CHICAGO, April 18, 2024 /PRNewswire/ -- Self-Sovereign Identity (SSI) has a bright future ahead of it thanks to growing industry adoption, use cases that go beyond identity verification, and integration with cutting-edge technologies. The growth of the ecosystem and its worldwide reach will be fueled by cooperation, legal backing, and user-centric design, which will empower people and communities while guaranteeing security and privacy in digital identity management.

The global Self-Sovereign Identity (SSI) Market size is projected to grow from USD 1.8 billion in 2024 to USD 47.1 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 90.5% during the forecast period, according to a new report by MarketsandMarkets™. The increasing prevalence of identity theft is compelling organizations to adopt self-sovereign identity (SSI) solutions for more robust authentication and identity protection. Concurrently, small and medium-sized enterprises (SMEs) drive SSI growth through innovative technologies and partnerships, offering tailored identity management solutions across sectors.

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Scope of the Report

Initiatives like Alliance Block's Nexerald platform showcase SMEs' pivotal role in advancing SSI adoption, ensuring compliance and seamless onboarding to Web3 environments. This collaborative effort reshapes identity management, emphasizing user empowerment and data security in the digital landscape.

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Based on the organization's size, SMEs will grow at the highest CAGR during the forecast period.

The exponential growth of SMEs in the SSI market can be attributed to the increasing recognition of blockchain technology's potential to revolutionize operational efficiencies. Despite persistent challenges such as technology constraints and infrastructure shortages, SMEs actively invest in R&D to explore SSI's benefits. It includes streamlining non-financial transactions, securing patient health records, and facilitating distributed source code management. Moreover, governments incentivizing decentralized identity solutions further drive SMEs to embrace SSI as a pivotal milestone in their digitalization journey. This proactive approach reflects SMEs' agility and willingness to leverage transformative technologies despite ongoing experimentation, positioning them as the fastest-growing segment in the SSI market.

By identity type, biometrics accounts for the highest market size during the forecast period.

The biometrics identity type holds the largest market share in the SSI market due to its unmatched level of security and convenience compared to traditional authentication methods. Biometric authentication, like fingerprint and facial recognition, provides a robust security layer, particularly crucial for high-security applications such as financial transactions and access control. Biometrics also offers a more user-friendly experience by eliminating the need for complex passwords or security questions. Moreover, biometric data is unique to each individual, significantly reducing the risk of identity theft and fraud compared to stolen credentials. As standards for biometric data storage and formats evolve, interoperability between different SSI ecosystems improves, allowing users to leverage their biometrics across various platforms seamlessly.

By region, Asia Pacific will grow at the highest CAGR during the forecast period.

The Asia Pacific region is growing fastest in the SSI market due to the convergence of several key factors, such as rapid technological advancements and robust digital transformation initiatives. These developments create a favorable environment for adopting self-sovereign identity (SSI) solutions, which are increasingly essential for secure and seamless digital interactions. Additionally, the region's sizeable unbanked population presents a significant opportunity for SSI adoption, as it addresses identity challenges and provides a secure, inclusive means of accessing services. As exemplified by India's Aadhaar system, supportive government policies and initiatives play a pivotal role in promoting digital identity technologies like SSI. Moreover, escalating cybersecurity concerns across industries push businesses and governments to seek decentralized and secure identity management solutions, further driving the adoption of SSI in the Asia Pacific region. This unique convergence of factors positions the area as a leader in SSI market growth, with vast potential for continued expansion and innovation.

