Global Self Sovereign Identity
Market Report
2024
Self Sovereign Identity market size was $1,147.87 Million in 2024 and it is forecasted to reach $30,495.36 Million by 2030. Self Sovereign Identity Industry's Compound Annual Growth Rate will be 72.19% from 2024 to 2031.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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As per Cognitive Market Research's latest published report, the Global Self Sovereign Identity market size was $1,147.87 Million in 2024 and it is forecasted to reach $30,495.36 Million by 2030. Self Sovereign Identity Industry's Compound Annual Growth Rate will be 72.19% from 2024 to 2031.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Self Sovereign Identity Market Sales Revenue 2024 | $ 1147.87 Million |
Global Self Sovereign Identity Market Sales Revenue 2030 | $ 30495.4 Million |
Global Self Sovereign Identity Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 72.19% |
South America Self Sovereign Identity Market Sales Revenue 2024 | $ 71.76 Million |
South America Self Sovereign Identity Sales Revenue 2030 | $ 1810.4 Million |
South America Self Sovereign Identity Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 70.44% |
North America Self Sovereign Identity Market Sales Revenue 2024 | $ 344.69 Million |
North America Self Sovereign Identity Sales Revenue 2030 | $ 6755.72 Million |
North America Self Sovereign Identity Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 63.42% |
Europe Self Sovereign Identity Market Sales Revenue 2024 | $ 327.34 Million |
Europe Self Sovereign Identity Sales Revenue 2030 | $ 6689.12 Million |
Europe Self Sovereign Identity Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 64.56% |
Asia Pacific Self Sovereign Identity Market Sales Revenue 2024 | $ 317.65 Million |
Asia Pacific Self Sovereign Identity Sales Revenue 2030 | $ 13218.9 Million |
Asia Pacific Self Sovereign Identity Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 85.27% |
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Self-sovereign identities assist organization for creating a fraud-proof verifiable credentials and instantly verify the authenticity of those credential. This model offers business ownership for control of their data without dependency on third party providers.
The self-sovereign identity is made up of three pillars, such as blockchain, decentralized identifiers, and verifiable credentials. The blockchain network utilizes decentralized database shared among computers, that record information, and present challenges to change, hack, and cheat the system. The decentralized identifiers assist user for online verification. The verifiable credential includes digital cryptographically secure versions of paper and these credentials offered to verifiers. The self-sovereign identity includes three
The self-sovereign identities are used for several cases such as reusable digital identity, issuing fraud-proof certifications and diplomas, speeding up workforce recruitment times. The self-sovereign identity technology allows users to control and store their personal information. The benefits offered by the self-sovereign identity model allows users to regain control over personal information, and prevents from being tracked by third parties
The rising number of services and transactions are being conducted online owing to digital transformation, which has completely changed the way organizations run. But this change has also made safe and effective identification verification procedures even more crucial. Conventional identity verification techniques, including using usernames and passwords, are frequently subject to fraud and security breaches, posing serious hazards to both people and businesses. For instance, As of January 2024, the Bharat Interface for Money (BHIM) Unified Payments Interface (UPI) emerged as the predominant mode of digital payments in India, accounting for approximately 81 billion transactions. Following closely behind was PPI with approximately four billion transactions. Throughout the financial year 2023, UPI dominated the majority of transactions across various sectors including online retail, food delivery, mobility, and e-health.
Through the use of decentralized technologies like blockchain, SSI solutions allow people to keep ownership and control over their identity data. With the help of SSI, people can safely keep their identification credentials on their own devices or in reliable repositories, negating the need for centralized authority to validate identity. Users can choose which identification qualities to reveal when dealing with online services or transactions, all while avoiding disclosing unnecessary personal information. For example, consider a scenario where an individual wants to open a bank account online. With traditional identity verification methods, the individual might be required to provide a plethora of personal information, including their full name, address, social security number, and more. This not only increases the risk of identity theft but also creates friction in the user experience. For instance, in February 2022, Microsoft has announced the successful migration of Dubai-based e-commerce business, noon payments, to Azure. The move aims to enhance performance and availability while accelerating DevOps practices and improving cost-efficiency for the organization.
However, with SSI, the person can safely authenticate themselves with their credentials for a digital identity. They can choose which details to give and only divulge the information that is required, such their age to confirm their eligibility for specific financial services. By sharing less information and streamlining the verification process, this optimized procedure improves security without sacrificing user experience. Moreover, SSI solutions provide advantages over security and effectiveness. These solutions promote increased trust between users and service providers by enabling individuals to govern the use and sharing of personal data through the decentralization of identity management. In addition, SSI can facilitate cross-platform interoperability, enabling users to conveniently use the same digital identity on a variety of online platforms and services. Thus, the increasing demand for safe and effective identity verification procedures in the context of digital transformation is addressed by SSI solutions. Through the use of decentralized technology, SSI increases security, boosts user experience, and gives people the ability to keep control over their identity information. This, in turn, encourages the adoption of digital services and transactions in a way that is more reliable and safer.
