Self-Sovereign Identity (SSI) Market Size Worth $2,75,329.94 Million By 2032 | CAGR: 89.8%

The global self-sovereign identity (SSI) market size is expected to reach USD 2,75,329.94 million by 2032, according to a new study by Polaris Market Research. The report “Self-Sovereign Identity (SSI) Market Share, Size, Trends, Industry Analysis Report, By Offering (Solutions, Services); By Identity Type; By Network; By Organization Size; By Vertical; By Region; Segment Forecast, 2024-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The increasing penetration of digitalization initiatives in the world is creating significant concerns about individuals' privacy. This is driving people to adopt self-sovereign identity systems, driven by their potential to safeguard people’s data effectively. The ease of application and user convenience in revealing their credentials as per their interests are further boosting their integration globally. The growing companies’ initiatives to meet changing consumer needs are optimally influencing the self-sovereign identity market.

• For instance, in February 2024, Buenos Aires announced the launch of the self-sovereign protocol QuarkID as a part of the Apache 2.0 license.

Additionally, rising investments in the self-sovereign identity of the key players to propel research and innovations are positively impacting the global market. For instance, in June 2023, Truvity announced an investment of EUR 8 million to introduce API and SDK, aiming to promote self-sovereign identity technology into the next phase.

Furthermore, growing countries' initiatives to increase safety and promote data privacy for their citizens are anticipated to create new growth potential over the forecast period. For instance, in September 2023, Bhutan announced the launch of a self-sovereign national digital ID for its country’s citizens. It is developed by Druk Holding and Investments.

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The ongoing regulations by government agencies are likely to propel self-sovereign adoption during the forecast period. For instance, in March 2024, the European Parliament announced its approval to equip residents with digital identity wallets. The IOTA Foundation is joining the European Blockchain Services Infrastructure pre-commercial procurement project.

Rising awareness campaigns on self-sovereign identity in the marketplace by the government and non-government organizations are anticipated to showcase significant opportunities in the coming years. For instance, in April 2024, the NFID Foundation unveiled a virtual program on self-sovereign identity and decentralized ID to enhance security industry growth.

Self-Sovereign Identity (SSI) Market Report Highlights

• Solutions segment is anticipated to witness the highest growth in the coming years due to its higher data safety.
• Biometrics segment accounted for the largest market share owing to its increased security and convenience for users.
• Permissionless segment is projected to experience a larger revenue share due to its ability to remove intermediaries, lowering data leakages.
• APAC is projected to register the fastest growth during the forecast period, attributable to the increasing measures to enhance data privacy.
• The global players include 1Kosmos, Accumulate, Affinidi, Blockchain Helix, cheqd, Civic, Dock, Finema, Fractal ID, Gataca, IDEX Biometrics, & Imageware.

Polaris Market Research has segmented the self-sovereign identity (SSI) market report based on offering, identity type, network, organization size, vertical, and region:

Self-Sovereign Identity (SSI), Offering Outlook (Revenue - USD Billion, 2019 - 2032)

• Solutions
• Services

Self-Sovereign Identity (SSI), Identity Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Non-Biometrics
• Biometrics

Self-Sovereign Identity (SSI), Network Outlook (Revenue - USD Billion, 2019 - 2032)

• Permissioned
• Permissionless

Self-Sovereign Identity (SSI), Organization Size Outlook (Revenue - USD Billion, 2019 - 2032)

• SMEs
• Large Enterprises

Self-Sovereign Identity (SSI), Vertical Outlook (Revenue - USD Billion, 2019 - 2032)

• BFSI
• IT and ITeS
• Telecom
• Government
• Real Estate & Construction
• Healthcare
• Retail and E-Commerce
• Media & Entertainment
• Travel & Hospitality
• Other Verticals

Self-Sovereign Identity (SSI), Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of APAC
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of Middle East & Africa

Self-Sovereign Identity (SSI) Market Report Scope