Global Self-Sovereign Identity (SSI) Market Size study, by Offering (Solutions, Services), by Identity Type (Non-Biometrics, Biometrics), by Network (Permissioned, Permissionless), by Organization Size (SMEs, Large Enterprises), by Vertical (BFSI, IT and

Global Self-Sovereign Identity (SSI) Market Size study, by Offering (Solutions, Services), by Identity Type (Non-Biometrics, Biometrics), by Network (Permissioned, Permissionless), by Organization Size (SMEs, Large Enterprises), by Vertical (BFSI, IT and ITeS, Telecom, Government, Real Estate & Construction, Healthcare, Retail and E-Commerce, Media & Entertainment, Travel & Hospitality, Other Verticals) and Regional Forecasts 2022-2032

The Global Self-Sovereign Identity (SSI) Market is valued at approximately USD 1.92 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 90.62% over the forecast period 2024-2032. The increasing prevalence of identity theft is compelling organizations to adopt self-sovereign identity (SSI) solutions for more robust authentication and identity protection, which are expected to be significant market drivers for the Self-Sovereign Identity (SSI) Market. SSI represents a revolutionary shift towards user-controlled digital identities, providing a decentralized approach to identity management that enhances security and privacy. Furthermore, collaborations between startups and academic institutions are addressing data privacy and security concerns, fostering technological advancements, and promoting a more inclusive approach to identity management. This trend is anticipated to drive demand for SSI solutions throughout the projection period.

The exponential growth of small and medium-sized enterprises (SMEs) and the increasing recognition of blockchain technology's potential are driving market growth. SMEs are spearheading SSI initiatives through innovative technologies and strategic partnerships, thereby transforming digital identity solutions. For instance, the Udyam Assist Platform (UAP) in India has registered over 400 million MSMEs, highlighting the sector's ongoing expansion and its impact on digital identity management. Moreover, the shift towards blockchain and decentralized systems underscores the demand for SSI platforms, providing improved security and empowering users with greater control over their data. This alignment marks a significant shift towards more robust, transparent, and user-centered identity management frameworks. The increasing adoption of SSI by SMEs and the strategic emphasis on blockchain technology are expected to propel the market's revenue growth significantly.

The key regions in the Global Self-Sovereign Identity (SSI) Market includes North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2023, North America is anticipated to dominate the SSI market due to high digital literacy and the increasing demand for secure identity solutions. The region's leadership is driven by high demand for precision and safety in surgical procedures, coupled with stringent regulatory standards ensuring product quality. Strong research and development capabilities, alongside the presence of leading medical device manufacturers, further bolster market growth. Additionally, the increasing prevalence of chronic diseases and a growing focus on infection control contribute to North America's significant share in the SSI market, positioning it as a key player in the industry. Europe follows closely, with businesses and governments actively engaged in digital transformation efforts that include upgrading identity management systems. Furthermore, the Asia-Pacific region is expected to grow at the fastest CAGR, driven by rapid technology adoption and government initiatives promoting digitalization.

The key players in the Self-Sovereign Identity (SSI) Market include:

Microsoft

Ping Identity

IDEX Biometrics

NEC

Imageware

Dock

Metadium

Blockchain Helix

Validated ID

Wipro

The detailed segments and sub-segment of the market are explained below:

By Offering:

Solutions

Services

By Identity Type:

Non-Biometrics

Biometrics

By Network:

Permissioned

Permissionless

By Organization Size:

SMEs

Large Enterprises

By Vertical:

BFSI

IT and ITeS

Telecom

Government

Real Estate & Construction

Healthcare

Retail and E-Commerce

Media & Entertainment

Travel & Hospitality

Other Verticals

By Region:

North America:

U.S.

Canada

Europe:

UK

Germany

France

Spain

Italy

ROE

Asia Pacific:

China

India

Japan

Australia

South Korea

RoAPAC

Latin America:

Brazil

Mexico

Rest of Latin America

Middle East & Africa:

Saudi Arabia

South Africa

RoMEA

Years considered for the study are as follows:

Historical year – 2022

Base year – 2023

Forecast period – 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.

Annualized revenues and regional level analysis for each market segment.

Detailed analysis of geographical landscape with Country level analysis of major regions.

Competitive landscape with information on major players in the market.

Analysis of key business strategies and recommendations on future market approach.

Analysis of competitive structure of the market.

Demand side and supply side analysis of the market.

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