Self-Sovereign Identity (SSI) Market Research Report Information By Offering (Solutions and Services), Identity Type (Non-Biometrics, and Biometrics), Network (Permissioned and Permissionless), Organization Size (SMES, and Large Enterprises), and Vertical (BFSI, IT and ITeS, Telecom, Government, Real Estate & Construction, Healthcare, Retail and E-Commerce, Media & Entertainment, Travel & Hospitality, and Other Verticals), And By Region (North America, Europe, Asia-Pacific, And Rest of The World) –Market Forecast Till 2032

Self-Sovereign Identity (SSI) Market Overview

The Self-Sovereign Identity (SSI) Market size is projected to grow from USD 4.0 billion in 2024 to USD 717.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 91.20% during the forecast period (2024 - 2032). Additionally, the market size for Self-Sovereign Identity (SSI) was valued at USD 2.1 billion in 2023.

The increasing prevalence of identity theft is compelling organizations to adopt self-sovereign identity (SSI) solutions for more robust authentication and identity protection, which are expected to be significant market drivers for the Self-Sovereign Identity (SSI) Market.

Figure1: Self-Sovereign Identity (SSI) Market, 2018 - 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Self-Sovereign Identity (SSI) Market Trends

Market CAGR for Self-Sovereign Identity (SSI) is driven by the exponential growth of SMEs and increasing recognition of blockchain technology's potential. Small and medium-sized enterprises (SMEs) are in charge of advancing self-sovereign identity (SSI) initiatives through innovative technologies and strategic partnerships, driving the evolution of digital identity solutions. In the United States, small businesses constitute 99.9% of all active companies, totaling 30.7 million businesses. The number of micro, small, and medium enterprises (MSMEs) is projected to grow from 63 million to approximately 75 million shortly, with a forecasted compound annual growth rate (CAGR) of 2.5%. According to data from the Ministry of Micro, Small & Medium Enterprises, as of March 2024, over 400 million MSMEs are registered on the Udyam portal, including the Udyam Assist Platform (UAP), indicating ongoing expansion. These initiatives cater to specific business needs by offering tailored and secure identity management solutions.

For instance, Alliance Block's Nexerald platform, endorsed by global consortiums like the World Wide Web Consortium, streamlines integration into Web3 environments while ensuring compliance with industry standards. Furthermore, funding initiatives such as Truvity highlight the critical role of SMEs in developing SSI toolkits and fostering robust digital identity ecosystems. Collaborations between startups and academic institutions address concerns related to data privacy and security, driving technological advancements and promoting a more inclusive approach to identity management. As SME-driven initiatives continue to evolve, they are poised to shape the future landscape of self-sovereign identity, empowering individuals with enhanced control over their digital identities.

At the same time, the move towards blockchain and decentralized systems highlights the demand for SSI platforms, providing improved security and empowering users with greater control over their data. This alignment marks a significant shift towards more robust, transparent, and user-centered identity management frameworks.

As a result, it is anticipated that throughout the projection period, demand for the Self-Sovereign Identity (SSI) Market will increase due to the exponential growth of SMEs and increasing recognition of blockchain technology's potential. Thus, driving the Self-Sovereign Identity (SSI) Market revenue.

Self-Sovereign Identity (SSI) Market Segment Insights

Self-Sovereign Identity (SSI) Market Offering Insights

The Self-Sovereign Identity (SSI) Market segmentation, based on Offering, includes Solutions and Services. The Services segment dominated the market, accounting for 58% of market revenue. The rapid growth of the service segment in the SSI market is driven by the complex and evolving nature of the technology. As SSI is still relatively new, organizations turn to service providers for expertise to navigate implementation challenges and ensure compliance with changing standards.

These providers offer consulting, technical implementation, and ongoing support, addressing the needs of companies exploring SSI adoption. With the continual advancement of SSI technology, organizations depend on service providers to keep their systems up-to-date and optimized. This increasing demand for specialized services highlights the critical role service providers play in facilitating successful SSI deployments and maximizing the benefits of this transformative technology.

Self-Sovereign Identity (SSI) Market Identity Type Insights

The Self-Sovereign Identity (SSI) Market segmentation, based on Identity Type, includes Non-Biometrics and Biometrics. The Biometrics segment dominated the market, accounting for 58% of market revenue. Biometric data is unique to each individual, significantly reducing the risk of identity theft and fraud associated with stolen credentials. As standards for biometric data storage and formats evolve, interoperability between different SSI ecosystems improves, allowing users to seamlessly leverage their biometrics across various platforms.

