Global Self-Sovereign Identity Market Size, Share & Trends Analysis Report By Offering, By Network, By Identity Type, By Organization Size, By Vertical, By Regional Outlook and Forecast, 2024 - 2031
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.
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
Global Self-Sovereign Identity (SSI) Market Report Segmentation
By Offering
Solution
Services
By Network
Permissioned
Permissionless
By Identity Type
Biometrics
Non-Biometrics
By Organization Size
Large Enterprises
Small & Medium Enterprises
By Vertical
BFSI
Government
Media & Entertainment
Healthcare & Lifesciences
Travel & Hospitality
Real Estate & Construction
Retail & Consumer Goods
Telecom & IT
Others
By Geography
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
Singapore
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
1.1Market Definition
1.2Objectives
1.3Market Scope
1.4Segmentation
1.4.1Global Self-Sovereign Identity (SSI) Market, by Offering
1.4.2Global Self-Sovereign Identity (SSI) Market, by Network
1.4.3Global Self-Sovereign Identity (SSI) Market, by Identity Type
1.4.4Global Self-Sovereign Identity (SSI) Market, by Organization Size
1.4.5Global Self-Sovereign Identity (SSI) Market, by Vertical
1.4.6Global Self-Sovereign Identity (SSI) Market, by Geography
1.5Methodology for the research
Chapter 2.Market at a Glance
2.1Key Highlights
Chapter 3.Market Overview
3.1Introduction
3.1.1Overview
3.1.1.1Market Composition and Scenario
3.2Key Factors Impacting the Market
3.2.1Market Drivers
3.2.2Market Restraints
3.2.3Market Opportunities
3.2.4Market Challenges
3.3Porter's Five Forces Analysis
Chapter 4.Global Self-Sovereign Identity (SSI) Market by Offering
4.1Global Solution Market by Region
4.2Global Services Market by Region
Chapter 5.Global Self-Sovereign Identity (SSI) Market by Network
5.1Global Permissioned Market by Region
5.2Global Permissionless Market by Region
Chapter 6.Global Self-Sovereign Identity (SSI) Market by Identity Type
6.1Global Biometrics Market by Region
6.2Global Non-Biometrics Market by Region
Chapter 7.Global Self-Sovereign Identity (SSI) Market by Organization Size
7.1Global Large Enterprises Market by Region
7.2Global Small & Medium Enterprises Market by Region
Chapter 8.Global Self-Sovereign Identity (SSI) Market by Vertical
8.1Global BFSI Market by Region
8.2Global Government Market by Region
8.3Global Media & Entertainment Market by Region
8.4Global Healthcare & Lifesciences Market by Region
8.5Global Travel & Hospitality Market by Region
8.6Global Real Estate & Construction Market by Region
8.7Global Retail & Consumer Goods Market by Region
8.8Global Telecom & IT Market by Region
8.9Global Others Market by Region
Chapter 9.Global Self-Sovereign Identity (SSI) Market by Region
9.1North America Self-Sovereign Identity (SSI) Market
9.1.1North America Self-Sovereign Identity (SSI) Market by Offering
9.1.1.1North America Solution Market by Region
9.1.1.2North America Services Market by Region
9.1.2North America Self-Sovereign Identity (SSI) Market by Network
9.1.2.1North America Permissioned Market by Country
9.1.2.2North America Permissionless Market by Country
9.1.3North America Self-Sovereign Identity (SSI) Market by Identity Type
9.1.3.1North America Biometrics Market by Country
9.1.3.2North America Non-Biometrics Market by Country
9.1.4North America Self-Sovereign Identity (SSI) Market by Organization Size
9.1.4.1North America Large Enterprises Market by Country
9.1.4.2North America Small & Medium Enterprises Market by Country
9.1.5North America Self-Sovereign Identity (SSI) Market by Vertical
9.1.5.1North America BFSI Market by Country
9.1.5.2North America Government Market by Country
9.1.5.3North America Media & Entertainment Market by Country
9.1.5.4North America Healthcare & Lifesciences Market by Country
9.1.5.5North America Travel & Hospitality Market by Country
9.1.5.6North America Real Estate & Construction Market by Country
9.1.5.7North America Retail & Consumer Goods Market by Country
9.1.5.8North America Telecom & IT Market by Country
9.1.5.9North America Others Market by Country
9.1.6North America Self-Sovereign Identity (SSI) Market by Country
9.1.6.1US Self-Sovereign Identity (SSI) Market
9.1.6.1.1US Self-Sovereign Identity (SSI) Market by Offering
9.1.6.1.2US Self-Sovereign Identity (SSI) Market by Network
9.1.6.1.3US Self-Sovereign Identity (SSI) Market by Identity Type
9.1.6.1.4US Self-Sovereign Identity (SSI) Market by Organization Size
9.1.6.1.5US Self-Sovereign Identity (SSI) Market by Vertical