Self-sovereign identity market is anticipated to grow at a significant CAGR of 12.2% during the forecast period (2024-2031). The market growth is attributed to the increased demand for identity management that gives individuals control over their data and eliminates the need for intermediaries, such as governments and corporations, to manage and store this information globally driving the market growth. SSI can enhance the effectiveness of identity management procedures. The elimination of manual procedures and forms, enable the people toeasily obtain government services and other services needing identity verification. It can aid in lowering wait times and raising the effectiveness of these procedures.

Market Dynamics

Increasing Investment in Training and Infrastructure

Infrastructure investments and extensive training are needed to implement SSI. It may involve updating current systems and procedures to interface with SSI solutions as well as providing training to contractors and employees. These investments are potentially expensive and may necessitate large resources from other organizations and governmental bodies. 

Growing Adoption of Security and Privacy

The ability of SSI to improve personal data security is one of its main benefits. SSI can help reduce the risk of data loss and unauthorized access to sensitive information by granting individuals control over their information. It can be done by utilizing blockchain technology to establish a decentralized, safe record of personal information, to which access is authorized only with the consent of the individual. Giving people control over their data and privacy is one of SSI's other main benefits. By managing their information, people may decide to disclose and keep secrets. It lessens the needless sharing of private information and aids in maintaining individual privacy.

Market Segmentation

Our in-depth analysis of the global self-sovereign identity market includes the following segments offering, identity type, and vertical.

• Based on the offering, the market is sub-segmented into solutions and services.

• Based on the identity type, the market is sub-segmented into non-biometrics and biometrics.

• Based on vertical, the market is sub-segmented into BFSI, IT and telecom, government, real estate & construction, healthcare, retail and E-commerce, travel & hospitality, and others (media & entertainment).

Solutions is Projected to Emerge as the Largest Segment

Based on the offering, the global self-sovereign identity market is sub-segmented into solutions and services. Among these the solutions,sub-segment is expected to hold the largest share of the market. The primary factor supporting the segment's growth is it’s ability to improve personal data security. SSI empowers people to own, control, and distribute their identity data as they see fit. 

Healthcare Sub-segment to Hold a Considerable Market Share

Based onvertical,the global self-sovereign identity market is sub-segmented into BFSI, IT and telecom, government, real estate & construction, healthcare, retail and E-commerce, travel & hospitality, and other (media & entertainment). Among these, the healthcare sub-segment is expected to hold a considerable market share .The transformation impact of SSI in terms of patient data management and healthcare service accessibility by giving people authority over their medical records and guaranteeing easy access to providers regardless of geography or specialty, SSI empowers patients. With the potential hazards brought about by incomplete or missing medical records, it improves patient safety and lowers the liability of healthcare providers.SSI offers a safe method for handling patient data, combining disparate pieces of information into a single digital credential such as medical records and insurance cards. Patients can eliminate third-party processing and prioritize privacy by using SSI-enabled mobile apps to securely identify themselves, sign papers, and reveal data selectively.

Regional Outlook

The global self-sovereign identity market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). 

Increasing Adoption of Self-Sovereign Identity in Asia-Pacific

• With growing cyberattacks, ranging from data breaches to ransomware assaults. The escalating frequency and sophistication of these threats have spurred organizations to invest in self-sovereign identity (SSI).According to the World Economic Forum, in June 2023, APAC witnessed the highest year-over-year increase in weekly cyberattacks during the first quarter of 2023, averaging 1,835 attacks per organization. The trend raises concerns about the reasons behind this shift and the measures needed to address the growing cyber threats in the region.

• In the region, small and medium-sized businesses (SMEs) are paving the way in expanding digital identification solutions by driving self-sovereign identity (SSI) efforts through innovative collaborations and technologies. 

Global Self-Sovereign Identity Market Growth by Region 2024-2031

North America Holds Major Market Share

Among all the regions, North America holds a significant share owing to numerous prominent software technology companies and self-sovereign identity providers in the region. The growth is mainly attributed to the increased use of self-sovereign identity in medical records and ensuring easy access to providers regardless of geography or specialty, SSI empowers patients. Doing away with the potential hazards brought about by incomplete or missing medical records improves patient safety and lowers the liability of healthcare providers.According to the National Center for Biotechnology Information (NCBI), in June 2022, Blockchain is essential for healthcare applications. It accelerates clinical and biological research, manages medical records better, streamlines insurance claim procedures, and advances healthcare data by logging transactions on the ledger.

Market Players Outlook

*Note: Major Players Sorted in No Particular Order.

The major companies serving the global self-sovereign identitymarket include Atos SE, Imageware Systems, Inc., Microsoft Corp., NEC Corp., and Robert Bosch GmbH., among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in February 2024, Robert Bosch GmbH collaborate with blockchain technology secure enabling digital identity. This technology allows users to self-manage their digital identities without depending on third-party providers to store and centrally manage the data.

Recent Development

• For instance, in June 203, Truvity leveraged €8 million ($8.7 million) investment to introduce Its SDK and API to take Self-Sovereign Identity mainstream. Truvity’s Self-Sovereign Identity toolkit allows the secure and simple building of a digital identity ecosystem Including the ability to do instant identification and verification based on the Self-Sovereign Identity principles that give companies and individuals full control over their data via their digital wallets and reusable verified credentials them.

The Report Covers

• Market value data analysis of 2023 and forecast to 2031.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global self-sovereign identity market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.