Chicago, May 02, 2024 (GLOBE NEWSWIRE) -- The global Self-Sovereign Identity (SSI) Market size is projected to grow from USD 1.8 billion in 2024 to USD 47.1 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 90.5% during the forecast period, according to a new report by MarketsandMarkets™
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Self-Sovereign Identity (SSI) Market Dynamics:
Drivers:
- Escalating concerns over identity theft and frauds
- SME-driven initiatives to fuel SSI market growth
- Increasing SSI adoption in healthcare sector
Restraints:
- Regulatory ambiguity to cloud SSI adoption
- User education and awareness
Opportunities:
- Emergence of self-sovereign identity in biometrics
- Integration with advanced technologies
- Government initiatives to propel widespread SSI adoption.
List of Key Players in Self-Sovereign Identity (SSI) Market:
- Microsoft (US)
- Ping Identity (US)
- IDEX Biometrics (Norway)
- NEC (Japan)
- Imageware (US)
- Dock (Switzerland)
- Metadium (Cayman Islands)
- Blockchain Helix (Germany)
- Validated ID (Spain)
- Wipro (India)
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The convergence of digital transformation and the rising interest in decentralized technologies is propelling the growth of SSI solutions. As industries rapidly adopt digital services, the demand for robust identity solutions to ensure secure interactions and data protection intensifies.
Simultaneously, the shift towards blockchain and decentralized systems underscores the need for SSI platforms, offering enhanced security and user autonomy over personal data. This alignment signifies a pivotal evolution towards more resilient, transparent, and user-centric identity management paradigms.
Trend: Decentralized Identifiers (DIDs)
Decentralized Identifiers (DIDs) are instrumental in evolving SSI and reshaping digital identity frameworks. Unlike conventional usernames, DIDs operate within a decentralized structure, granting users unprecedented control over their digital identities. This empowerment enables individuals to independently manage the issuance, control, and revocation processes, reducing reliance on centralized authorities. Moreover, DIDs facilitate an open, interoperable ecosystem strengthened by cryptographic keys that enhance security and integrity, guarding against unauthorized access and data manipulation.
Trend: Zero Knowledge Proofs (ZKPs)
An emerging trend in SSI is the integration of zero-knowledge proofs (ZKPs) to bolster user control over credentials. ZKPs enable selective disclosure of information, aligning with decentralization and interoperability in SSI frameworks. Unlike centralized ID systems, ZKPs empower individuals to issue, hold, and verify credentials autonomously, minimizing identity theft risks. This technology trend emphasizes privacy, security, and seamless interoperability across diverse platforms and applications, driving innovation in self-sovereign identity solutions.
Trend: Fuzzy Extractors and Biocrypt
Integrating fuzzy extractors and biocrypt represents vital technological trends in Self-Sovereign Identity (SSI). Fuzzy extractors are instrumental in deriving cryptographic keys from imperfect biometric data, ensuring robust authentication despite biometric variations and minimizing the risks of spoofing. Biocrypt focuses on securely storing and managing biometric templates to prevent unauthorized access. These technologies enhance SSI security by strengthening authentication processes while safeguarding user privacy during enrollment and beyond.
By offering, the service segment accounts for the highest CAGR during the forecast period.
The rapid growth of the service segment in the SSI market can be attributed to the complex and evolving nature of the technology. As SSI is still relatively new, organizations seek expertise from service providers to navigate implementation challenges and ensure compliance with changing standards. Service providers offer consulting, technical implementation, and ongoing support, addressing the demand created by companies exploring SSI adoption. With the technology behind SSI continually advancing, organizations rely on service providers to keep their systems up-to-date and optimized. This demand for specialized services underscores the critical role that service providers play in facilitating successful SSI deployments and maximizing the benefits of this transformative technology.
By organization size, the large enterprise segment accounts for a larger market share.
Large enterprises dominate the SSI market for several compelling reasons, including the need for scalable identity management solutions. Traditional systems are often complex and costly to maintain at an enterprise scale, making SSI's decentralized approach more appealing. Additionally, large enterprises are frequent targets of cyberattacks, necessitating secure data management solutions like SSI, which prioritize user-controlled data and decentralized storage. This is particularly relevant in industries subject to stringent data privacy regulations. Furthermore, SSI can streamline internal processes crucial to large enterprises, such as employee onboarding, system access management, and credential verification for contractors or partners. These efficiencies translate into significant cost savings and operational enhancements, further driving the adoption of SSI within the large enterprise sector.
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Opportunity: Integration of Self-Sovereign Identity (SSI) with Biometric
Integrating self-sovereign identity (SSI) with biometrics signifies a notable advancement in identity verification solutions. Biometric authentication methods offer highly secure and convenient identity verification, such as fingerprint scanning, facial recognition, and iris scanning. Incorporating biometrics into SSI systems enhances security through unique and immutable identifiers based on physical characteristics. This approach allows for the secure storage of biometric data on decentralized networks, ensuring user control and privacy. As described by the IEEE Computer Society, a hybrid approach combining self-sovereign identities, cryptographic authentication, and biometrics enables remote and secure identity verification processes. Furthermore, innovations from companies like ImageWare, with biometric-enabled SSI solutions, aim to offer individuals enhanced security and control over their identities within blockchain-powered systems, effectively mitigating cybersecurity risks and improving data management security.
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