Digital Lifescapes

How we verify and protect our online identities is undergoing a notable transformation. Digital identity (ID) verification has emerged as a decisive technology, bridging the gap between security and user experience across multiple industry sectors. As cyber threats become more sophisticated and government regulations grow more complex, organizations are turning to solutions that can provide robust authentication while maintaining a frictionless user experience. Digital ID Verification Market Development The digital identity verification market is experiencing remarkable growth. Juniper Research forecasts a 74 percent increase in spending, from $15.2 billion in 2024 to $26.4 billion by 2029. This significant market expansion is driven by several key advances that are reshaping our thinking about online human identity authentication. Three technologies stand out as particularly promising in enhancing the digital ID verification experience. Facial recognition has evolved from a simple mat...

The rapid evolution of digital payment technologies is reshaping global financial apps, with instant payment platforms emerging as a transformative force. These innovative payment systems are streamlining transactions and also driving financial inclusion or economic growth across diverse markets. The recent worldwide market study by ABI Research provides compelling evidence of the explosive growth in instant payment transactions. Instant Payments Market Development According to ABI findings, the top eight global instant payment platforms are projected to see their transaction volumes skyrocket from 213 billion in 2023 to 681.1 billion by 2028. This remarkable growth trajectory underscores the increasing adoption and importance of instant payment solutions in our increasingly online world. One key driver is the global rise in Peer-to-Peer (P2P) payments. "Account-to-account wallets, which have seen widespread use in P2P transfers, are experiencing increased usage given their use in...

As a senior executive, have you considered how the rapidly evolving blockchain and distributed ledger technologies could revolutionize your organization's operations and competitive standing in the Global Networked Economy? Across the globe, the enterprise demand for blockchain applications is on the rise, driven by the need for operational efficiencies, transparency, and security in business transactions. As organizations grapple with the challenges of digital transformation initiatives, blockchain technology offers a promising solution to streamline processes, reduce fraud, and enhance customer trust. Blockchain Market Development Despite the prior volatility and hype cycles associated with blockchain use cases, its potential to revolutionize industries from finance to supply chain cannot be understated. According to the latest worldwide market study by ABI Research , the blockchain and distributed ledger technology (DLT) market is expected to reach a value of $25 billion by 2027...

Online payment solution development continues to evolve. To date, blockchain has had a mixed impact across payments and banking, but the rise of Stablecoin and Central Bank Digital Currency (CBDC) will accelerate the impact. Fundamentally, Stablecoins and CBDCs are two ways of solving the same inherent problem -- how to offer a better and more trusted digital payments solution. To date, most existing payment types have been designed around traditional systems intended for in-person or telephone payments, such as credit cards, or even cash. Therefore, Stablecoins and CBDCs are providing a system that's a significant payment use case transformation. Digital Payment Market Development According to the latest worldwide market study by Juniper Research, the value of payments via CBDCs will reach $213 billion annually by 2030 -- that's up from just $100 million in 2023. However, this significant market growth opportunity of over 260,000 percent reflects the early stage of the sector,...

Today, it's challenging to be in an organization led by a CEO with a custodian mindset. They may reflect back on their legacy of serving longtime customers, even when they're losing customers at an alarming rate. Meanwhile, carefully chosen loyal lieutenants defend their static corporate culture and smile reassuringly. However, there are agile large multinational companies with leaders that reject the status quo. These are the leading organizations that will pursue digital growth in 2021 and beyond. They willingly embrace change.  More savvy CEOs anticipate an economic boom (60 percent) in 2021 and 2022, according to the latest worldwide survey of CEOs and senior executives by Gartner. Digital Business Market Development "CEOs’ top priorities for 2021 show confidence," said Mark Raskino, vice president at Gartner . Over half report 'growth' as their primary focus and see opportunity on the other side of the crisis, followed by 'technology change' and ...

Across the globe, CIOs and CTOs will assess the potential benefits of distributed ledger technology applications that are empowered by purpose-built peer-to-peer networks. To date, the adoption and development of blockchain solutions have been somewhat problematic, due to a variety of complex challenges. Regardless, organizations are forecast to spend nearly $6.6 billion on blockchain solutions this year -- that's an increase of more than 50 percent compared to 2020. Blockchain investments will see growth throughout the 2020-2024 forecast period with a five-year compound annual growth rate (CAGR) of 48 percent, according to the latest worldwide market study by International Data Corporation (IDC). "This is an important time in the blockchain market as enterprises across markets and industries continue to increase their investment in the technology. The pandemic highlighted the need for more resilient, more transparent supply chains, healthcare delivery, financial services, and...

IT vendors seeking to convince CIOs and CTOs about their blockchain-related solutions have been challenged by an apparent shift in market perception. Distributed ledger technology hype reached a peak and as a result, the upside growth potential had fallen significantly. Global blockchain revenues fell by 35 percent between 2018 and 2020. According to the latest worldwide market study by ABI Research, the potential loss could have reached $2.8 billion. Moreover, the reported 'crypto winter' of 2018 removed 80 percent of the aggregate market cap, and more than 2,000 cryptocurrencies collapsed. However, that market correction was enlightening. Blockchain Market Development This dampened overall blockchain adoption significantly in other markets, with many startups folding and different verticals showing a distinct lack of market adoption. Furthermore, the COVID-19 pandemic had a significant impact on investment opportunities and appetite for new blockchain applications. That said,...

