Self-sovereign identity to be billion-dollar industry by 2024

From: RegTech Analyst

Self-sovereign identity (SSI), a system which uses blockchain to give direct control of who accesses their online credentials, will be a billion-dollar industry by 2024, according to Juniper Research.

As part of a new report, the research company claims the annual revenue of SSI will be $1.1bn in 2014, increasing from an expected $100m by the end of 2020.

In the Self-Sovereign Identity: Value Chain Analysis, Business Models & Forecasts 2020-2024 report, it claims 88% of revenue for SSI providers will be from businesses paying a subscription to the services.

SSI solutions are still in the early days, due to this, Juniper believes early adopted need a consultancy approach to support implementation as well as technical support from SSI technology platforms. Due to the widespread use of third-party blockchain servers, such as those from IBM and Microsoft, Juniper foresees a dominance of the subscription model.

Despite this, the research does believe alternative models like billing per user or request will grow steadily.

It claims there will be 32 million end user apps in use by the end of 2024.

Research author James Moar said, “Self-Sovereign Identity has high potential due to its security and data privacy credentials, but our report shows that, in order for it to succeed, businesses and governments need to take the lead and rule out use of less secure, but easier to implement, alternatives.”

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