner with healthcare providers, hospitals, and clinics to digitize patient records, streamline administrative processes, and improve the quality of care. Thus, the increasing government spending on the IoT sector and rapid expansion of keeping patient records digitally is driving the growth and development of the market.
Based on Offering, the market is segmented into Solution and Services. Based on Network, the market is segmented into Permissioned and Permissionless. Based on Identity Type, the market is segmented into Biometrics and Non-Biometrics. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Vertical, the market is segmented into BFSI, Government, Media & Entertainment, Healthcare & Lifesciences, Travel & Hospitality, Real Estate & Construction, Retail & Consumer Goods, Telecom & IT, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
List of Key Companies Profiled
- Microsoft Corporation
- Ping Identity Holding Corp. (Thoma Bravo, L.P.)
- IDEX Biometrics ASA
- NEC Corporation
- Validated ID, SL
- Wipro Limited
- Persistent Systems Limited
- Trinsic Inc.
- Soulverse Inc.
- Vereign AG
Market Report Segmentation
By Offering- Solution
- Services
- Permissioned
- Permissionless
- Biometrics
- Non-Biometrics
- Large Enterprises
- Small & Medium Enterprises
- BFSI
- Government
- Media & Entertainment
- Healthcare & Lifesciences
- Travel & Hospitality
- Real Estate & Construction
- Retail & Consumer Goods
- Telecom & IT
- Others
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. LAMEA Self-Sovereign Identity (SSI) Market by Offering
Chapter 5. LAMEA Self-Sovereign Identity (SSI) Market by Network
Chapter 6. LAMEA Self-Sovereign Identity (SSI) Market by Identity Type
Chapter 7. LAMEA Self-Sovereign Identity (SSI) Market by Organization Size
Chapter 8. LAMEA Self-Sovereign Identity (SSI) Market by Vertical
Chapter 9. LAMEA Self-Sovereign Identity (SSI) Market by Country
Chapter 10. Company Profiles
Companies Mentioned
- Microsoft Corporation
- Ping Identity Holding Corp. (Thoma Bravo, L.P.)
- IDEX Biometrics ASA
- NEC Corporation
- Validated ID, SL
- Wipro Limited
- Persistent Systems Limited
- Trinsic Inc.
- Soulverse Inc.
- Vereign AG
Methodology
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