Top Key Companies in Self-Sovereign Identity (SSI) Market:

Microsoft (US), Ping Identity (US), IDEX Biometrics (Norway), NEC (Japan), Imageware (US), Dock (Switzerland), Metadium  (Cayman Islands), Blockchain Helix (Germany), Validated ID (Spain), Wipro (India), Persistent (India), Infopulse (Poland), 1Kosmos (US), Accumulate (US), NuID (US), Kaleido (US), Talao (France), Vereign (Switzerland), Midy (US), SelfKey (Mauritius), Truvity (Netherlands), Affinidi (Singapore), Trinsic (US), cheqd (England), Fractal ID (Germany), Soulverse (US), Finema (Thailand), Nuggets (UK), Sentry (US), SpringRole (US), Walt.id (Austria), Procivis (Switzerland), Civic (US), Gataca (Spain),  Polygon Labs (Indonesia), and Voyatek (US) are the key players and other players in the Self-Sovereign Identity Market.

Recent Developments

• In November 2023, Ping Identity partnered with ConnectID to simplify integration into existing systems and onboard new customers. The partnership aims to provide a cohesive solution for customers of all sizes, enhancing digital customer experiences and enabling secure online identity verification without unnecessary data sharing.
• In February 2023, Wipro Lab45, the innovation arm of Wipro, introduced DICE ID, a Decentralized Identity and Credential Exchange solution. Built on blockchain, it empowers users with control over personal data, facilitating secure sharing online through self-verifiable digital credentials.
• In October 2022, IDEX Biometrics and TrustSEC, a leading European provider of digital authentication solutions, partnered to bring biometric intelligent card solutions to the cybersecurity market. The partnership combines TrustSEC's smart card module with IDEX Biometrics' TrustedBio fingerprint sensor solution, targeting secure access for digital and cryptocurrency wallets and physical and logical access management.
• In May 2022, Microsoft introduced Microsoft Entra, a product family consisting of identity and access management solutions. It included Azure AD and introduced two new categories: Cloud Infrastructure Entitlement Management (CIEM) and Decentralized Identity. Entra was intended to safeguard user access to apps and resources, enabling security teams to manage permissions in multi-cloud environments and ensure end-to-end digital identity security.

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Self-Sovereign Identity (SSI) Market Advantages:

• With SSI, people have complete sovereignty over their digital identities. They can handle and distribute personal data as they see fit, independent of centralised authority or middlemen.
• In order to lower the danger of identity theft, data breaches, and unauthorised access to sensitive information, SSI prioritises privacy by sharing as little personal information as possible throughout identity verification procedures.
• Regardless of the vendor or technological stack, SSI solutions facilitate easy integration with current identity systems, apps, and platforms by leveraging open standards and protocols.
• To guarantee the validity and integrity of digital identities, SSI uses cryptographic techniques like verified credentials and decentralised identifiers (DIDs). This improves security and confidence in online interactions and transactions.
• By doing away with the requirement for paper-based documentation and recurring identity checks, SSI expedites identity verification procedures while cutting down on the administrative work, expenses, and wait times associated with conventional identity management systems.
• Without geographical limitations or reliance on centralised authority, SSI solutions allow people to access and manage their digital identities from any location in the globe. This facilitates safe and easy identity verification across borders and jurisdictions.
• By giving them self-sovereign identities that can be validated and recognised in digital settings, SSI empowers marginalised groups including refugees, migrants, and people without formal identification credentials. This allows them to access opportunities and crucial services.
• SSI fosters trusted relationships between individuals, organizations, and service providers by enabling verifiable and tamper-proof digital credentials, enhancing trust, transparency, and accountability in digital interactions and transactions.

Report Objectives

• To define, describe, and forecast the Self-Sovereign Identity Market based on - offering, identity type, network, organization size, vertical, and region.
• To define, describe, and forecast the Self-Sovereign Identity Market by – offering, identity type, network, organization size, vertical, and region.
• To forecast the market size of five main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America
• To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market.
• To provide detailed information on the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Self-Sovereign Identity Market.
• To analyze opportunities in the market for stakeholders by identifying high-growth segments of the Self-Sovereign Identity Market.
• To profile the key players of the Self-Sovereign Identity Market and comprehensively analyze their market size and core competencies.
• Track and analyze competitive developments, such as new product launches, mergers and acquisitions, partnerships, agreements, and collaborations in the global Self-Sovereign Identity Market.

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