According to a research report "Self-Sovereign Identity Market Share by Offering (Solutions and Services), Identity Type (Biometrics and Non-biometrics), Network, Organization Size, Vertical (BFSI, IT & ITES, and Healthcare) and Region - Global Forecast to 2029" published by MarketsandMarkets, the global self-sovereign identity (SSI) market size is projected to grow from USD 1.8 billion in 2024 to USD 47.1 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 90.5% during the forecast period. The increasing prevalence of identity theft is compelling organizations to adopt self-sovereign identity (SSI) solutions for more robust authentication and identity protection. Concurrently, small and medium-sized enterprises (SMEs) drive SSI growth through innovative technologies and partnerships, offering tailored identity management solutions across sectors.
Initiatives like Alliance Block's Nexerald platform showcase SMEs' pivotal role in advancing SSI adoption, ensuring compliance and seamless onboarding to Web3 environments. This collaborative effort reshapes identity management, emphasizing user empowerment and data security in the digital landscape.
Based on the organization's size, SMEs will grow at the highest CAGR during the forecast period.
The exponential growth of SMEs in the SSI market can be attributed to the increasing recognition of blockchain technology's potential to revolutionize operational efficiencies. Despite persistent challenges such as technology constraints and infrastructure shortages, SMEs actively invest in R&D to explore SSI's benefits. It includes streamlining non-financial transactions, securing patient health records, and facilitating distributed source code management. Moreover, governments incentivizing decentralized identity solutions further drive SMEs to embrace SSI as a pivotal milestone in their digitalization journey. This proactive approach reflects SMEs' agility and willingness to leverage transformative technologies despite ongoing experimentation, positioning them as the fastest-growing segment in the SSI market.
By identity type, biometrics accounts for the highest market size during the forecast period.
The biometrics identity type holds the largest market share in the SSI market due to its unmatched level of security and convenience compared to traditional authentication methods. Biometric authentication, like fingerprint and facial recognition, provides a robust security layer, particularly crucial for high-security applications such as financial transactions and access control. Biometrics also offers a more user-friendly experience by eliminating the need for complex passwords or security questions. Moreover, biometric data is unique to each individual, significantly reducing the risk of identity theft and fraud compared to stolen credentials. As standards for biometric data storage and formats evolve, interoperability between different SSI ecosystems improves, allowing users to leverage their biometrics across various platforms seamlessly.
By region, Asia Pacific will grow at the highest CAGR during the forecast period.
The Asia Pacific region is growing fastest in the SSI market due to the convergence of several key factors, such as rapid technological advancements and robust digital transformation initiatives. These developments create a favorable environment for adopting self-sovereign identity (SSI) solutions, which are increasingly essential for secure and seamless digital interactions. Additionally, the region's sizeable unbanked population presents a significant opportunity for SSI adoption, as it addresses identity challenges and provides a secure, inclusive means of accessing services. As exemplified by India's Aadhaar system, supportive government policies and initiatives play a pivotal role in promoting digital identity technologies like SSI. Moreover, escalating cybersecurity concerns across industries push businesses and governments to seek decentralized and secure identity management solutions, further driving the adoption of SSI in the Asia Pacific region. This unique convergence of factors positions the area as a leader in SSI market growth, with vast potential for continued expansion and innovation.
Key Players
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), Persistent (India), Infopulse (Poland), 1Kosmos (US), Accumulate (US), NuID (US), Kaleido (US), Talao (France), Vereign (Switzerland), Midy (US), SelfKey (Mauritius), Truvity (Netherlands), Affinidi (Singapore), Trinsic (US), cheqd (England), Fractal ID (Germany), Soulverse (US), Finema (Thailand), Nuggets (UK), Sentry (US), SpringRole (US), Walt.id (Austria), Procivis (Switzerland), Civic (US), Gataca (Spain), Polygon Labs (Indonesia), and Voyatek (US) are the key players and other players in the self-sovereign identity market.
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