Global self-sovereign identity (SSI) market is anticipated to grow at a considerable CAGR of 12.2% during the forecast period (2024-2031).The market growth is attributed to the increasing demand for self-sovereign identification (SSI) solutions and is highlighted by increasing concerns about identity theft and deepfake fraud tendencies that are affecting globally. The adoption of SSI provides essential security improvements and control over personal data to reduce cyber risks and protect digital identitiesglobally driving the growth market. Startups and academic institutions work together to address data security and privacy issues, advancing technology and encouraging a more inclusive identity management strategy. SME-led projects have the potential to influence the direction of self-sovereign identification in the future by giving people more control over their digital personas.
Browse the full report description of “Self-Sovereign Identity (SSI) Market Size, Share & Trends Analysis Report by Offering (Solutions and Services), by Identity Type (Non-Biometrics and Biometrics), and by Vertical (BFSI, IT and Telecom, Government, Real Estate & Construction, Healthcare, Retail and E-Commerce, Travel & Hospitality and Other) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/self-sovereign-identity-market
Furthermore, government programs that support digital identity frameworks are essential for encouraging innovation, ensuring that citizens have portable, secure digital identities, and pushing for the wider adoption of SSIs while putting privacy and security first in the transformation of public services. The growth of SSI solutions in many industries and geographical areas is driven by these factors taken together. For instance, in June 2021, Sovrin aligned with the European Self-Sovereign Identity Consortium (ESSIC) to enable a network of networks.The Sovrin Foundation is the governing authority for the Sovrin Network – a decentralized global public network enabling self-sovereign identity on the internet.
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. These programs offer customized, safe identity management options to meet various company requirements. For instance, in May 2023, Tech Mahindra and EarthID announceda strategic collaboration to create a blueprint for a Self-Sovereign Identity (SSI) powered Metaverse. Additionally, the platform will enable enterprises to protect their Metaverse environments from malicious threats such as DDoS (distributed denial-of-service) attacks, data breaches, and phishing attacks.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Offering
o By Identity Type
o By Vertical
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Atos SE, Imageware Systems, Inc., Microsoft Corp., NEC Corp., Robert Bosch GmbHamong others.
Key questions addressed by the report.
Global Self-Sovereign Identity (SSI) Market Report Segment
By Offering
By Identity Type
By Vertical
Global Self-Sovereign Identity(SSI) Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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