One major factor propelling the growth of the identity management solutions market is the increasing use of Self-Sovereign Identity (SSI) across a variety of industries. In the banking, financial services, and insurance (BFSI) industry, Know Your Customer (KYC) procedures are made easier and more secure with the use of SSI. This lowers the risk of fraud and identity theft and allows for smooth customer onboarding. Governments are using SSI more frequently in order to improve citizen identity management, expedite the provision of public services, and guarantee data security and privacy. SSI gives patients authority over who may access their medical records in the healthcare and life sciences sectors, promoting interoperability among healthcare providers and enhancing patient outcomes.
The increasing digitization of the globe is making data uploaded online more vulnerable to assaults. Identity theft is becoming more likely due to the dispersion of each customer's personal information among multiple servers located throughout the world. For instance, in 2020, Federal Trade Commission (FTC) indicate a projected 45% surge in global identity fraud cases, leading to substantial financial repercussions. This surge in cyberattacks is largely attributed to advancements in technologies such as machine learning (ML), which empower attackers to generate diverse variants of malicious code on a daily basis. Consequently, businesses face ongoing threats to their assets, reputation, and financial stability due to the emergence of novel cyberattacks. Thus, safeguarding against cyber threats has emerged as an imperative for business expansion.
The Self Sovereign Identity (SSI) market holds immense promise for revolutionizing digital identity management by enabling individuals to have control over their own personal data. Nevertheless, a number of serious cybersecurity issues are impeding its expansion. The susceptibility of digital identities to hacking and data breaches is a significant worry. Due to the fact that SSI depends on the storage of personal data on blockchain or decentralized ledgers, any security breech could have severe effects, including fraud or identity theft.
For instance, according to a survey conducted between November and December 2022, approximately 40% of internet users globally reported experiencing cybercrime. Among the surveyed countries, India had the highest incidence of cybercrime, with nearly 70% of respondents indicating they had been victims. Following closely, the United States ranked second, with almost half of respondents, 49%, reporting experiences of internet crime. Thus, increasing cybercrimes challenges the Self Sovereign Identity market growth.
The COVID-19 pandemic impacted several industries due to government-imposed restriction on the production facilities, social distancing measures to prevent the spread of infection.The self-sovereign identity market during the pandemic was positively impacted during the pandemic, owing to rising demand for decentralized identities, rising adoption of blockchain technologies across healthcare and government sectors.
During the pandemic, the social distancing measures boosts the remote work and online interaction among the working population. The increasing cases of coronavirus, boosts the demand for remote work and increase in surge of online interactions. The end-use industries, and government bodies prefer to use digital identities during the pandemic for control and storage of confidential information. The rising preference towards the use of digital identities during the pandemic, positively boosts the growth of self-sovereign identity market. The healthcare sector utilizes self-sovereign identity solution for managing patient data, it was also used for digital vaccination certifications, that offers accurate and secure storage of data. The self-sovereign identity was used for interaction with undocumented workers and for sharing data and attestation of COVID-19 tests. The demand for self-sovereign identity solution for testing of COVID-19 patients was high, as the usage of SSI technologies offers healthcare professional with wireless medical passports and immune certification. The blockchain technology assists in retention of unique digital identity for COVID-19 tested users. which helps the medical authorities in ensuring fast availability of reports and test results.
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Microsoft Corporation is operating under three segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. Productivity and Business Processes segment consists of products and services in portfolio of productivity, communication, and information services, spanning a variety of devices and platforms. This segment primarily comprises:
• Office Commercial (Office 365 subscriptions, the Office 365 portion of Microsoft 365 Commercial subscriptions, and Office licensed onpremises), comprising Office, Exchange, SharePoint, Microsoft Teams, Office 365 Security and Compliance, Microsoft Viva, and Microsoft 365 Copilot.
• Office Consumer, including Microsoft 365 Consumer subscriptions, Office licensed on-premises, and other Office services.
• LinkedIn, including Talent Solutions, Marketing Solutions, Premium Subscriptions, and Sales Solutions.
• Dynamics business solutions, including Dynamics 365, comprising a set of intelligent, cloud-based applications across ERP, CRM (including Customer Insights), Power Apps, and Power Automate; and on-premises ERP and CRM applications.
