Self-Sovereign Identity Market Projected to Hit $47.1 Billion by 2029: Key Growth Insights

The Self-Sovereign Identity (SSI) market is on the brink of explosive growth. A recent report from Research and Markets predicts that the market will expand at an astounding 90.5% Compound Annual Growth Rate (CAGR) over the next five years. Starting from USD 1.8 billion in 2024, the market is expected to reach an impressive USD 47.1 billion by 2029.

From verifiable credential issuance to decentralized identity wallets, this report highlights key players such as Microsoft, PolygonID, Talao, Cheqd, Gataca, Dock and Waltid to name a few.

A new era of digital trust

SSI marks a significant paradigm shift in how digital identities are managed. Unlike traditional identity systems that rely on third-party control, SSI empowers individuals to take full control of their digital identities. According to the Research and Markets report, this shift is fueled by growing concerns over identity theft, fraud, and the increasing demand for secure, interoperable identity management systems across various sectors, including finance, healthcare, and IT.

BFSI sector positioned to lead SSI adoption

The BFSI sector is emerging as a major catalyst for SSI adoption. Traditional banking processes, especially Know Your Customer (KYC) procedures, are undergoing a significant transformation thanks to Self-Sovereign Identity. By leveraging Verifiable Credentials, financial institutions can streamline account opening processes, reduce verification periods, and eliminate the need for repetitive document submissions. Imagine applying for a loan and getting approval in minutes rather than days, all because your credit score, income verification, and identity are instantly verifiable.

The solutions segment set to dominate the market

According to the report, the solutions segment is leading the SSI market, offering a comprehensive suite of tools that enable individuals, businesses and organizations to control their digital identities securely and efficiently. These solutions encompass everything from verifiable credential issuance to decentralized identity wallets, integrating regulatory compliance while ensuring seamless interaction across the digital identity ecosystem.

Launching Custom SSI Wallets with Talao

In this report, Talao is featured as one of the leading digital identity wallet providers. Talao's Wallet-as-a-Service solution enables organizations to quickly launch their own SSI wallets, offering accelerated time-to-market, cost-effective deployment, strict regulatory compliance, enhanced user management, reliable performance, brand customization, and scalable pricing.