Self-Sovereign Identity market expansion shortly at a CAGR of 91.20% during the forecast period 2024 to 2032

Market Research Future (MRFR) has published on the “Global Self-Sovereign Identity (SSI) Market”.

The Self-Sovereign Identity (SSI) Market is estimated to register a CAGR of 91.20% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global Self-Sovereign Identity (SSI) Market— Adani Wilmar Ltd, 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).

Self-Sovereign Identity Market Highlights

The global Self-Sovereign Identity (SSI) Market is accounted to register a CAGR of 91.20% during the forecast period and is estimated to reach USD 717.1 billion by 2032.

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

Segment Analysis

The global Self-Sovereign Identity (SSI) Market has been segmented based on Offering, Identity Type, Network, Organization Size, and Vertical.

Based on Offering, the market is segmented into Solutions and Services. The Services segment was attributed to holding the largest market share in 2023. The services segment plays a crucial role in supporting organizations as they adopt and leverage SSI solutions for identity management. Service providers offer expertise, guidance, and support throughout the implementation process, helping organizations maximize the benefits of self-sovereign identity by enhancing security, privacy, and user control over identity data.

Based on the Identity Type, the Self-Sovereign Identity (SSI) Market has been segmented into Non-Biometrics and Biometrics. The Biometrics segment was expected to hold the largest market share in 2023. The biometric identity type holds the largest market share in the SSI market due to its unparalleled security and convenience compared to traditional authentication methods. Biometric authentication, such as fingerprint and facial recognition, provides a robust security layer essential for high-security applications like financial transactions and access control. It also offers a more user-friendly experience by eliminating the need for complex passwords or security questions.

Based on the Network, the Self-Sovereign Identity (SSI) Market has been segmented into Permissioned and Permissionless. The Permissionless segment was expected to hold the largest market share in 2023. Permissionless systems do not require reliance on a central entity. Instead, they ensure security and integrity through cryptographic proofs and consensus mechanisms, appealing to users and organizations that prioritize the transparency and security of decentralized systems. The permissionless nature of these systems also encourages the adoption of open standards, which are crucial for creating a universally accessible and verifiable identity ecosystem. Open standards facilitate cross-platform compatibility and help prevent the fragmentation that is often seen in permission systems.

Based on the Organization Size, the Self-Sovereign Identity (SSI) Market has been segmented into SMEs and Large Enterprises. The SMES segment was expected to hold the largest market share in 2023. The exponential growth of SMEs in the SSI market is driven by the increasing recognition of blockchain technology's potential to revolutionize operational efficiencies. Despite ongoing challenges like technology constraints and infrastructure shortages, SMEs are actively investing in R&D to explore the benefits of SSI. These benefits include streamlining non-financial transactions, securing patient health records, and facilitating distributed source code management.

Based on the Vertical, the Self-Sovereign Identity (SSI) Market has been segmented into BFSI, IT and ITeS, Telecom, Government, Real Estate & Construction, Healthcare, Retail and E-Commerce, Media & Entertainment, Travel & Hospitality, and Other Verticals. The Healthcare segment was expected to hold the largest market share in 2023. The healthcare segment is experiencing the fastest growth in the SSI market due to the transformative impact of SSI on patient data management and access to healthcare services. SSI empowers patients by granting them control over their health records, ensuring seamless access to providers regardless of location or specialty. It eliminates risks associated with missing or poorly documented records, enhancing patient safety and reducing liabilities for healthcare professionals.

Regional Analysis

The global Self-Sovereign Identity (SSI) Market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The Europe Self-Sovereign Identity (SSI) Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Self-Sovereign Identity (SSI) Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Self-Sovereign Identity (SSI) Market comprises the Middle East, Africa, and Latin America.

The largest market share for the Self-Sovereign Identity (SSI) Market was maintained by the North American regional sector. North American governments have adopted a proactive approach towards blockchain and SSI technologies. For example, several U.S. states have passed legislation recognizing blockchain records and smart contracts. This regulatory clarity encourages businesses to invest in SSI solutions without legal uncertainties. Additionally, regulations like the California Consumer Privacy Act (CCPA) and Canada's Personal Information Protection and Electronic Documents Act (PIPEDA) emphasize data privacy and control. These laws align with SSI principles, fostering a favorable environment for SSI adoption by ensuring individuals have greater control over their data.

Moreover, the Europe market has been persistently growing over the forecast period. European countries have embraced blockchain technology early on, recognizing its applications beyond cryptocurrencies. In the realm of digital identity management, SSI solutions leverage blockchain's security and decentralization advantages to enhance identity verification and authentication processes. For instance, in France, the crypto-assets market reached a peak valuation of USD 2,933 billion in 2021 but experienced a 60% decline in 2022. Recent data from the App Radar by SplitMetrics platform indicates significant growth in the European cryptocurrency sector, with a 94% increase and 1.6 million crypto trading apps downloaded in Q1 2024. This marks a notable rise compared to 814,000 downloads in Q1 2023, with Android downloads alone seeing a 35% increase from Q4 2023.

In APAC, there has been notable enthusiasm and investment in blockchain technology extending beyond cryptocurrencies. According to Finder's recent survey, cryptocurrency ownership has surged by 61.6 million, with 286.2 million internet users currently holding cryptocurrencies. India has also climbed one rank higher since January 2022. Governments and enterprises in the region are actively investigating blockchain's potential across multiple sectors, particularly in digital identity management. SSI solutions capitalize on blockchain's security capabilities and decentralized framework to offer robust identity verification and authentication processes.

Furthermore, the rest of the world's Self-Sovereign Identity (SSI) Market is divided into the Middle East, Africa, and Latin America. There is an increasing awareness among consumers in MEALA regarding digital identity issues, privacy concerns, and the importance of secure data management. SSI solutions, which empower individuals with control over their digital identities, resonate well with these concerns.

Key Findings of the Study

• The global Self-Sovereign Identity (SSI) Market is expected to reach USD 717.1 billion by 2032, at a CAGR of 91.20% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market because of rapid technological advancements and robust digital transformation initiatives.


• Based on Identity Type, the Biometrics segment was attributed to holding the largest market in 2023.


• Microsoft (US), Ping Identity (US), IDEX Biometrics (Norway), NEC (Japan), Imageware (US), Dock (Switzerland), Metadium (Cayman Islands), Blockchain Helix (Germany), Validated ID (Spain), and Wipro (India) are the key market players.