Data and analytics technology will help to accelerate renewal, drive innovation and rebuild society over the next three to five years. Savvy digital business leaders will leverage their ongoing IT investment that enables recovery and reinvention. Gartner has identified the key data and analytics trends that can help forward-looking CIOs and CTOs navigate their essential digital transformation and prepare for a post-pandemic marketplace. "To innovate their way beyond a post-COVID-19 world, data and analytics leaders require an ever-increasing velocity and scale of analysis in terms of processing and access to succeed in the face of unprecedented market shifts," said Rita Sallam, vice president at Gartner . Business leaders should examine the following trends to accelerate adoption: Smarter, Faster, More Responsible AI By the end of 2024, 75 percent of organizations will shift from piloting to operationalizing artificial intelligence (AI), driving a five times increas...

The internet continues to fuel the Global Networked Economy as more innovators develop and deploy their digital business offerings. Global trade will be enhanced by trusted online entities that ensure their peer-to-peer network transactions are secure and verifiable. Frost & Sullivan has completed a worldwide market study of a blockchain-enabled world, laying out a long-range view of potential industry impacts as IT vendors race to build the foundations of the next-generation internet. Blockchain Applications Market Development "Existing IT systems are not fit-for-purpose when it comes to addressing the most pressing systemic problems of our time. Enterprises are being forced to adapt to complex structural change as the technology industry undergoes a paradigm shift that undermines long-held assumptions," said Maya Cotton, industry analyst at Frost & Sullivan . According to their assessment, all organizations and institutions will be challenged to keep track o...

Many organizations need to verify your identity before you initiate an online transaction. But there are two issues: it's easy for fraudsters to exploit the system when all that's required is an email address and password. And, when the burden of proof is higher, this can be problematic for users. The ability to either create or impersonate identities is a challenge for many businesses, particularly those processing financial data and associated payments. According to the latest worldwide market study by Juniper Research, in 2024 over $50 billion will likely be lost due to online payment fraud. There are multiple points of potential failure in conventional identification and verification processes, particularly for online payment details. Passwords and centralized repositories are typically the core security issue in the growing problem of identity fraud. Blockchain and SSI Market Development Juniper analysts believe that one of the most promising approaches to improve ...

Digital trust is the measure of confidence in an organization's ability to protect and secure the data and privacy of individuals. An increase in related government regulations has motivated CIOs and CTOs to explore technology combinations to secure data assets and thereby improve stakeholder trust. As an example, the majority of Internet of Things (IoT) technology adopters in the U.S. are also adopting blockchain technology and combining it with their IoT networks, according to the latest market study by Gartner. "The integration of IoT and blockchain networks is a sweet spot for digital transformation and innovation," said Avivah Litan, vice president at Gartner . "It is actually moving ahead at a much faster pace than expected, according to the survey." IoT and Blockchain Market Development Seventy-five percent of IoT technology adopters in the U.S. have already adopted blockchain or are planning to adopt it by the end of 2020. Among the blockchain ad...

While blockchain applications are still evolving across the globe, several use cases across asset tracking, financial services and digital identity are already in production and offer valuable improvements. Joining the list of compelling blockchain use cases: the food industry. More than 30 percent of the food produced worldwide is lost or wasted before it is consumed. With the global population expected to grow to 9.8 billion by 2050, improving the food supply chain efficiency will greatly reduce food scarcity and advance the attainment of sustainability goals. Introducing blockchain to the food industry can deliver many benefits. All are linked to the visibility it gives manufacturers, retailers and producers able to view their upstream and downstream activities, location and status of products, with certifications and insights for the entire value chain. Blockchain Market Development According to the latest market study by Juniper Research, blockchain will enable $31 billion...

The initial commercial interest in cryptocurrency IT infrastructure was the potential to enable an alternative to government-backed fiat currencies. However, now most of the forward-looking focus is on blockchain, the distributed ledger technology that underpins the new applications. Although deployments are still very much in the realm of the early adopter, blockchain has proven advantages across several vertical industries: it is safe, decentralized, transparent and can reduce intermediary costs. Blockchain Use Case Market Development While many CIOs and CTOs believe that blockchain likely has a way to go before becoming a mainstream technology within their sector, five compelling use cases across asset tracking, financial services and digital identity are already in production. They offer valuable business process improvements to the pioneering organization that has already deployed a blockchain -- whether in terms of increased efficiency, reduced fees and fraud, or full tra...

