A new report from Juniper Research found that the SSI (self-sovereign identity) movement will reach annual revenue of USD 1.1 billion by 2024.
This is up from an expected USD 100 million by the end of 2020. SSI which uses blockchain to give users direct control of who accesses their online credentials. The new research notes that 88% of revenue for SSI providers will come from businesses paying a subscription to run these identity services.
As SSI solutions are still in their early stages, early adopter companies require a consultancy approach to aid implementation, as well as the technical solution from emerging SSI market providers, such as Evernym, Civic and Metadium.
The research shows how SSI will appeal to institutions that value secure and traceable identities in the long run, thanks to the immutability of blockchain records and the absence of large data repositories. However, there will be little differentiation of the user experience.
Juniper Research believes that the need for the continued use of third party blockchain servers, like those offered by IBM and Microsoft, will result in the continued dominance of the subscription model, according to the official press release.
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