Gen Digital Inc. is a software company based in Arizona, U.S. and it provides cybersecurity software and services. The company owns several brands such as Norton, Avast, LifeLock, Avira, AVG, ReputationDefender & CCleaner. It provides real-time protection against malware, viruses, adware, and other online threats for PCs, Macs, and mobile devices through security and performance products. Additionally, Norton and LifeLock's identity theft protection solution offers monitoring, alerts, and restoration services to its clientele. Additionally, the company offers the Dark Web Monitoring product, which searches the Dark Web for its members' personal information; Avast Secure Identity, which offers sophisticated identity protection along with credit monitoring and alerts; LifeLock Home Title Protect, which identifies fraudulent activity and notifies members; and Norton Social Media Monitoring, which keeps users' social media accounts safer by keeping an eye out for account takeovers, suspicious activity, and inappropriate content.
December 2021
Consumer cybersecurity giant Avast (LSE: AVST) has acquired self-sovereign identity (SSI) company Evernym for an undisclosed amount, Avast. The acquisition expands the company’s decentralized, portable model capabilities.
Top Companies Market Share in Self Sovereign Identity Industry: (In no particular order of Rank)
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North America accounts for a significant share of 31.26% in 2023, and growing at a CAGR of 63.42% during the forecast period, due to rising number of security breaches in the US. According to the Identity Theft Research Center, in 2023, the companies in the US, recorded high number of data or security breaches in the US. The data compromises among the companies in the US increased by 72% in 2021. The high security breaches and loss of identity theft result in leak of confidential data of the enterprises, which impacts the business operations. The rising number of security breaches or identity loss, boosts the demand for self-sovereign identity to prevent the security breaches. The ATOS SE offers self-sovereign identity solution in collaboration with government to prevent cybersecurity threats or breaches. The SSI technologies implemented across enterprise and other industries, accurately controls and stores the data, which in turn boosts the growth of self-sovereign identity market in North America
The current report Scope analyzes Self Sovereign Identity Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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South America Self Sovereign Identity market size was $71.76 Million in 2024 and it is forecasted to reach $1,810.40 Million by 2030. Self Sovereign Identity Industry's Compound Annual Growth Rate will be 70.44% from 2024 to 2031.
Latin America accounts for a significant share of 6.24% in 2023, and growing at a CAGR of 70.44% during the forecast period, owing to rising investment of the self-sovereign identity solution in Latin America. The local government bodies across Latin America collaborating with the companies in Brazil and other countries to leverage self-sovereign technologies. In October, 2023, the Brazil launched nationwide blockchain ID program which utilizes Blockchain-based ID card that centralizes identity function of all states. Selected states, including Goias, Parana, and Rio de Janeiro. The launch of blockchain based SSI solution, serves as a solution to prevent identity theft across several industries in Brazil. The use of the b-Cadastros blockchain platform is a major differentiator for the security and reliability of the National Identity Card project. The rising launch of blockchain technology and support by the government, boosts the growth of self-sovereign identity market in this region
North America Self Sovereign Identity market size was $344.69 Million in 2024 and it is forecasted to reach $6,755.72 Million by 2030. Self Sovereign Identity Industry's Compound Annual Growth Rate will be 31.26% from 2024 to 2031.
North America accounts for a significant share of 31.26% in 2023, and growing at a CAGR of 63.42% during the forecast period, due to rising number of security breaches in the US. According to the Identity Theft Research Center, in 2023, the companies in the US, recorded high number of data or security breaches in the US. The data compromises among the companies in the US increased by 72% in 2021. The high security breaches and loss of identity theft result in leak of confidential data of the enterprises, which impacts the business operations. The rising number of security breaches or identity loss, boosts the demand for self-sovereign identity to prevent the security breaches. The ATOS SE offers self-sovereign identity solution in collaboration with government to prevent cybersecurity threats or breaches. The SSI technologies implemented across enterprise and other industries, accurately controls and stores the data, which in turn boosts the growth of self-sovereign identity market in North America
Europe Self Sovereign Identity market size was $327.34 Million in 2024 and it is forecasted to reach $6,689.12 Million by 2030. Self Sovereign Identity Industry's Compound Annual Growth Rate will be 64.56% from 2024 to 2031.
