SSI (self-sovereign identity) uses blockchain so that users get direct control of who accesses their online credentials
According to Juniper Research, the SSI movement will reach annual revenue of $1.1 billion by 2024. This is up from an expected $100 million by the end of this year.
The study reveals that businesses that pay a subscription to run identity services will bring 88% of revenue for SSI providers.
Since SSI solutions are still in their early stages, the companies are in need of a consultancy approach to aid implementation.
The research shows that SSI will appeal to institutions that value secure and traceable identities in the long run.