GITNUX MARKETDATA REPORT 2024

Self Sovereign Identity Industry Statistics

The self-sovereign identity industry is expected to grow significantly in the coming years, with an increasing number of users and companies adopting this decentralized and secure form of identity management.

Last Updated: June 23, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we explore the flourishing self-sovereign identity industry through a lens of compelling statistics. From the resounding endorsement by cybersecurity experts to the substantial investments by governments and industry players, the growth and impact of SSI technology are undeniable. Join us as we uncover the trends shaping this dynamic sector and the key players driving innovation in identity management.

Statistic 1

"80% of cybersecurity experts advocate for SSI technology as a priority in identity management."

Statistic 2

"Analysts predict a compound annual growth rate (CAGR) of 18% for the SSI market."

Statistic 3

"The European Union has invested over €20 million in SSI research and development."

Statistic 4

"The Department of Homeland Security awarded $190,000 to mySSI to advance SSI technologies."

Statistic 5

"70% of consumers feel more secure using SSI technology vs. traditional ID verification."

Statistic 6

"Self-sovereign identity can reduce identity fraud by 30%."

Statistic 7

"The number of SSI startups quadrupled from 2017 to 2020."

Statistic 8

"Weekly mentions of 'self-sovereign identity' on Twitter increased by 150% between 2019 and 2020."

Statistic 9

"Government interest in SSI increased by 120% from 2018 to 2020."

Statistic 10

"65% of digital wallet apps now offer or are planning to offer SSI features."

Statistic 11

"55% of blockchain patents filed in 2020 included claims related to identity sovereignty."

Statistic 12

"Microsoft has integrated SSI solutions into its Azure Active Directory platform."

Statistic 13

"The average cost savings per user per year with SSI implementations are estimated to be $20."

Statistic 14

"The market size for self-sovereign identity is projected to reach $3 billion by 2025."

Statistic 15

"Approximately 60% of blockchain development companies are researching self-sovereign identity solutions."

Statistic 16

"25% of global conglomerates are projected to incorporate SSI by 2025."

Statistic 17

"Over 40% of financial institutions are piloting SSI-based projects."

Statistic 18

"35% of tech startups in 2020 explored SSI as part of their services."

Statistic 19

"Github hosts over 500 repositories related to SSI development projects."

Statistic 20

"Over 500,000 people are involved in online discussions about SSI monthly."

The extensive data presented here clearly highlights the rising prominence and significance of the self-sovereign identity industry. With overwhelming support from cybersecurity experts, high growth projections, increased investments from both public and private sectors, and a growing trend of adoption across various sectors, it is evident that SSI technology is rapidly gaining traction. The statistics indicate a strong momentum towards SSI solutions, with potential benefits ranging from improved security and reduced fraud to significant cost savings. The increasing interest, innovations, and implementations in this field signal a promising future for self-sovereign identity as a key player in the evolving landscape of identity management and digital security.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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