Covina, July 15, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights Self-Sovereign Identity (SSI) Market Size is expected to reach at US$ 1.62 billion in 2024 and is projected to grow at a CAGR of 82.50% to reach US$ 589.02 billion by 2034.
Self-Sovereign Identity (SSI) Market Report Overview:
One such digital identity strategy is self-sovereign identification, whereby users may gain control of choices on what data they want to share with websites, services, and applications on the internet to prove their identity. Otherwise, in some cases, without SSI, people having persistent online accounts identities would depend on numerous identity providers who will be in custody of data related to these identities. If a user does not want to depend on a large identity provider, her online experiences are fragmented because she needs to register with each service provider for a new account. Self-sovereign identification offers a way to avoid these two unpopular choices. It allows the user the possibility of managing data associated with his or her identity while allowing easy and secure access to services.
The SSI business is driven to a great extent by the problems associated with data security, digital identity fraud, and the need for efficient processes of verification of identity. It also intends to remain compliant with regulations like GDPR while improving user experiences. On the other hand, it has to face challenges by way of universal acceptance of the principles of SSI, technical issues, and standardization of the system. On the other hand, regulations would not let SSI grow, and established identity providers are said to view it as an assault on their business models. Despite these, what really draws funding and interest to SSI technology is its potentials for increasing privacy, lessening identity theft, and empowering users.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Self-Sovereign Identity (SSI) Market is characterized by rapid growth, technological innovation and fierce competition. Companies are expanding their global presence, focusing on sustainability and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Blockchain Helix
- IDEX Biometrics
- 1Kosmos
- Infopulse
- Cheqd
- Metadium
- Accumulate
- Gataca
- Dock
- Kaleido
- Civic
- Finema
- Affinidi
- Midy
- Fractal ID
- Imageware
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Analyst View:
Self-sovereign identification is a digital-identity technology that empowers end-clients to terribly control the exposure of information to websites, services, and applications. SSI receives financing since it has the promise to make privacy better, decrease identity theft, and empower users—amidst obstacles such as data security, digital identity fraud, and GDPR compliance. Moreover, it shares legal frameworks like the Findynet Cooperative grant from Finland and the European law on eIDAS. Globally, SSI solutions are to be adopted by governments for regulatory compliance, financial inclusion, public service delivery, data protection, and technological innovation.
Market Dynamics:
Drivers:
Support from the law and user-centered design
- Legal frameworks and legislation set an enabling environment for the development and uptake of SSI. This includes the eIDAS legislation of the European Union, and a grant from the Finnish government to Findynet Cooperative. While this demonstrates that several governments recognize the potential of SSI, there is still much legal uncertainty about how this new paradigm should be understood. The first principle of SSI, user empowerment and control over personal data, is meant to support self-government and digital sovereignty. Technical themes in SSI, among them public-key cryptography and decentralized identities, emphasized liberty for users and self-empowerment. Subsequently, despite all adversities, the success of SSI was bound to rest on a mix between user-centered design and legal enforcement.
Growing Apprehensions about Data Privacy
- The risks associated with centralized digital identity management systems make the data privacy concerns in self-sovereign identity an adrenaline-rich area. Traditional systems grant service providers power over personal data, thereby fostering data abuse and dispossession of users from control. Some important concerns also featureOLID privacy challenges, data breaches, and regulatory compliance. By providing people with control over their digital identities, making the process for identity management secure through blockchain technology, and concentrating on the self-sovereignty of the user, SSI tries to enhance these weaknesses. A strong governance framework is required for successful adoption rates; interoperability, standardization, and awareness of the benefits have to be incorporated by users. Finally, strong governance arrangements, blockchain technology, and decentred and user-centered identity management drive forward the realization of SSI.
Self-Sovereign Identity (SSI) Market Report Scope
| Report Attributes | Details |
| Market value in 2024 | USD 1.62 Billion |
| Market value in 2034 | USD 589.02 Billion |
| CAGR | 82.50% from 2024 – 2034 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2034 |
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Market Trends:
Government Initiatives and Support
- Governments worldwide are now speeding up the development and implementation of solutions related to Self-Sovereign Identity. From hosting the eIDAS regulation to granting the Findynet Cooperative in Finland, implementing a blockchain based digital ID in Bhutan, supporting use cases in the public sector from Singapore and Australia, all the way to supporting supply chain traceability, digital identity verification, and healthcare data management of the United States and Canada, this technology is having no problem on finding a foothold. These projects are focused on concerns over data protection, public service delivery, financial inclusion, regulatory compliance, and technological innovation. SSI solutions are important for better data security and privacy, regulatory compliance, greater public service, financial inclusion, and technical innovation.
Segmentation:
Self-Sovereign Identity (SSI) Market is segmented based on Offering, Identity, Vertical, and Region.
Offering Insights
- The solutions part of SSI ecosystems provides a communication channel and resources such as identity wallets, issuance platforms, credential validation services, DID management tools, data governance tools, among others. It is the services sector that connects technology with practical use; service providers pay great attention to security matters, ensure compatibility, and provide superior consulting for the implementation of working SSI solutions.
Identity Insights
- It is user-friendly and secure, biometrics—through fingerprint scanners and facial recognition software—are the most utilized techniques for online identification. On the other hand, non-biometrics market is increasing in providing storage for credentials like health records, work experiences, and academic certificates.
Vertical Insights
- SSI will benefit the following businesses: finance, supply chain & logistics, healthcare, government, telecommunication, retail, education, media, and entertainment. Customs processing can be accelerated, while counterfeiting is reduced and transparency increased. In health, it improves care coordination, insurance processing, and provides secure medical data. It helps government’s smooth procedures to provide safe access to internet services to users. It will also be helpful for secure data interchange and identity management in other industries.
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Recent Development:
- In May 2024, Specification to unite decentralized identity schemes opens door to new applications. The decentralized identity community is integrating OpenID’s protocols for verifiable credentials with DIDComm to give businesses a way to utilize VCs with “direct communication between trusted connections,” as the Decentralized Identity Foundation (DIF).
- In March 2024, NFID Foundation Launches to Promote Self-Sovereign Identity. The NFID Foundation, a new non-profit consortium focused on advancing Self-Sovereign Identity (SSI) within the security industry, has announced its official launch.
Regional Insights
- North America: North America acts at the forefront in the utilization of blockchain-based SSI systems. Growing concerns regarding data privacy and compliance under CCPA and GDPR keep the driving force up. The US and Canadian governments extend their support to the developing SSI solutions for use cases pertaining to digital identity verification, supply chain traceability, and healthcare data management. In return, a North American business will get better trust on the part of the clients, cost efficiency, an added layer of security, and compliance with data privacy.
- Asia Pacific: Rapidly growing concerns about data security and privacy, which increase the use of Self-Sovereign Identity within the Asia Pacific area. On the side of governments, APAC governments, such as Singapore and Australia, are developing pilots on SSI solutions for a myriad of use cases within the public sector. Applications are found in supply chains, healthcare, and banking, generally in digital identity verification. Companies that represent the sector include Microsoft, Validated ID, IDEX Biometrics, and Dock. But there are worries over government backing and legal grey areas.
Browse Detail Report on “Self-Sovereign Identity (SSI) Market By Offering (Solutions and Services), By Identity (Biometrics and Non-biometrics), By Organization Size (Large Enterprises and Small & Medium Enterprises), By Vertical (Financial Services, Supply Chain & Logistics, Healthcare, Government, and Others), and By Region - Trends, Analysis and Forecast till 2034” with complete TOC @
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