Figure 2: Self-Sovereign Identity (SSI) Market, by Identity Type, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Self-Sovereign Identity (SSI) Market Network Insights

The Self-Sovereign Identity (SSI) Market segmentation, based on Network, includes Permissioned and Permissionless. The Permissionless segment dominated the market, accounting for 60% of market revenue. The permissionless Network is set to experience rapid growth, driven by its dynamic and decentralized nature within the self-sovereign identity market. Unlike permissioned networks, permissionless architectures operate without restrictions, allowing unrestricted participation and interaction.

This inclusive environment fosters innovation and accessibility, enabling individuals and organizations to engage freely in the SSI ecosystem. Platforms like Ethereum and Algorand exemplify the scalability and efficiency of permissionless setups, utilizing smart contracts for verifiable credential issuance and authentication. This unrestricted approach aligns with the ethos of SSI, propelling the market toward a decentralized and accessible future at the fastest pace.

Self-Sovereign Identity (SSI) Market Organization Size Insights

The Self-Sovereign Identity (SSI) Market segmentation, based on Organization Size, includes SMEs and Large Enterprises. The SMES segment dominated the market, accounting for 60% of market revenue. Government incentives for decentralized identity solutions further encourage SMEs to adopt SSI as a crucial step in their digitalization journey. This proactive approach showcases SMEs' agility and willingness to leverage transformative technologies, positioning them as the fastest-growing segment in the SSI market despite ongoing experimentation.

Self-Sovereign Identity (SSI) Market Vertical Insights

The Self-Sovereign Identity (SSI) Market segmentation, based on Vertical, includes BFSI, IT and ITeS, Telecom, Government, Real Estate & Construction, Healthcare, Retail and E-Commerce, Media & Entertainment, Travel & Hospitality, and Other Verticals. The Healthcare segment dominated the market, accounting for 60% of market revenue. SSI also provides a secure way to manage patient data, consolidating scattered information into unified digital credentials such as insurance cards and medical histories. With SSI-enabled mobile apps, patients can securely identify themselves, sign documents, and selectively disclose data, eliminating third-party processing and prioritizing privacy. This patient-centric approach promises to revolutionize clinical research and patient care practices, driving the rapid adoption of SSI in healthcare.

Self-Sovereign Identity (SSI) Market Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The anticipated expansion of the Self-Sovereign Identity (SSI) market in North America can be attributed to several key factors. The population in North America generally exhibits high digital literacy, encompassing familiarity with digital identities, online privacy concerns, and advanced digital services. In 2022, internet usage among Canadians aged 15 and older reached 95%, up from 92% in 2020. The most significant increase was observed among Canadians aged 75 and older, rising from 62% in 2020 to 72% in 2022. Approximately two-thirds (68%) of Canadians have recognized the role of artificial intelligence (AI) in various online applications, such as chatbots (48%), recommendation algorithms suggesting content, products, or services (48%), and content moderation (26%). This heightened awareness drives demand for secure and user-centric identity solutions like SSI.

Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, and South Korea.

Figure 3: Self-Sovereign Identity (SSI) Market Share By Region 2023 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Self-Sovereign Identity (SSI) Market accounts for the second-largest market share. European businesses and governments are actively engaged in digital transformation efforts, which include upgrading identity management systems. As of 2022, 70% of all EU businesses have achieved a basic level of digital intensity. Among SMEs, this figure stands at 69%, which is approximately 20 percentage points below the EU's 2030 target, while large businesses have reached 98%.

Larger businesses show a higher proportion of very high (30%) and high digital intensity (54%) compared to SMEs, where only 4% have a very high level and 27% have a high level of digital intensity. Most SMEs exhibit low (38%) or very low (31%) levels of digital intensity. SSI provides a decentralized, secure, and user-centric approach to identity management, aligning with Europe's objectives of enhancing digital services and bolstering cybersecurity. Further, the German Self-Sovereign Identity (SSI) Market held the largest market share, and the UK Self-Sovereign Identity (SSI) Market was the fastest-growing market in the European region.

