The Self-Sovereign Identity (SSI) Market is Predict to reach USD 119.6 Billion by 2031, at a CAGR of 81.9%

Self-Sovereign Identity (SSI) Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Self-Sovereign Identity (SSI) Market size is expected to reach $119.6 billion by 2031, rising at a market growth of 81.9% CAGR during the forecast period.

The Services segment is exhibiting a CAGR of 85.1% during (2024 - 2031). The services segment is crucial in supporting organizations adopting and leveraging SSI solutions for identity management. By providing expertise, guidance, and support throughout the implementation process, service providers help organizations realize the full potential of self-sovereign identity in enhancing security, privacy, and user control over identity data.

The Permissioned segment is registering maximum revenue in the Global Self-Sovereign Identity (SSI) Market by Network in 2023; thereby, achieving a market value of $85.7 billion by 2031. Permissioned segments establish data-sharing agreements between parties in business or organizational settings. Individuals can grant permission for their identity data to be shared with trusted entities for specified purposes, with clear terms and conditions governing the use of the data.

The Non-Biometrics segment would exhibit a CAGR of 79.9% during (2024 - 2031). Non-biometric segments encompass a variety of methods for identity verification, authentication, and management that do not rely on biometric traits. Cryptographic methods such as public-private key pairs, digital signatures, and cryptographic hashes are fundamental to SSI systems. Users can authenticate themselves and sign transactions using cryptographic keys, providing a secure and tamper-proof means of identity verification without relying on biometric traits.

The Large Enterprises segment is generating highest revenue in the Global Self-Sovereign Identity (SSI) Market by Organization Size in 2023; thereby, achieving a market value of $81.6 billion by 2031. Large enterprises, particularly in the technology, finance, and healthcare sectors, are actively involved in developing and innovating self-sovereign identity solutions. These enterprises invest in research and development efforts to create SSI platforms, protocols, and standards that address diverse industries' unique identity management needs and use cases.

The BFSI segment is experiencing a CAGR of 78.9 % during (2024 - 2031). The BFSI segment is a key adopter of SSI solutions, leveraging decentralized identity and verifiable credentials to enhance security, privacy, and efficiency in various aspects of banking, financial services, and insurance operations. BFSI institutions leverage SSI to develop innovative financial products and services linked to individuals' digital identities. For example, SSI can enable the issuance of identity-linked loans, insurance policies, and investment products based on verifiable credentials and real-time identity verification, enhancing risk assessment and personalized customer offerings.

Full Report: https://www.kbvresearch.com/self-sovereign-identity-market/

The North America region dominated the Global Self-Sovereign Identity (SSI) Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $44.9 billion by 2031. The Europe region is anticipated to grow at a CAGR of 81.3% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 83.3% during (2024 - 2031).

List of Key Companies Profiled

• Microsoft Corporation
• Ping Identity Holding Corp. (Thoma Bravo, L.P.)
• IDEX Biometrics ASA
• NEC Corporation
• Validated ID, SL
• Wipro Limited
• Persistent Systems Limited
• Trinsic Inc. 
• Soulverse Inc.
• Vereign AG

Self-Sovereign Identity (SSI) Market Report Segmentation

By Offering

• Solution
• Services

By Network

• Permissioned
• Permissionless

By Identity Type

• Biometrics
• Non-Biometrics

By Organization Size

• Large Enterprises
• Small & Medium Enterprises

By Vertical

• BFSI
• Government
• Media & Entertainment
• Healthcare & Lifesciences
• Travel & Hospitality
• Real Estate & Construction
• Retail & Consumer Goods
• Telecom & IT
• Others

By Geography

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Related Reports:

North America Self-Sovereign Identity (SSI) Market Size | 2031

• May-2024
• 115 Pages

LAMEA Self-Sovereign Identity (SSI) Market Size | 2031

• May-2024
• 131 Pages

Europe Self-Sovereign Identity (SSI) Market Size | 2031

• May-2024
• 133 Pages

Asia Pacific Self-Sovereign Identity (SSI) Market Size | 2031

• May-2024
• 131 Pages