Global Self-Sovereign Identity (SSI) Industry Research

Dublin, April 23, 2024 (GLOBE NEWSWIRE) — The “Global Self-Sovereign Identity (SSI) Market by Offering (Solutions and Services), Identity Type (Biometrics and Non-biometrics), Network, Organization Size, Vertical (BFSI, IT & ITES, and Healthcare) and Region – Forecast to 2029” report has been added to ResearchAndMarkets.com’s offering.

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. The SSI market growth is primarily driven by the increasing need for trusted and portable digital identities in cross-border transactions and services.

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall self-sovereign identity market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

SSI adoption in healthcare addresses demands for secure and interoperable identity management systems, exemplified by patient-centric platforms like MediLinker leveraging blockchain technology. These advancements promote health data security, trust, and privacy, empowering individuals and organizations to embrace SSI for comprehensive identity protection and secure data exchange in evolving digital ecosystems.

By vertical, the BFSI segment accounts for a larger market share.

The BFSI segment dominates the SSI market due to its heavy reliance on technology and the transformative impact of SSI solutions on traditional banking processes. SSI revolutionizes Know Your Customer (KYC) procedures by leveraging Verifiable Credentials (VCs) to streamline account opening, eliminating lengthy verification periods and document submissions.

Financial institutions can issue VCs for credit scores, income statements, and bank account verification, enabling swift credit and loan approvals. This reusable KYC concept reduces user friction, enhances customer experience, and ensures regulatory compliance. Moreover, the seamless ID verification extends beyond consumer banking to business-to-business (B2B) interactions, accelerating customer onboarding, bolstering security, and fostering innovation in mobile banking. This technology-driven approach fundamentally reshapes financial services, positioning BFSI as a significant catalyst for SSI adoption.

By Offering, the solutions segment accounts for a larger market share.

The solutions segment dominates the SSI market due to its comprehensive suite of tools and technologies designed to revolutionize identity management. Offering a range of platforms from verifiable credential issuance to decentralized wallets empowers individuals with control over their digital identities. These solutions integrate regulatory compliance and interoperability frameworks, ensuring seamless ecosystem interaction. Platforms like Sovrin and Evernym exemplify this innovation, providing secure, self-sovereign identity management capabilities.

Additionally, SSI analytics play a pivotal role, offering insights into identity interactions and enhancing overall system efficiency. This holistic approach empowers individuals and organizations to manage and utilize digital identities securely and efficiently, driving the solutions segment to hold the largest market share in the SSI landscape.

The report provides insights on the following pointers:

• Analysis of key drivers (escalating concerns over identity theft and frauds, SME-driven initiatives to fuel SSI market growth, and increasing adoption of SSI in the healthcare sector), restraints (regulatory ambiguity to cloud SSI adoption and user education and awareness), opportunities (emergence of self-sovereign identity in biometrics, integration with advanced technologies, and government initiatives to propel widespread SSI adoption), and challenges (interoperability challenges and technical complexity)
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the self-sovereign identity market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the self-sovereign identity market across varied regions.
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the self-sovereign identity market.

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