Comprehensive 2025 Self-Sovereign Identity Market Overview: Trends, Forecasts, and Growth Drivers

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What Is the Expected CAGR for the Self-Sovereign Identity Market Through 2025?
In recent times, there has been an exponential increase in the size of the self-sovereign identity market. It is predicted to surge from $2.07 billion in 2024 to $3.78 billion in 2025, achieving a compound annual growth rate (CAGR) of 82.0%. The notable growth during the historical period is attributed to factors such as increasing acceptance of blockchain, a rise in data breach incidents, an escalating number of digital identity frauds, regulatory support for privacy, and a surge in the demand for identity access management.

What's the Projected Size of the Global Self-Sovereign Identity Market by 2029?
The market for self-sovereign identity is projected to experience a significant surge in the coming years, reaching an impressive $41.23 billion by 2029, fueled by an impressive compound annual growth rate (CAGR) of 81.8%. Factors contributing to this projected rise during the forecast period include a greater adoption of web3, increased demand for decentralized identities, zero-trust security models, seamless integration across different platforms, and user control over personal data. Some of the key trends expected to mark the forecast period comprise integration with biometric technology, digital wallets for identity purposes, an expansion in verifiable credentials, cross-border identity solutions, and compatibility with Internet of Things (IoT) devices.

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Top Growth Drivers in the Self-Sovereign Identity Industry: What's Accelerating the Market?
The escalating frequency of data violations and safety risks is projected to stimulate the expansion of the self-sovereign identity market in the future. Data infringement and security dangers are instances where unauthorized people access confidential data, usually resulting in exposure, data theft, or data loss. The rising number of these violations and threats can be mostly credited to the evolving complexity of cyberattacks, where assailants utilize sophisticated tactics like AI-driven attacks, zero-day threats, and sophisticated malware to evade standard security defenses. Self-sovereign identity (SSI) bolsters data safety by enabling individuals to manage their own personal information, thereby decreasing the dangers associated with data infringement and security threats that come with centralized data storage systems. For example, in October 2023, as per the 2023 Data Breach Report by the Identity Theft Resource Center, an America-based non-profit organization, during the initial three quarters of 2023, data breaches hit a record 2,116, surpassing the previous high of 1,862 in 2021. As a result, this upward trend in data violations and safety risks is driving the expansion of the self-sovereign identity market.

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What Trends Will Shape the Self-Sovereign Identity Market Through 2029 and Beyond?
Leading firms in the self-sovereign identity (SSI) market are prioritizing the development of cutting-edge platforms like decentralized identity platforms to offer users enhanced control over their personal details. Decentralized identity platforms are digital schemes that facilitate individuals to form, oversee, and govern their unique identity information independently of a central entity. These platforms bolster self-sovereign identity (SSI) by empowering users to possess and disseminate their credentials in a secure manner, thereby maintaining privacy, data proprietorship, and user sovereignty throughout their digital engagements. For example, Truvity, a software enterprise originating from Netherlands, unveiled its Truvity Platform in June 2023, an SSI platform fashioned to allow both entities and individuals to manage and distribute verifiable credentials in a safe manner, hence providing users complete authority over their digital identity without dependence on central regulation. The platform promotes instant trust and verification, facilitating efficient data transfer while safeguarding privacy, security, and compliance with emergent digital identity norms such as eIDAS 2.0.

What Are the Main Segments in the Self-Sovereign Identity Market?
The self-sovereign identity market covered in this report is segmented -

1) By Offering: Solution, Services
2) By Identity Type: Biometrics, Non-Biometrics
3) By Technology: Blockchain, Decentralized Identity, Public Key Infrastructure, Biometrics
4) By Application: Digital Identity Verification, Identity Management, Access Control, Data Sharing
5) By Vertical: Banking, Financial Services and Insurance (BFSI), Government, Media And Entertainment, Travel And Hospitality, Healthcare And Life Sciences, Information Technology (IT) And Telecommunications, Other Verticals

Subsegments:
1) By Solution: Identity Wallets, Identity Verification, Credential Issuance And Management, Decentralized Identifiers (DIDs), Authentication Systems, Blockchain-Based Platforms
2) By Services: Consulting, Integration And Implementation, Support And Maintenance, Managed Services, Training And Education

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Which Top Companies are Driving Growth in the Self-Sovereign Identity Market?
Major companies operating in the self-sovereign identity market are Microsoft Corporation, plc, International Business Machines Corporation, NEC Corporation, Wipro Limited, Bloom Protocol Inc., Persistent Systems Limited, Dock Global Inc., Imageware, Validated ID S.L., ConsenSys Software Inc., Blockchain HELIX AG, Metadium Technology Inc., SelfKey Foundation, BOTLabs GmbH, Danube Tech GmbH, Civic Technologies Inc., IDEX Biometrics ASA, Jolocom GmbH, The Sovrin Foundation

Which Regions Will Dominate the Self-Sovereign Identity Market Through 2029?
North America was the largest region in the self-sovereign identity market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the self-sovereign identity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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