New York, USA, July 24, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global self-sovereign identity (SSI) market size is predicted to grow from USD 951.36 million in 2023 to USD 2,75,329.94 million by 2032. It is anticipated to grow at a compound annual growth rate (CAGR) of 89.8% from 2024 to 2032, according to the latest research report by Polaris Market Research.
Market Introduction:
What is Self-Sovereign Identity (SSI)?
Self-sovereign identity (SSI) is a representation for handling digital recognition in which persons or businesses have solitary proprietorship over the capacity to regulate their accounts and unique data. Persons with self-sovereign recognition can reserve their data to their gadgets and offer it for authentication and agreements without the requirement to depend upon a primary warehouse of data. With self-sovereign identity, users have entire regulation over how the distinctive particulars are retained and utilized.
The self-sovereign identity (SSI) market is witnessing substantial demand owing to these technologies providing the user the potential to prevent their recognition from scammers by utilizing block chain technology without the inclusion of central firms. The escalating advancements of agreeable and uncomplicated handling of self-sovereign identity technology for end users make it possible to push market growth in the near future.
Download Free Sample PDF Copy of the Report:
Self-Sovereign Identity Market Report Attributes
| Report attributes | Details |
| Market value in 2023 | USD 951.36 million |
| Market value in 2032 | USD 2,75,329.94 million |
| CAGR | 89.8% from 2024-2032 |
| Base Year | 2023 |
| Historical Data | 2019-2022 |
| Forecast Period | 2024-2032 |
Key Highlights of the Report
- Escalating law imposition on data isolation is expected to provide notable demand for self-sovereign identity over the forecast period.
- The market is primarily segmented on the basis of offering, identity type, network, organization size, vertical, and region.
- North America dominated the market with the largest self-sovereign identity (SSI) market share.
Self-Sovereign Identity (SSI) Market Key Players
- 1Kosmos (US)
- Accumulate (US)
- Affinidi (Singapore)
- Blockchain Helix (Germany)
- cheqd (England)
- Civic (US)
- Dock (Switzerland)
- Finema (Thailand)
Request for a Discount on this Report Before Purchase:
Top Market Developments:
Growth Drivers and Trends:
- Technology Exposure: The continuing technology exposure and deep fake occurrences are escalating worries about data security. As per a report by computer safety firm McAfee announced in April 2024, over 75% of Indians perceived deep fake content, while 38% of people confronted deep fake frauds in the bygone years in India.
- Increasing Cases of Data Violation: The growing aggregate of data violation and safety menaces globally is notably implementing firms to execute productive security calibre. This trend is punctually pushing the growth of the self-sovereign identity (SSI) market propelled by its potential to offer capability in disclosing their data with the incorporation of blockchain technology.
- Growing Research Studies: The growing research studies traversing the advancement of self-sovereign identity technology and the escalating demand for data isolation instruments are expected to push market augmentation.
Challenges:
- Less Awareness: The lesser aggregate of people with comprehension of blockchain technology is anticipated to create massive issues in the marketplace. This is anticipated to restrict research inventions, and thus advancement in self-sovereign identity technology in the near future.
Which Region Leads the Self-Sovereign Identity (SSI) Sector?
- North America: The North American region dominated the self-sovereign identity (SSI) industry with the largest revenue share. The region's dominance in the market can be attributed to the existence of entrenched nations with robust information technology and frameworks. The growing countries' policies to encourage data security and decrease data violations are maximally energizing the market penetration.
- Asia Pacific: The Asia Pacific is anticipated to witness the fastest growth in the self-sovereign identity (SSI) market over the estimated period. This is due to escalating research ventures in self-sovereign identity (SSI). The growing aggregate of firms concentrating on advancing productive data safeguarding measures particularly in India and China.
Inquire more about this report before purchase:
SSI Market Segmental Overview:
By Offering Outlook:
- Solutions
- Services
By Identity Type Outlook:
- Non-Biometrics
- Biometrics
By Network Outlook:
- Permissioned
- Permissionless
By Organization Size Outlook:
- SMEs
- Large Enterprises
By Vertical Outlook:
- BFSI
- IT and ITeS
- Telecom
- Government
- Real Estate & Construction
- Healthcare
- Retail and E-Commerce
- Media & Entertainment
- Travel & Hospitality
- Other Verticals
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Browse More Research Reports:
Blockchain Identity Management Market
Location Based Advertising Market
About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
Contact:
Likhil G
30 Wall Street
8th Floor,
New York City, NY 10005,
United States
Phone: +1-929 297-9727
Email: sales@polarismarketresearch.com
Web: https://www.polarismarketresearch.com
Follow Us: LinkedIn | Twitter