Europe accounts for a significant share of 29.48% in 2023, and growing at a CAGR of 64.56% during the forecast period, as several government bodies across the Europe introduced several initiatives and granted funds for the promotion and support of self-sovereign identity solutions. German Federal Ministry of Economics collaborated with the Robert Bosch Group to engaged in initiative for expansion of self-sovereign identity solutions. The usage of SSI model by the German government is increased due to emergence of Europe data spaces. In April, 2021, the company in collaboration with government in Germany initiated project GAIA-X initiative for establishing high performance, competitive, and secure infrastructure. European Commission introduces European initiative, known as Gaia X federation services in collaboration with a major telecommunication service provider. This initiative launched in November, 2023, introduced this initiative for supply of digital identity wallets across Germany and other countries in Europe. Thus, the rising initiative by the government of Europe, and rising collaboration with major companies, boosts the demand for self-sovereign identity in Europe..
Asia Pacific Self Sovereign Identity market size was $317.65 Million in 2024 and it is forecasted to reach $13,218.94 Million by 2030. Self Sovereign Identity Industry's Compound Annual Growth Rate will be 85.27% from 2024 to 2031.
Asia Pacific accounts for a significant share of 25.41% in 2023, and growing at a CAGR of 85.27% during the forecast period due to growing awareness about the cybersecurity attacks in Asia Pacific. The awareness among the cybersecurity attacks has increased, as the fintech companies, and other public authorities recorded highest number of cyber-attacks in Asia Pacific region. According to the World Economic Forum, the cost of cybercrime has increased from USD 8.4 trillion in 2022 to USD 23 Trillion till 2027. The rising spending on cybercrime attacks, have disrupted the financial sector in Asia resulting in loss to financial institutions. Thus, the rising cyberattacks, boosts the demand for self-sovereign identity solutions in Asia Pacific. The manufacturer presence in this region, focuses on investment on SSI technologies to prevent the cyber-attacks and raise awareness among the customers. The expansion of SSI technologies and investment by the manufacturer, results in surge in awareness about the cyber-attacks. In December, 2021, the Avast acquired self-sovereign identity firms, and invested its resources to expand the decentralized digital identities. The rising investment by the manufacturer on SSI technologies and increasing cyber-attacks, boosts the awareness about usage of self-sovereign identity solutions, which boosts the market growth in Asia Pacific
Middle East and Africa Self Sovereign Identity market size was $86.42 Million in 2024 and it is forecasted to reach $2,021.18 Million by 2030. Self Sovereign Identity Industry's Compound Annual Growth Rate will be 68.30% from 2024 to 2031.
Middle east and Africa accounts for a significant share of 7.61% in 2023, and growing at a CAGR of 68.30% during the forecast period, due to rising spending on blockchain technology in the Middle east & Africa. The public and private sectors in Middle East & Africa are encouraging investments to leverage the blockchain technologies. The banking and financial institutions in the UAE, invests on the KYC blockchain consortium, to expand the blockchain technologies in UAE. (Source: Tahseen Consulting) According to the IDC, the spending on blockchain solutions is around USD 6.6 billion with an 50% increase in 2020. The rising expansion of blockchain technologies, boosts growth of self-sovereign identity solutions in the market. The self-sovereign identity technologies in healthcare industry, ensures confidential personal information about the patient. Self-sovereign identity enables patients to have full power over their identity and the existence of information. The rising demand for blockchain technologies, across healthcare and other industries, boosts the growth of self-sovereign identity in this region.
Global Self Sovereign Identity Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Self Sovereign Identity Industry growth. Self Sovereign Identity market has been segmented with the help of its Type, Application Platform, and others. Self Sovereign Identity market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Public Blockchain-based
In 2019, the Public Blockchain-based Self Sovereign Identity revenue (USD Million) was USD 51.44 Million and it expected to reach at USD 26,506.99 Million in 2031. Based on the type, the public blockchain-based segment accounted for a market share of 49.87% in 2023 and is expected to grow at the highest CAGR of 72.86% during the forecast period. A public blockchain can be referred to as, a public blockchain-based to which anyone who is connected to the internet can join and become a part of it. This technology allows online transactions to take place without the need to go through a trusted financial third party. Digital signatures and a peer-to-peer network form the backbone of the blockchain technology. The two parties of the transaction communicate through digital signatures (i.e., public and private keys). The peer-to-peer network timestamps transactions by hashing them into a chain of blocks, forming a record of transactions. The user owns and controls their identity without heavily relying on central authorities. In essence, self-sovereign identity is very similar to how non-digital identity documents work today. Every user keeps their own identity documents in their device. The user creates a public/private key pair and contacts identity authorities to associate and attest their public key with an identity proof—saving the association between the public key and this identity in a distributed manner (e.g., in the blockchain). When the user makes a claim, he/she signs the claim with the private key of the attested public key. The verifier fetches the public key from the blockchain and accepts only the claims signed with the corresponding private key. Thus, the public blockchain-based segment is expected to exhibit significant growth during the forecast period.
