Self-Sovereign Identity (SSI) Market will Expected a 89.8% CAGR, resulting in a market size of 2,75,329.94 million by the conclusion of 2032.

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. Market Dynamics of the Self-Sovereign Identity Market

Market Driver of the Self-Sovereign Identity Market

Growing need for secure and efficient identity verification process significantly drives the self-sovereign identity market growth

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.

Increasing use of Self-Sovereign Identity from multiple end use industries which eventually boost the market growth

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 fr...

The size and share of the market is categorized based on Type (Based on Public Blockchain, Based on Private Blockchain, Based on Consortium Blockchain) and Application (Banking, Financial Services and Insurance, Healthcare and Life Sciences, Telecommunication and IT, Retail and Consumer Goods, Transportations and Logistics, Others) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

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.

SSI products are diverse, each with unique features and target use cases:Digital Wallets: Manage and store digital identities, credentials, and keys.Identity Verification Services: Verify digital identities using various methods, including biometrics and document validation.Credential Issuance Platforms: Create and issue digital credentials that are tamper-proof and verifiable.Data Sharing Frameworks: Establish protocols for secure and interoperable data sharing between different systems.Biometric Technologies: Enhance security and convenience by integrating biometrics into SSI solutions. Recent developments include: February 2023: Wipro Lab45, the innovation division of Wipro, launched DICE ID, a solution for Decentralized Identity and Credential Exchange. Built on blockchain technology, it empowers users by granting them control over their data, enabling secure online sharing through self-verifiable digital credentials., November 2023: Ping Identity collaborated with ConnectID to streamline integration into existing systems and attract new customers. This partnership aims to deliver an integrated solution that enhances digital customer experiences and enables secure online identity verification without compromising data privacy..

The market size of the Blockchain In Self Sovereign Identity Market is categorized based on Type (Based on Public Blockchain, Based on Private Blockchain, Based on Consortium Blockchain) and Application (Banking, Financial Services and Insurance, Healthcare and Life Sciences, Telecommunication and IT, Retail and Consumer Goods, Transportations and Logistics, Others) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and África).

Este informe proporciona información sobre el tamaño del mercado y pronostica el valor del mercado, expresado en USD millones, en estos segmentos definidos.

The report offers Self Sovereign Identity Market Dynamics, Comprises Industry development drivers, challenges, opportunities, threats and limitations. A report also incorporates Cost Trend of products, Mergers & Acquisitions, Expansion, Crucial Suppliers of products, Concentration Rate of Steel Coupling Economy. Global Self Sovereign Identity Market Research Report covers Market Effect Factors investigation chiefly included Technology Progress, Consumer Requires Trend, External Environmental Change.

Decentralized Identity Software Market Overview: The global decentralized identity software market is projected to reach a value of USD XXX million by 2033, exhibiting a CAGR of XX% over the forecast period of 2025-2033. The market is driven by the increasing need for secure and privacy-preserving solutions to manage digital identities, the proliferation of IoT devices, and the growing adoption of blockchain and distributed ledger technologies. Key market players include Microsoft, CREDEBL, Hyperledger, Cove Identity, Nxt Platform, and Serto. Market Trends and Challenges: The market is witnessing rapid growth due to the emerging trends of digital transformation, the decentralization of data, and the adoption of self-sovereign identity models. However, challenges such as regulatory compliance, interoperability between different decentralized identity solutions, and the lack of universal standards hinder market expansion. Nonetheless, the increasing focus on data privacy and security, government regulations, and the adoption of distributed ledger technologies are expected to provide ample opportunities for market growth in the coming years.

The Self-Sovereign Identity (SSI) Wallets market is rapidly evolving, transforming the way individuals and organizations manage digital identities. With the increasing need for enhanced security, privacy, and control over personal data in an era of frequent data breaches and identity thefts, SSI Wallets offer a robu

The Digital Trust Market size was valued at USD 80.66 USD Billion in 2023 and is projected to reach USD 171.73 USD Billion by 2032, exhibiting a CAGR of 11.4 % during the forecast period. Digital trust may therefore be defined as the faith people or other entities have in the processes, platforms, and interactions of digital technologies and computing devices. It makes sure that electronic business and communication transaction and exchanges and information transfer are effected securely. It is a broad concept that can be used in e-business, internet banking, telemedicine, and smart devices. Types of Digital Trust include user Digital Trust, organizational Digital Trust and system Digital Trust. Components of the digital trust include encryption and security policies, identification and authentication, security and protection, and data privacy. They entail better customer relations through loyalty, better company reputation, low risks of cyber threats, and more opportunities to transact digitally. The most recent shifts in the market include the use of blockchain technology to support decentralized trust, self-sovereign identity, and AI-driven security solutions to foster trust in various digital systems. Recent developments include: October 2023: California-based Jumio, an AI solution provider, announced a collaboration with NextWealth to introduce a digital trust solution catering to identity verification services. The companies are focused on offering reliable and safer internet., September 2023: DigiCert launched a new digital trust management solution in India to boost corporate infrastructure and enhance customer data security. The DigiCert ONE platform helps secure users, devices, servers, and others., May 2023: Garrigues announced the acquisition of 51% of EAD Trust stakes, a Spain-based digital trust service provider, to establish itself in upcoming regulations of European Unions. EAD Trust offers electronic identification and trust services, and with its acquisition, Garrigues aims to enhance decision-making capabilities., January 2023: Italy-based Tinexta’s InfoCert acquired 65% of U.K.-based Ascertia to offer secured communication and authentication in compliance with ETSI standards and eIDAS regulations. The company aims to expand through global partnerships and digital transformation., November 2022: Amazon Web Services, Inc. announced a partnership with Atos Group to boost digital transformation for easy cloud migration. With the expedition of cloud adoption, the companies aim to offer secure, flexible and sustainable solutions.. Key drivers for this market are: Growing Demand for Digital Trust for AI Tools to Drive Market Growth. Potential restraints include: Higher Cost of Implementation of Solutions to Hamper the Market Growth. Notable trends are: Rise of Zero Trust Solutions among Enterprises to Propel Market Growth.

The Web 3.0 Decentralized Identities (DIDs) market is rapidly evolving as a cornerstone of digital identity management in the age of decentralized internet. Unlike traditional identity systems that rely on central authorities, DIDs empower users with self-sovereign identities, enabling individuals to control their p