The Asia-Pacific Self-Sovereign Identity (SSI) Market is expected to grow at the fastest CAGR from 2024 to 2032. APAC countries, especially in East Asia (like Japan and South Korea) and Southeast Asia (such as Singapore and Malaysia), are renowned for their rapid adoption of emerging technologies. The Digital India initiative has played a pivotal role in this advancement, receiving a total budget allocation of approximately INR 14,903 crore from 2021-22 to 2025-26. The demand-supply gap for digital technology talent is projected to grow by 3.5 times by 2026, positioning the next 25 years as a critical period for India to establish itself as a global technological and economic leader. Governments and businesses across these regions are actively engaged in digital transformation efforts, which include the modernization of identity management systems to improve efficiency and security. Moreover, China’s Self-Sovereign Identity (SSI) Market held the largest market share, and the Indian Self-Sovereign Identity (SSI) Market was the fastest-growing market in the Asia-Pacific region.

Self-Sovereign Identity (SSI) Market Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Self-Sovereign Identity (SSI) market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Self-Sovereign Identity (SSI) industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Self-Sovereign Identity (SSI) industry to benefit clients and increase the market sector. In recent years, the Self-Sovereign Identity (SSI) industry has offered some of the most significant advantages to individuals, businesses, and governments alike. Major players in the Self-Sovereign Identity (SSI) Market, including 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) is attempting to increase market demand by investing in research and development operations.

Microsoft Corp (Microsoft) develops and offers a wide range of software products, services, and devices. Its portfolio includes operating systems, productivity applications across devices, server applications, software development tools, business solutions, desktop and server management tools, video games, and training and certification services. Additionally, Microsoft designs, manufactures, and sells hardware such as PCs, tablets, gaming consoles, and intelligent devices.

The company provides various services, including cloud solutions, support for solutions, and consulting services. Microsoft distributes and sells its products through original equipment manufacturers, distributors, resellers, online marketplaces, Microsoft stores, and other partner channels. The company operates data centers across the Americas, Europe, and Asia-Pacific, with headquarters in Redmond, Washington, US. In May 2022, Microsoft launched Microsoft Entra, a product line featuring identity and access management solutions. Entra includes Azure AD and introduces two new categories: Cloud Infrastructure Entitlement Management (CIEM) and Decentralized Identity. Entra aims to enhance user access security for applications and resources, enabling security teams to manage permissions effectively in multi-cloud environments and ensuring comprehensive digital identity security from end to end.

Wipro Ltd (Wipro) is a global provider of software solutions, IT consulting, and business process outsourcing services. The company offers a comprehensive range of IT services, including digital strategy advisory, technology consulting, custom application design, development, re-engineering, and maintenance. Wipro also provides IT consulting, systems integration, package implementation, cloud and infrastructure services, and solutions in cloud, mobility, and analytics. Additionally, the company delivers business process services and engages in research and development. Wipro serves a diverse array of industries, including healthcare, retail, aerospace and defense, public sector, banking and financial services, engineering and construction, travel and transportation, media, education, automotive, and consumer electronics. With operations spanning across the Americas, Africa, Asia-Pacific, the Middle East, and Europe, Wipro is headquartered in Bengaluru, Karnataka, India.

Key companies in the Self-Sovereign Identity (SSI) Market include

• 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 (SSI) Industry Developments

February 2023: Wipro Lab45, the innovation division of Wipro, launched DICE ID, a solution for Decentralized Identity and Credential Exchange. Built on blockchain technology, it empowers users by granting them control over their data, enabling secure online sharing through self-verifiable digital credentials.

November 2023: Ping Identity collaborated with ConnectID to streamline integration into existing systems and attract new customers. This partnership aims to deliver an integrated solution that enhances digital customer experiences and enables secure online identity verification without compromising data privacy.

Self-Sovereign Identity (SSI) Market Segmentation

Self-Sovereign Identity (SSI) Market Offering Outlook

• Solutions


• Services

Self-Sovereign Identity (SSI) Market Identity Type Outlook

• Non-Biometrics


• Biometrics

Self-Sovereign Identity (SSI) Market Network Outlook

• Permissioned


• Permissionless

Self-Sovereign Identity (SSI) Market Organization Size Outlook

• SMES


• Large Enterprises

Self-Sovereign Identity (SSI) Market Vertical Outlook

• BFSI


• IT and ITeS


• Telecom, Government


• Real Estate & Construction


• Healthcare


• Retail and E-Commerce


• Media & Entertainment


• Travel & Hospitality


• Other Verticals

Self-Sovereign Identity (SSI) Market Regional Outlook

• 
  

  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• 
  

  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• 
  

  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• 
  

  Rest of the World

  
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America