Private Blockchain-based
Based on the type, the private blockchain-based segment accounted for a significant market share of 31.26% in 2023 and is expected to grow at the highest CAGR of 71.78% during the forecast period. A private blockchain is referred to as a private blockchain which is a restrictive blockchain that operates in a closed network. Self-Sovereign Identity (SSI) and similar forms of identity management on the blockchain distributed ledger are novel technologies that recognize the need to keep user identity privately stored in user-owned devices, securely verified by identity issuers, and only revealed to verifiers as needed.
Consortium Blockchain-based
Based on the type, the consortium blockchain-based segment accounted for a significant market share of 18.87% in 2023 and is expected to grow at the highest CAGR of 71.04% during the forecast period. Consortium blockchains are hybrid blockchain networks that combine public and private blockchain network features. They are permissioned blockchain networks governed by a group of organizations that have decided to share a ledger among themselves for transactions. However, the topology, roles, and permissions of the participant nodes depend on the network requirements and the blockchain platform-supported protocol
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Based on application, the BFSI segment accounted for a significant market share of 31.34% in 2023 and is expected to grow at the highest CAGR of 71.52% during the forecast period. In the modern transformation of digital banking, the customer does not have control of the sharing of their personal and ?nancial data with the increasing number of authorized ?nancial service providers. Open ?nance is an emerging ?eld within open banking, in which ?nancial institutes, regulated websites, and ?nancial applications obtain access to transactional details, for example, customer ?nancial data such as savings, insurance, and customer credit (or part of it) from the user’s bank accounts and payment services, usually via the Application Programming Interface (API) and based on customer consent. The banking sector has a signi?cant stake in the digital trust era, including via customers’ personal data, Know Your Customer (KYC) procedures, policy regulations, and secure authentication. There is a strong potential for banks to invest in identity management and expand payment card services and digital payment credentials with digital identity capabilities based on the strong position of trust and security measures. Banks, as identity actors, can act as an identity issuer, deliver digital identity services, and provide credentials and authentication services.
Based on application, the government segment accounted for a significant market share of 12.65% in 2023 and is expected to grow at the highest CAGR of 73.93% during the forecast period. Most governments in industrialised nations want to move government services online, to offer citizens more convenient access, and reduce transaction costs. Both the U and US governments have decided that those goals are best realised by using federated identity to authenticate citizens. This means that – rather than receiving an online government identity – like citizens of Italy, Denmark and Estonia do, to name a few examples – US and UK citizens will use a Federated Identity (FedID) solution to authenticate. Basically, they will use online credentials they hold with certified third party - identity providers (IdPs) to access online services offered by relying parties – both commercial and Governmental. Instead of accessing your tax records by entering your Government issued username, PIN and password, you will access them (for example) by typing your online banking credentials into your bank’s website, and be transferred to the page for your records at the Government’s Tax service.
Based on application, the healthcare and life sciences segment accounted for a significant market share of 11.24% in 2023 and is expected to grow at the highest CAGR of 71.97% during the forecast period. Self-Sovereign Identity (SSI), a Blockchain-based technology for digital identity management, is a promising concept for handling health data. Blockchain plays a crucial role in healthcare applications, from improving medical record management, enhancing insurance claim processes, and accelerating clinical/biomedical research to advancing healthcare data by recording on the ledger. Blockchain technology can provide feasible and secure solutions to healthcare applications. The blockchain’s main characteristics, i.e., decentraliseddata management, data provenance, immutable audit trails, high availability, and, most importantly, security and privacy, increase the usability of blockchains in healthcare applications compared to traditional databases. Identification is essential for public health management and quality delivery of health services to the end-user. Patients should be uniquely identified in the smart healthcare system to access the appropriate medical treatment and services. The service providers should also ensure that they provide consistent and correct services to the right person. The unique identification of patients helps researchers and administrators analyze records in order to generate statistics and other data planning, pandemic management, treatment improvements, tracking a patient in case of spreading diseases like covid, emergency response, and many more. Further, health insurance companies must also identify a patient to ensure the correct claims are submitted and provide insurance money based on the patient’s treatment history. Smart healthcare consists of smart medical equipment, wearable sensors, or the internet of medical things, making identity management difficult for health service providers.
