The Global Self-Sovereign Identity (SSI) Market size is expected to reach $119.6 billion by 2031, rising at a market growth of 81.9% CAGR during the forecast period.
The healthcare segment focuses on empowering patients to have greater control over their personal health information and identities. Therefore, the healthcare segment captured $97.3 million revenue in the market in 2023. Patients can securely manage and share their medical records, treatment history, and other health-related data using SSI platforms and technologies. SSI in the healthcare segment enables patients to manage consent for using and sharing their health information transparently and granularly.
With growing concerns about data breaches and privacy violations, individuals seek more control over their data. SSI empowers users to manage their identities and data directly, reducing reliance on centralized authorities and minimizing the risk of data exposure. Traditional identity systems are also vulnerable to various identity theft and fraud forms. Therefore, the rising awareness of data privacy catalyzes the growth of the market.
Additionally, as industries undergo digital transformation, there is a growing need for robust identity solutions to manage digital interactions securely. SSI offers a decentralized approach to identity management, aligning well with the principles of digital transformation by providing secure, privacy-preserving, and user-centric identity solutions. Thus, the growing digital transformation across industries creates opportunities for the adoption and integration of SSI solutions.
However, developing and deploying SSI solutions often requires significant upfront investment in research, development, and infrastructure. Organizations may hesitate to allocate resources to SSI projects, especially if they perceive the initial costs as prohibitive or if the return on investment is uncertain. Hence, the lack of investment and innovation hinders the growth of the market.
The healthcare segment focuses on empowering patients to have greater control over their personal health information and identities. Therefore, the healthcare segment captured $97.3 million revenue in the market in 2023. Patients can securely manage and share their medical records, treatment history, and other health-related data using SSI platforms and technologies. SSI in the healthcare segment enables patients to manage consent for using and sharing their health information transparently and granularly.
With growing concerns about data breaches and privacy violations, individuals seek more control over their data. SSI empowers users to manage their identities and data directly, reducing reliance on centralized authorities and minimizing the risk of data exposure. Traditional identity systems are also vulnerable to various identity theft and fraud forms. Therefore, the rising awareness of data privacy catalyzes the growth of the market.
Additionally, as industries undergo digital transformation, there is a growing need for robust identity solutions to manage digital interactions securely. SSI offers a decentralized approach to identity management, aligning well with the principles of digital transformation by providing secure, privacy-preserving, and user-centric identity solutions. Thus, the growing digital transformation across industries creates opportunities for the adoption and integration of SSI solutions.
However, developing and deploying SSI solutions often requires significant upfront investment in research, development, and infrastructure. Organizations may hesitate to allocate resources to SSI projects, especially if they perceive the initial costs as prohibitive or if the return on investment is uncertain. Hence, the lack of investment and innovation hinders the growth of the market.
Driving and Restraining Factors
Drivers- Rising awareness of data privacy
- Growing digital transformation across industries
- Increasing number of connected devices
- Cost considerations regarding investment and innovation
- Lack of awareness hampers potential growth
- Expansion in the e-commerce platforms
- Government's stringent data protection regulations
- Regulatory frameworks governing digital identity
- Significant concerns associated with security and privacy risks
Offering Outlook
Based on offering, the market is characterized into solution and services. The solution segment garnered 77.3% revenue share in the market in 2023. In an increasingly interconnected and data-driven world, solution segments enable individuals to assert greater control, privacy, and security over their digital identities.Network Outlook
By network, the market is fragmented into permissioned and permissionless. The permissionless segment procured 24.9% revenue share in the market in 2023. Permissionless SSI solutions are used in DeFi applications for identity verification, KYC (Know Your Customer) processes, and secure authentication.Identity Type Outlook
On the basis of identity type, the market is classified into biometrics and non-biometrics. The biometrics segment recorded 59.6% revenue share in the market in 2023. Biometrics are used for authentication, allowing individuals to securely access their digital identities and authenticate themselves across various applications and services.Organization Size Outlook
Based on organization size, the market is characterized into small & medium enterprises and large enterprises. The small & medium enterprises segment garnered 29.9% revenue share in the market in 2023. SMEs collaborate with other organizations, including startups, technology providers, and industry consortia, to develop and deploy SSI solutions tailored to their needs.
Vertical Outlook
On the basis of vertical, the market is classified into BFSI, IT & telecom, government, real estate & construction, healthcare & lifesciences, retail & consumer goods, media & entertainment, travel & hospitality, and others. The IT and telecom segment garnered 17.1% revenue share in the market in 2023. IT and ITeS segment specialize in blockchain development and integration services, including implementing SSI solutions on blockchain platforms like Ethereum, Hyperledger, and Sovrin.Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment garnered 39.5% revenue share in the market in 2023. The North America segment attracts significant investment and funding in SSI-related projects, startups, and initiatives.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
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- 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. Global Self-Sovereign Identity (SSI) Market by Offering
Chapter 5. Global Self-Sovereign Identity (SSI) Market by Network
Chapter 6. Global Self-Sovereign Identity (SSI) Market by Identity Type
Chapter 7. Global Self-Sovereign Identity (SSI) Market by Organization Size
Chapter 8. Global Self-Sovereign Identity (SSI) Market by Vertical
Chapter 9. Global Self-Sovereign Identity (SSI) Market by Region
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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