Press Release – updated: Nov 14, 2019 04:00 EST
WELLESLEY, Mass., November 14, 2019 (Newswire.com) – Business innovation and an increasing desire for customer satisfaction are two factors driving growth in the global digital transaction management market, according to a report by BCC Research, “Global Markets for Digital Transaction Management, Including Blockchain.”
The market expects to see a compound annual growth rate (CAGR) of 22.8% through 2022, when it could be worth $44.4 billion.
Major players in the market include: Adobe (ADBE), Docusign (DOCU), IBM and Microsoft.
- The e-Signatures market reached $2.8 billion in 2017 and should reach $8.1 billion by 2022 at a CAGR of 24.1%.
- Workflow management market reached $3.9 billion in 2017 and should reach $11.3 billion in 2022 at a CAGR of 23.9%.
- Identity and authentication market reached $6.1 billion in 2017 and should reach $15.9 billion by 2022 at a CAGR of 21.2%.
“Digitization of traditional identity components such as driving licenses and passport represents a strong market opportunity,” writes analyst Nathalie Granato. “In the past 20 years, physical identification (ID) documents have gained electronic capabilities through incorporation of a smart card chip. More recently, mobile devices have emerged as the carrier of personal identity, with biometrics and cryptography applied to respect privacy. This would suggest a lesser need for physical identification documents and their security print features. But issuers still need to take these physical security features into account when they create identity documents.”
The Role of Banks
Banks are well-placed to capitalize on the synergies between DTM and blockchain, the report adds. They are regulated institutions and established, trusted intermediaries. They already verify identities for commercial and regulatory purposes. They have broad coverage of users and operate across multiple jurisdictions. Banks could use digital identities to increase operational efficiencies and avoid cost. There also is scoping to maintain strategic relevance and create new revenue streams. For example, offering identity-as-a-service, acting as a ‘broker of trust’ in previously trustless transactions, disrupting the credit bureau model, or engaging in new public-sector partnerships.
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Source: BCC Research