Based on application, the telecom and IT segment accounted for a significant market share of 9.87% in 2023 and is expected to grow at the highest CAGR of 73.68% during the forecast period. The concept of digital identity is increasingly important in today’s technology-driven economy and society. The proliferation of IoT devices and decentralized infrastructures, coupled with increasing concerns about data privacy, have led to a growing need for secure and trustworthy digital identities to protect the use of personal data. The constant evolution of technology, including the emergence of the metaverse, presents new challenges for portable identity and authentication across physical and virtual domains. This trend means organizations need to focus on trust, security, and privacy. Last year, SK Telecom and Deutsche Telekom announced their plans to launch a pilot digital ID project that would rely on blockchain technological capabilities to help streamline access control management, contracts, and other dealings between the operator and their customers.With the tremendous growth of demand for cloud-based services, regulatory requirements, there is a need for a semi to fully automated self-sovereign identity (SSI) implementation to reduce cost. It’s critical to manage cloud data strategically and extend the required protection. At each stage of the data migration process, such as data discovery, classification, and cataloguing of the access to the mission-critical data, need to be secured. Cloud storage services are centralized, which requires users must place trust in a TPA. With the SSI, this can become decentralized, reducing the dependency and cost. Our current work involves replacing TPA with SSI. The telecom and IT sector is expected to account for significant share in the global self-sovereign identity market
Based on application, the retail and e-commerce segment accounted for a significant market share of 10.75% in 2023 and is expected to grow at the highest CAGR of 71.0% during the forecast period. The advent of self-sovereign identity represents a fundamental technological shift akin to when the internet started being used by enterprises for e-commerce. In the retail sector, SSI can solve several pressing issues at once:
• Subdue the friction with on boarding and payments, especially for mobile purchases.
• Increase payment security, especially in cards-not-present (CNP) transactions.
• Help curb the rising levels of e-commerce fraud as the volume of online purchases went up during-COVID-19.
• Reduce the costs of storing sensitive customer information, especially payment data.
• Restore customers’ loyalty and trust levels regarding their privacy.
With SSI, customers will be able to securely share all of their required data (credit card numbers, billing address, mailing address, etc.) with one simple ‘click’, from anywhere and on any device. Once shared, retailers will be able to immediately verify the accuracy of this data. In turn, retailers will be able to remove friction from their checkout experience and reap the rewards with fewer abandoned shopping carts, chargebacks, and fraudulent payment
Based on application, the transport and logistics segment accounted for a significant market share of 8.02% in 2023 and is expected to grow at the highest CAGR of 72.83% during the forecast period. Identity management has been ripe for disruption over the past few years due to recurring incidents of data breaches that have led to personal information leaks and identity theft. The rise of blockchain technology has paved the way for the development of self-sovereign identity (SSI)—a new class of user-controlled resilient identity management systems that are enabled by distributed ledger technology. The ripple effect of internet-driven disruption is evident in virtually any industry sector, including the transportation and mobility industry. We have witnessed the rise of Intelligent Transport Systems (ITS) that allow for improved transportation and traffic management systems in and around cities while lowering traffic congestion and CO2 emissions.
Based on application, the real estate segment accounted for a significant market share of 10.75% in 2023 and is expected to grow at the highest CAGR of 71.0% during the forecast period. Identity is the essence of every individual. It defines who we are and differentiates us from others. In societies, governments register individuals’ identities and issue proof of them in the shape of passports and drivers licenses. In the rapidly changing landscape of real estate, technological innovations are driving significant change. One of the most transformative of these innovations is the rise of decentralized identity management, powered by blockchain technology. Web 2.0 is one of the many advancements that the Internet has witnessed since its creation. It has seen significant growth, primarily in marketplace and electronic transactions where practically anything, including real estate, can be offered for rent, lease, or sale on marketplaces and blogs (Facebook, Airbnb, Uniplaces and others) for residential, commercial or industrial usage. First, the use of SSI technology enable methods for acquiring verified credential (VC) that are verifiable on a decentralised blockchain registry to identify both real estate owner(s) and real estate property. on the marketplace.
Based on application, the media and entertainment segment accounted for a significant market share of 4.35% in 2023 and is expected to grow at the highest CAGR of 71.14% during the forecast period. Identity and daily life is going digital, including our friendships, education, employment, healthcare, ?nance, and entertainment. Solving the problem of digital identity is be-coming a societal concern. The scope for digital identity is broad, as it should be usable for both ?lling in online web forms and also for boarding international ?ights. The novel distributed infrastructure for digital identity which meets the stringent passport-grade requirement of governments, provides strong privacy protection for citizens. Media and entertainment companies strive to offer personalized experiences to their users. SSI solutions enable users to manage their identity attributes and preferences across different platforms seamlessly. This enables media companies to deliver targeted content recommendations, personalized advertisements, and tailored user experiences, ultimately enhancing user engagement and satisfaction. SSI solutions also empower users to selectively share their identity attributes and data with trusted parties, including advertisers and content providers. This facilitates targeted advertising and content monetization strategies, enabling media companies to generate revenue while respecting user privacy preferences. By leveraging SSI, media and entertainment companies can implement innovative monetization models based on user consent and data transparency. The media and entertainment segment might contribute to significant share in the global self-sovereign identity market
Based on application, the travel and hospitality segment accounted for a significant market share of 2.10% in 2023 and is expected to grow at the highest CAGR of 72.33% during the forecast period. The digitalization of the tourism and hospitality sector is a continuing evolution that transforms core business processes, market structures, and customer experiences. In this regard, blockchain is an important technological driver that can substantially change the ways in which existing and new service providers in this sector interact among themselves and with their customers. Blockchain applications can improve the efficiency of core business processes in the tourism and hospitality sector, including payments, reservations and ticketing, location tracking, identity management, and information sharing within supply chains. They can also transform customer relationships via decentralized booking systems, loyalty programs, and verifiable reviews. Start-ups and incumbents have opportunities to deliver these services.
