The Europe Self-Sovereign Identity (SSI) Market would witness market growth of 81.3% CAGR during the forecast period (2024-2031).
The Germany market dominated the Europe Self-Sovereign Identity (SSI) Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $7,481.6 million by 2031. The UK market is exhibiting a CAGR of 79.6% during (2024 - 2031). Additionally, The France market would experience a CAGR of 82.7% during (2024 - 2031).
The potential applications of SSI are vast and diverse. From streamlining online authentication and KYC (Know Your Customer) processes to enabling secure voting systems and healthcare records management, SSI has the power to revolutionize countless industries and sectors. This rising demand for digital identity solutions has led to the rapid expansion of the market. Organizations across sectors recognize SSI's value in enhancing security, compliance, and user experience.
Self-sovereign identity represents a paradigm shift in how consumers approach digital identity—a shift towards empowerment, privacy, and user-centricity. As SSI gains momentum, it has the potential to reshape the digital landscape, putting individuals back in control of their identities and ushering in a new era of trust and security online. Digital transformation drives the shift towards online services and digital platforms across banking, healthcare, retail, and government industries.
The expansion of IoT in Europe presents opportunities to integrate self-sovereign identity principles into connected ecosystems, fostering greater data ownership, privacy, and security for individuals and organizations. According to the Government of the UK, in 2021, the number of IoT devices in the UK is projected to grow to over 150 million in 2024 from 13 million in 2006. Thus, the expansion of IoT and the increase in the usage of electronic devices results in a higher demand in the market.
Free Valuable Insights: The Global Self-Sovereign Identity (SSI) Market will Hit USD 119.6 Billion by 2031, at a CAGR of 81.9%
Based on Offering, the market is segmented into Solution and Services. Based on Network, the market is segmented into Permissioned and Permissionless. Based on Identity Type, the market is segmented into Biometrics and Non-Biometrics. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Vertical, the market is segmented into BFSI, Government, Media & Entertainment, Healthcare & Lifesciences, Travel & Hospitality, Real Estate & Construction, Retail & Consumer Goods, Telecom & IT, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
By Offering
By Network
By Identity Type
By Organization Size
By Vertical
By Country
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