Self-Sovereign Identity (SSI)

Global Self-Sovereign Identity (SSI) Market to Reach US$70.9 Billion by 2030

The global market for Self-Sovereign Identity (SSI) estimated at US$1.7 Billion in the year 2024, is expected to reach US$70.9 Billion by 2030, growing at a CAGR of 85.4% over the analysis period 2024-2030. SSI Solutions, one of the segments analyzed in the report, is expected to record a 92.4% CAGR and reach US$56.9 Billion by the end of the analysis period. Growth in the SSI Services segment is estimated at 67.9% CAGR over the analysis period.

The U.S. Market is Estimated at US$475.8 Million While China is Forecast to Grow at 101.5% CAGR

The Self-Sovereign Identity (SSI) market in the U.S. is estimated at US$475.8 Million in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$19.6 Billion by the year 2030 trailing a CAGR of 101.5% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 71.7% and 78.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 73.0% CAGR.

Global Self-Sovereign Identity (SSI) Market – Key Trends & Drivers Summarized

Why Is Self-Sovereign Identity (SSI) Gaining Traction In Digital Identity Management?

Self-Sovereign Identity (SSI) is redefining digital identity management by allowing individuals and organizations to control their own identity credentials without depending on centralized authorities. Unlike traditional identity verification systems, which store sensitive personal data in government or corporate databases, SSI enables users to manage, share, and authenticate their identity information securely through decentralized networks. With rising concerns over data privacy, cybersecurity threats, and digital fraud, businesses and governments are turning to SSI to provide secure and verifiable digital identities. The emergence of decentralized finance (DeFi), Web3, and digital citizenship initiatives is further accelerating SSI adoption, making it a critical tool for the future of digital trust and security.

What Technological Innovations Are Driving The Growth Of SSI?

The SSI landscape is evolving rapidly due to advancements in blockchain technology, cryptographic security, and zero-knowledge proofs (ZKPs). Blockchain-based decentralized identity systems enable verifiable credentials that cannot be tampered with, ensuring high levels of data security and privacy. Self-sovereign identity wallets, which store digital credentials on users’ devices, are being integrated with AI-powered identity verification solutions to enhance fraud prevention. Additionally, SSI is leveraging smart contracts and biometric authentication to streamline access control, digital voting, and cross-border identity verification. These innovations are making SSI a scalable and reliable alternative to centralized identity management systems.

Which Industries Are Leading The Adoption Of Self-Sovereign Identity?

Financial institutions are among the early adopters of SSI, using decentralized identity solutions to enhance Know Your Customer (KYC) compliance, prevent identity theft, and streamline digital banking processes. Governments are incorporating SSI into e-residency programs, digital passports, and national identity systems to improve security and reduce administrative overhead. The healthcare sector is leveraging SSI for secure patient record management, ensuring that medical data remains private and accessible only to authorized parties. Additionally, enterprises in e-commerce, travel, and education are adopting SSI to enable seamless and fraud-resistant user authentication.

What Factors Are Fueling The Growth Of The SSI Market?

The growth in the Self-Sovereign Identity (SSI) market is being driven by increasing regulatory scrutiny over data privacy (GDPR, CCPA), rising cyber threats, and the push for decentralized digital identities. Governments and enterprises are investing in blockchain-based identity frameworks to reduce reliance on traditional authentication systems. The expansion of decentralized applications (dApps) and Web3 ecosystems is further boosting demand for self-sovereign identity solutions. Additionally, growing concerns about social media identity fraud and digital identity theft are prompting users to seek greater control over their personal information. As global adoption of digital identities continues to rise, the SSI market is expected to expand significantly.

SCOPE OF STUDY:

The report analyzes the Self-Sovereign Identity (SSI) market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Offering (SSI Solutions, SSI Services); Identity Type (Biometrics Identity, Non-Biometrics Identity); Network (Permissioned Network, Permissionless Network); Organization Size (Large Enterprises, SMEs); Vertical (BFSI Vertical, IT & ITES Vertical, Telecom Vertical, Government Vertical, Real Estate & Construction Vertical, Healthcare Vertical, Other Verticals)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 39 Featured) -

• 1Kosmos
• Accumulate
• Blockchain Helix
• Dock
• IDEX Biometrics
• Imageware
• Infopulse
• Kaleido
• Metadium
• Microsoft
• NEC Corporation
• NuID
• Persistent Systems
• Ping Identity
• SelfKey
• Talao
• Truvity
• Validated ID
• Vereign
• Wipro

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