Based on application, the others segment accounted for a significant market share of 4.56% in 2023 and is expected to grow at the highest CAGR of 71.38% during the forecast period. Other applications of self-sovereign identity include applications in speeding up workforce recruitment times and educational institutions. While self-sovereign identity is used in speeding up workforce recruitment times helps in:
• Significantly reduce costs, inefficiencies, and resources by verifying credentials like nurse licenses or online course completion certificates instantly instead of days, weeks, and months.
• Issue fraud-proof Verifiable Credentials efficiently and at a much lower cost
• Improve security with public-key cryptography
• Reduce the risk of being targeted for cyber-attacks, breaches, lawsuits, and fines by storing less user data
Whereas, organizations that want to recruit high-quality candidates efficiently can verify educational and professional credentials like a university degree and professional certificates instantly with SSI. This will save days to weeks compared to traditional manual verification processes.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Self Sovereign Identity market report 2024 Edition by contacting our team.
Based on platform, the blockchain technology segment accounted for a market share of 21.36% in 2023 and is expected to grow at the highest CAGR of 80.51% during the forecast period. Blockchain technology pioneered the concept of distributed ledgers, in which peer consensus defines the immutable ledger’s state rather than a central entity asserting authoritarian control. These concepts facilitate the implementation of SSI by providing a trusted online repository for electronic identities, credentials, and revocation registries. While blockchain technology can help the development of SSI solutions, it is not required. Despite this, the majority of existing reviews claim that SSI cannot be implemented without blockchain. The role of blockchain technology is not to store sensitive data directly on the blockchain but only to offer the possibility to check the validity of sensitive data using, for example, revocation registries. Blockchain technology turns the centralized root of trust model on its head. Rather than relying on CAs, consortia, or governments to be a cryptographic root of trust, it uses a consensus algorithm operating over many different machines and replicated by many different entities in a decentralized network. With the rise of blockchain technology, Self-Sovereign Identity is gathering momentum in academia and industry while the number of research papers increases rapidly.
Based on platform, the decentralized identifiers segment accounted for a market share of 36.54% in 2023 and is expected to grow at the highest CAGR of 73.53% during the forecast period. Decentralized identifiers (DIDs) are referred to as unique identifiers made up of a string of letters and numbers that act like an identifying address on a block chain and are independent of any organization. The Decentralized Identifiers DID standard enables the parties to provide end-to-end encrypted bilateral communication on different infrastructures to ensure the most secure communication possible and protect privacy. DIDs are a new type of identifier that provides a verifiable, decentralized digital identity. A DID identifies an arbitrary subject (e.g., a person, an organization, a thing, a data model, etc.) whose identification is decided by the controller of the DID. A DID consists of the URL scheme DID, followed by a DID method and a DID method-specific identifier. In contrast to current encrypted communication protocols such as HTTPS, i.e., Hypertext Transfer Protocol (HTTP) over Transport Layer Security (TLS), where at least one of the communication parties requires an SSL certificate issued by a Certificate Authority (CA), the DIDComm standard enables end-to end encrypted communication even without this certification and is thus less dependent on CAs. The individual VCs and cryptographic keys are stored in digital wallets. Agents and hubs are needed as technical endpoints and custodians for the identifier in this context and as points of connection for bilateral communication. They ensure the protected communication between individual identities and should be accessible permanently, analogous to e-mail servers.
Based on platform, the verifiable credentials segment accounted for a market share of 42.10% in 2023 and is expected to grow at the highest CAGR of 64.67% during the forecast period. The verifiable credentials are referred to as the protocol, as standardized by W3C, ensures that the statements made by the digital ID issuer are done so in a privacy-respecting and tamper-evident manner. With self-sovereign identity and verifiable credentials, techniques are used to preserve privacy using public-key cryptography and digital watermarking. Digital certificates are subject to the trust relationship of a party to a third, neutral authority.
