The North America Self-Sovereign Identity (SSI) Market would witness market growth of 80.7% CAGR during the forecast period (2024-2031).
The US market dominated the North America 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 $32,209.1 million by 2031. The Canada market is experiencing a CAGR of 84.8% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 83.2% during (2024 - 2031).
The traditional identity management model involves centralized databases controlled by governments, corporations, or other third parties. This model, however, has significant drawbacks, including the risk of data breaches, lack of transparency, and limited user control. SSI addresses these shortcomings by flipping the script. Instead of entrusting sensitive information to centralized entities, individuals store their identity credentials in a digital wallet—a secure and private repository they can access.
Individuals can selectively disclose only the information necessary for a particular interaction without revealing more than is required. This not only enhances privacy but also minimizes the risk of identity theft and misuse of personal data. Moreover, SSI enables seamless interoperability across different platforms, services, and organizations. By adhering to open standards and protocols, SSI solutions ensure that identities can be verified and authenticated across various ecosystems, fostering trust and efficiency in digital transactions.
The e-commerce sector in North America is substantial and continues to grow steadily. It is dominated by large retailers such as Amazon, Walmart, and eBay, which have established extensive online platforms and logistics networks. The Mexican Online Sales Association estimates that the value of domestic e-commerce increased by 23 percent from 2021 to USD 26.2 billion in 2022. Therefore, the e-commerce sector in North America plays a pivotal role in boosting the demand for the market.
Free Valuable Insights: The Self-Sovereign Identity (SSI) Market is Predict 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 U.S., Mexico, Canada, and Rest of North America.
By Offering
By Network
By Identity Type
By Organization Size
By Vertical
By Country
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