Self-Sovereign Identity Market by Type (Services, Solutions), Identity Type (Biometrics, Non-Biometrics), Deployment, Organization Size, End-user Vertical - Global Forecast 2024-2030

Self-Sovereign Identity Market by Type (Services, Solutions), Identity Type (Biometrics, Non-Biometrics), Deployment, Organization Size, End-user Vertical - Global Forecast 2024-2030

The Self-Sovereign Identity Market size was estimated at USD 1.40 billion in 2023 and expected to reach USD 2.07 billion in 2024, at a CAGR 48.98% to reach USD 22.81 billion by 2030.

Self-Sovereign Identity (SSI) refers to a digital approach to identity management where an individual or entity has complete control over their own identity data. In this model, the user, rather than any central authority, manages their personal information themselves. This means one can securely store their identity information on their own devices and share it selectively, without the need to rely on a centralized repository or a third-party provider. Growing awareness about data protection is leading people to seek more secure alternatives for managing their personal information. Moreover, government initiatives across the economies are pushing organizations to adopt more secure and compliant ways of handling identity verification. However, the underlying technology of SSI, particularly blockchain, can be complex for organizations to implement and maintain. There is a need for standardization across different SSI systems to ensure they can interact with each other seamlessly. Furthermore, innovations in blockchain and cryptography are enhancing the security and efficiency of SSI solutions.

Regional Insights

The American region shows significant interest in SSI, which is driven by increasing concerns around data privacy and large-scale data breaches. Research into decentralized identity solutions is robust and supported by both governmental bodies, including the Department of Homeland Security, and private enterprises. Silicon Valley startups and major tech companies are pursuing SSI solutions, emphasizing their applications in finance, healthcare, and public services. The EU leads in regulatory frameworks complementing SSI's growth, primarily driven by GDPR (General Data Protection Regulation). Several EU countries are actively investing in SSI pilots and legislation, with a focus on enhancing consumer privacy and data portability. Countries such as the UAE are spearheading the adoption of blockchain technologies, including SSI. Dubai's blockchain strategy aims to establish an advanced, innovative model of emirate-wide digital identity. In the APAC, China is emphasizing largely developing a central state-controlled digital ID system rather than promoting SSI. However, there's burgeoning research and development focusing on integrating blockchain technologies within national digital identity systems. Japan is accelerating its adoption of SSI, with several enterprises exploring blockchain-based identity management systems. The Japanese government supports SSI to improve both citizen privacy and service efficiency.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Self-Sovereign Identity Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Shifting businesses toward digitization and increasing demand for user-controlled online identity verification
• Supportive regulatory initiatives for safe data access
• High penetration in banking and financial sector

Market Restraints

• Limited standardization in self-sovereign identity systems

Market Opportunities

• Increased investment in SSI start-ups
• Continuous improvements and innovations in blockchain technology to enhance scalability and efficiency of SSI

Market Challenges

• Complexity in operation & management coupled with user experience issues

Market Segmentation Analysis

• Identity Type: Growing preference for biometrics solutions due to authentication accuracy and extensive security
• End-user Vertical: Increasing utilization by healthcare sector for protecting sensitive medical records

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Self-Sovereign Identity Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Self-Sovereign Identity Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Bhutan Advances Digital Sovereignty with Launch of National Self-Sovereign Digital ID

In a significant leap toward enhancing digital sovereignty and ensuring greater privacy protections for its citizens, Bhutan is set to introduce a national Self-Sovereign Identity (SSI) system. This innovative digital ID framework empowers Bhutanese citizens to control their personal data while interacting seamlessly with public and private services.

Truvity Unveils Innovative Self-Sovereign Identity Platform to Revolutionize Digital Identity Management

Truvity, with the announcement of its new product, is a robust platform equipped with SDK and API designed for developers aiming to leverage Self-Sovereign Identity (SSI) technology. With a Euro 8 million investment, Truvity aims to simplify and secure the process of identity verification and management through its comprehensive toolkit. This toolkit enables the creation of a digital identity ecosystem where individuals and companies have complete control over their data, housed in digital wallets containing reusable and verifiable credentials such as personal identification details, educational qualifications, and business directorships, compliant with EU regulations, including eIDAS 2.0.

Tech Mahindra Partners with EarthID for a Secure, Decentralized Platform

Tech Mahindra has announced a strategic collaboration with EarthID, a leading decentralized identity management platform. This partnership aims to develop a Self-Sovereign Identity (SSI) powered Metaverse platform designed to enhance user control over personal data while ensuring privacy and security in online interactions. This initiative addresses emerging challenges prevalent in the nascent Metaverse, similar to early internet issues, by preventing identity theft and unauthorized data access issues that can lead to substantial legal and financial repercussions.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Self-Sovereign Identity Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Self-Sovereign Identity Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, Accredify Pte. Ltd., Adobe Inc., Amazon Web Services, Inc., Atos SE, Civic Technologies, Inc., Dock Labs AG, EarthID Technology Ltd., Evernym, Inc. by Gen Digital Inc., Fractal ID, Galxe, Infopulse, International Business Machines Corporation, Microsoft Corporation, Okta, Inc., Oracle Corporation, Polygon ID, Robert Bosch GmbH, SAP SE, Sentrycard Technologies Inc., Soulverse Inc., Trinsic Technologies Inc., Truvity B.V., and uPort technologies.

Market Segmentation & Coverage

This research report categorizes the Self-Sovereign Identity Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type

• Services
• Solutions
• Decentralized Identifiers (DIDs)
• Wallets for Identity Information
• Identity Type
  • Biometrics
  • Non-Biometrics
  • Deployment
  • Cloud-based
  • On-premises
  • Organization Size
  • Large Enterprises
  • Small and Medium Enterprises (SMEs)
  • End-user Vertical
  • BFSI
  • Construction
  • Government
  • Healthcare
  • IT & Telecommunications
  • Media & Entertainment
  Region
  • Americas
  • Argentina
  • Brazil
  • Canada
  • Mexico
  • United States
  • California
  • Florida
  • Illinois
  • New York
  • Ohio
  • Pennsylvania
  • Texas
  • Asia-Pacific
  • Australia
  • China
  • India
  • Indonesia
  • Japan
  • Malaysia
  • Philippines
  • Singapore
  • South Korea
  • Taiwan
  • Thailand
  • Vietnam
  • Europe, Middle East & Africa
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Israel
  • Italy
  • Netherlands
  • Nigeria
  • Norway
  • Poland
  • Qatar
  • Russia
  • Saudi Arabia
  • South Africa
  • Spain
  • Sweden
  • Switzerland
  • Turkey
  • United Arab Emirates
  • United Kingdom
  
  
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