Self-Sovereign Identity (SSI) Market Size, Share, By Offering (Solutions and Services), By Identity (Biometrics and Non-biometrics), By Organization Size (Large Enterprises and Small & Medium Enterprises), By Vertical (Financial Services, Supply Chain & Logistics, Healthcare, Government, and Others), and By Region - Trends, Analysis and Forecast till 2034

Data privacy and security concerns:

• The SSI business is primarily driven by growing awareness of and concern for data privacy and security issues. In recent years, public awareness of these problems has grown following high-profile data breaches, identity thefts, and corporate and governmental abuse of personal data.
• Because traditional centralized identification systems often store large amounts of personal data in a single source, they are attractive to cybercriminals. Furthermore, users no longer have as much choice over how these services share or use their data. In contrast, SSI provides a decentralized approach where individuals have complete control over their personal information.
• The COVID-19 pandemic has highlighted the need for secure digital identities and accelerated digital transformation in several industries. Use cases, including contact tracking, immunization passports, and remote work, have sparked interest in SSI technologies because they emphasize the need for privacy-preserving identity solutions.