As the global industrial complex gears toward fulfilling the tenets of Industry 4.0 and beyond, technologies such as distributed ledger technologies, digital twins, and artificial intelligence become pivotal enablers. In the last decade, metaverse as a concept and technology found its place among crucial enablers for technology and digital advancement across several engineering domains. Metaverse has the potential to combine the elements from distributed computing platforms, the digital evolution of physical systems, and advanced learning systems to unearth a fully digitized world of comparative properties of the real world. We should ensure the privacy, integrity, and confidentiality of personal data. These requirements will lead to proper identity management in the metaverse. Given the complex nature of the metaverse, traditional centralized systems may not offer a viable identity management solution. Therefore, this study explores a decentralized identity management system called the Self-sovereign Identity (SSI) as a logical alternative to traditional centralized identity management systems. The proposed holistic framework aims to ignite new ideas and discussions related to the combined deployment of DLT, SSI, and metaverse to inspire new implementation areas within the Industry 4.0 environment. The paper also discusses various opportunities, enablers, technical \& privacy aspects, legislation requirements, and other barriers related to SSI implementation.