Blockchain and distributed ledger technologies have received a significant amount of media attention over the last couple of quarters. Regardless, the market for these emerging technologies is still in the early stages of applications growth. That said, global revenues for blockchain technology are on track to reach almost $10 billion by 2023, according to the latest worldwide market study by ABI Research. Blockchain Market Development Enterprise organizations continue to show growing interest in blockchain applications, in contrast to the significant decrease in Initial Coin Offerings (ICOs) during 2018. Vendor Investment continues to swell, buoyed primarily by an increase in venture capital (VC) funding, notably in blockchain infrastructure development. VC funding is catching up to ICOs, with 620 investment rounds totaling $3.1 billion in 2018 -- that's up from 153 rounds at $850 million in 2017. "Tighter regulation (including securities) and taxation on cryptocu...

Fintech vendors will continue to target more international financial service applications. The World Bank estimates that official money transfer flows to low- and middle-income countries reached $529 billion in 2018 -- that's an increase of 9.6 percent over the previous record high of $483 billion in 2017. Global remittances, which include flows to high-income countries, reached $689 billion in 2018 -- that's up from $633 billion in 2017. In 2019, remittance flows to low- and middle-income countries are expected to reach $550 billion, to become their largest source of external financing. Money Transfer Market Development According to the latest worldwide market study by Juniper Research, the volume of domestic money transfers via mobile phones will exceed 203 billion in 2024 -- that's up from 130 billion in 2019. Domestic person-to-person (P2P) payments will drive this growth, accounting for 80 percent of all domestic transfers in 2024. According to the Juniper asse...

In theory, a blockchain is an open, distributed ledger technology that can record transactions between two parties efficiently, in a verifiable and permanent way. That said, there is still some confusion in the marketplace for blockchain-related products and services that apply this emerging technology. By 2021, 90 percent of current enterprise blockchain platform implementations will require replacement within 18 months to remain competitive, secure and avoid obsolescence, according to the latest worldwide market study by Gartner. Blockchain Application Market Development "Blockchain platforms are emerging platforms and, at this point, nearly indistinguishable in some cases from core blockchain technology," said Adrian Lee, senior research director at Gartner . According to the Gartner assessment, many CIOs overestimate the capabilities and short-term benefits of blockchain as a technology to help them achieve their business goals, thus creating unrealistic expectati...

The World Bank estimates that remittance flows to low- and middle-income countries reached $529 billion in 2018, an increase of 9.6 percent over the previous record high of $483 billion in 2017. All global remittances -- including money transfer flows to high-income countries -- reached $689 billion in 2018. Mobile and online (digital) money transfer offerings will continue to transform the market. New technologies, such as blockchain, will further accelerate the trend. Money Transfer Market Development According to the latest worldwide market study by Juniper Research, international digital remittances will reach $525 billion by 2024 -- that's up from an estimated $332 in 2019. The mobile channel will become increasingly popular; accounting for 41 percent of international digital money transfers by volume in 2024 -- that's up from 33 percent in 2019. Meanwhile, blockchain-based payments have the potential to increase digital payments further, as the technology has a ...

The term 'Fintech’ has been applied to describe the transformation taking place in the financial services sector across the globe. Traditional forms of payment such as cheques have been displaced by debit and credit cards. In turn, contactless payment and digital wallets will likely replace the cards. Moreover, new and evolving banking business models have resulted in both the legacy financial services industry and fintech start-ups investing in digital technologies. Initially, the focus was an organization's website or automating aspects of their customer service call center. Now the focus has shifted to service delivery via smartphone software apps. The savvy financial services start-up entrepreneurs embrace innovative methodologies to differentiate themselves from the incumbents, but the CIOs and CTOs at traditional banks are now starting to catch-up. Fintech Market Development According to the latest worldwide market study by Juniper Research, driven by the increasi...

Globalization has removed several barriers for companies to conduct business abroad. However, exposure to foreign exchanges remains a challenge. The fees involved in international money transactions can make the process onerous, particularly to small organizations that lack financial expertise. Meanwhile, incumbent banks have typically been resistant to re-invest in new technologies within the business-to-business (B2B) payment sector. However, they now face new competition from non-bank start-ups that offer less-expensive services by using automated processes, reducing the need for intermediaries. Digital Payments Market Development According to the latest worldwide market study by Juniper Research , B2B transactions processed by pureplay digital payment operators will reach $14 trillion by 2023 -- that's up from $6.7 trillion in 2018. Juniper analysts found that traditional banks can struggle to quantify a return-on-investment from the implementation of digital technologi...

Fintech solutions that incorporate distributed ledger technology continue to gain momentum. Worldwide spending on blockchain solutions is forecast to reach $2.9 billion in 2019 -- that's an increase of 88.7 percent from the $1.5 billion spent in 2018, according to the latest study by International Data Corporation (IDC). IDC expects global market blockchain spending to grow at a robust pace over the 2018-2022 forecast period, with a five-year compound annual growth rate (CAGR) of 76 percent and total anticipated spending of $12.4 billion in 2022. Blockchain Market Development "Blockchain is maturing rapidly, and we have reached an inflection point where implementations are moving quickly beyond the pilot and proof of concept phase. That is why data on the actual spend on the technology is so vital: it provides the context in which blockchain is evolving," said James Wester, research director at IDC . Global blockchain spending will be led by the financial sector, ...