The Latin America, Middle East and Africa Self-Sovereign Identity (SSI) Market would witness market growth of 86.2% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA 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 $2,439.9 million by 2031. The Argentina market is showcasing a CAGR of 87.3% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 85.7% during (2024 - 2031).
The market faces some challenges. For example, integrating SSI solutions with existing systems and applications can be complex and costly, particularly for organizations with heterogeneous IT environments. Customization, data migration, and compatibility testing may entail additional expenses, leading some organizations to postpone or abandon SSI initiatives due to integration challenges.
Governments enact data protection and privacy regulations that influence the design and implementation of SSI systems. Governments often lead the adoption of SSI solutions by implementing them in various public sector applications, such as citizen services, healthcare, taxation, and voting systems. By showcasing the benefits of SSI in government services, authorities encourage broader adoption across other sectors, driving market growth.
The LAMEA region is experiencing rapid urbanization and population growth, driving the expansion of healthcare infrastructure and the modernization of healthcare facilities. SMEs offering digital health record solutions can partner with healthcare providers, hospitals, and clinics to digitize patient records, streamline administrative processes, and improve the quality of care. Thus, the increasing government spending on the IoT sector and rapid expansion of keeping patient records digitally is driving the growth and development of the market.
Free Valuable Insights: The Worldwide Self-Sovereign Identity (SSI) Market is Projected to reach 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Offering
By Network
By Identity Type
By Organization Size
By Vertical
By Country
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