Based on component, the solution segment accounted for a market share of 57.21% in 2023 and is expected to grow at the highest CAGR of 70.43% during the forecast period. In the absence of a unique identity layer on the Internet, many identity solutions have evolved over time—examples include standalone username and password pairs, Single Sign On, and Federated Identity Management. Privacy and security risks for identity owners and liability for identity issuers and verifiers, however, are still alarmingly present. Self-Sovereign Identity (SSI) solutions are new technologies that recognize the need to keep user identity privately stored in user-owned devices, securely verified by identity issuers, and only revealed to verifiers and relying parties as needed. Many commercial SSI solutions are already available to users, issuers, and verifiers. As other researchers have pointed out, usability remains a pressing unknown in the existing SSI solutions. Five of the most commonly used SSI solutions: uPort, Connect.me, Trinsic, Jolocom, and ShoCard (now PingID) with respect to their usability. Some concrete usability problems and suggest ways to resolve them. Identity proofing–that is, verifying an individual is who they claim they are–is required in many online and off-line activities. Unfortunately, no unique identity layer exists on the Internet.
Based on component, the services segment accounted for a market share of 42.79% in 2023 and is expected to grow at the highest CAGR of 74.35% during the forecast period. Several organizations require guidance and expertise in implementing self-sovereign identity solutions effectively. Service providers offer consultation and advisory services to help businesses understand their specific needs, assess existing infrastructure, and develop a tailored strategy for adopting SSI solutions. This hands-on approach adds value to clients by providing them with insights and recommendations to navigate the complexities of digital identity management. Implementing self-sovereign identity solutions often involves complex technical processes, including integration with existing systems and applications. Service providers offer implementation and integration services to streamline this process, ensuring seamless deployment of SSI solutions within organizations.
Research associate at Cognitive Market Research
Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.
As a research analyst, Swasti brings a unique blend of analytical prowess and strategic thinking to the table. With an expertise in market research analysis, She is adept at dissecting complex problems, extracting meaningful insights, and translating them into actionable recommendations. Her passion lies in leveraging data-driven approaches to guide decision-making and drive organizational success.
I played a central role in market research endeavors and competitive analysis. I have a demonstrated ability to leverage diverse data sources, employing advanced analytics tools to discern patterns and trends. My collaborative approach facilitated effective communication of insights, fostering a culture of data-driven decision-making within the organization. I am committed to continuous professional development, actively seeking opportunities for skill enhancement through workshops, industry conferences, and staying abreast of emerging trends in research methodologies.
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The Global Self Sovereign Identity Market is witnessing significant growth in the near future.
In 2023, the Public Blockchain-based segment accounted for noticeable share of global Self Sovereign Identity Market and is projected to experience significant growth in the near future.
The BFSI segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Microsoft , Ping Identity and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Self sovereign identities assist organization for creating a fraud proof verifiable credentials and instantly verify the authenticity of those credential
Disclaimer:
Type | Public Blockchain-based, Private Blockchain-based, Consortium Blockchain-based |
Application | BFSI, Government, Healthcare and Life Sciences, Telecom and IT, Retail and e-Commerce, Transport and Logistics, Real Estate, Media and Entertainment, Travel and Hospitality, Others |
Platform | Blockchain technology, Decentralized Identifiers, Verifiable Credentials |
Component | Solution, Services |
List of Competitors | Microsoft, Avast, Ping Identity, IBM, Others |
This chapter will help you gain GLOBAL Market Analysis of Self Sovereign Identity. Further deep in this chapter, you will be able to review Global Self Sovereign Identity Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Self Sovereign Identity Market Trends North America Self Sovereign Identity Technological Road Map North America Self Sovereign Identity Market Drivers North America Self Sovereign Identity Market Restraints North America Self Sovereign Identity Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
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Chapter 3 Europe Market Analysis
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Chapter 4 Asia-Pacific Market Analysis
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Chapter 5 South America Market Analysis
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Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
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Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
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Chapter 12 Market Split by Platform Analysis 2019 -2031
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Chapter 13 Market Split by Component Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Self Sovereign Identity market
Chapter 14 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Public Blockchain-based have a significant impact on Self Sovereign Identity market? |
What are the key factors affecting the Public Blockchain-based and Private Blockchain-based of Self Sovereign Identity Market? |
What is the CAGR/Growth Rate of BFSI during the forecast period? |
By type, which segment accounted for largest share of the global Self Sovereign Identity Market? |
Which region is expected to dominate the global Self Sovereign Identity Market within the forecast period? |
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