Digital transaction management (DTM) is a cloud based service designed to digitally create, verify and manage electronic documents and document based transactions. The global digital transaction management market is anticipated to grow at 31 % of CAGR during the review period of 2017 and 2023.
Market Dynamics:
Drivers
The substitution of paper with electronic documentation, growing ecommerce, emergence of royalty based business models, digitization, and globalization which has created business transactions throughout the world has created antecedents for the growth of the market.
Potential of DTM to subsume parts of other process such as business process management (BPM), enterprise content management (ECM), workflow management and other document applications is expected to be a large market opportunity. The growing functionality and advantages of DTM such as e-signatures, proof audit trail and history, authentication and non-repudiation, co-browsing between the customer and the business, secure document transfer, faster, easier, and more convenient transfers of documents, certification, secure archiving are other drivers of the market.
Growing connectivity and number of internet users, increasing implementation of IT security, development of encryption, falling digital divide is expected to lead to faster adoption of the digital transaction management market. The enactment of laws to make digital transactions admissible in court proceedings is regulatory driver supporting the growth of the market. Automation and reduced work flow coupled improved scalability and efficiency results in reduced cost of transaction is another benefit accrued by the implementation of DTM.
DTM management market has been segmented with respect to components, solutions, and end user.
The market segmentation, with regard to solutions, includes e-signature, document archival, workflow automation, and authentication. The E-Signature segment leads the digital transaction management and is growing at a rate of 26.47% while the workflow automation market is poised to achieve a growth rate of 28.85% from 2017 to 2023.
The segments depending on component, are hardware, services, and software. Hardware has been identified as the leading segment in the digital transaction management market and can potentially attain a growth rate of 23.78% whereas the software market is progressing at a rate of 28.22%, estimates MRFR.
The end-users in the global market are commercial, BFSI, healthcare, retail, government, and IT & telecommunication. In 2017, the commercial segment dominated the digital transaction management market and had the potential to record a growth rate of 28.58% during the evaluation period.
Regional Demand for Digital Transaction Management
The regional segmentation of the DTM market covers Asia Pacific or APAC, North America, Europe, and the rest of the world or RoW.
The majority of the global digital transaction management market is controlled by North America and Europe, and APAC stands at the second and third positions, respectively.
The strong market demand for digital transaction management in North America is in response to the presence of a highly advanced economy combined with the rising adoption of cloud services. Countries like Canada, the United States (U.S), and Mexico make extensive investments in the research and development (R&D) of automation as well as cloud technologies. The U.S. and Canada as the top-performing markets for digital transaction management and together generated a revenue of USD 465.89 million in the year 2017. Canada can soon achieve a robust growth rate of 26.66%, given the intense efforts being given by the market players in expanding the capabilities of DTM solutions with the integration of innovative features in their products.
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Digital Transaction Management (DTM) MarketThe rise in need for digital management for transactions that are based on documents is likely to increase the growth of the global digital transactions management market.
The expansion of tech-space and rapid advancements in digital technology are creating immense opportunity for the market to grow.
These are making space for developers and producers to invest in innovations or to upgrade the existing system.
Currently, the high degree of safety and convenience are observed in digital transaction, which is expected to impact the market positively.
Rise in number of enterprise deploying cloud-based services and IT security solutions and implementation of cloud based services is noted to contribute to the expansion of the digital transaction management market growth.
The segment is likely to expand at 28.58% CAGR over the forecast period.Regional Demand for Digital Transaction ManagementThe regional segmentation of the DTM market covers Asia Pacific or APAC, North America, Europe, and the rest of the world or RoW.The majority of the global digital transaction management market is controlled by North America and Europe, and APAC stands at the second and third positions, respectively.The strong market demand for digital transaction management in North America is in response to the presence of a highly advanced economy combined with the rising adoption of cloud services.
Digital Transaction Management (DTM) MarketThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Digital Transaction Management (DTM) Market.
The growth sectors of the Digital Transaction Management (DTM) Market are identified with precision for a better growth perspective.Digital transaction management (DTM) is a cloud based service designed to digitally create, verify and manage electronic documents and document based transactions.
The global digital transaction management market is anticipated to grow at 31 % of CAGR during the review period of 2017 and 2023.Market Dynamics:DriversThe substitution of paper with electronic documentation, growing ecommerce, emergence of royalty based business models, digitization, and globalization which has created business transactions throughout the world has created antecedents for the growth of the market.Potential of DTM to subsume parts of other process such as business process management (BPM), enterprise content management (ECM), workflow management and other document applications is expected to be a large market opportunity.
The growing functionality and advantages of DTM such as e-signatures, proof audit trail and history, authentication and non-repudiation, co-browsing between the customer and the business, secure document transfer, faster, easier, and more convenient transfers of documents, certification, secure archiving are other drivers of the market.Growing connectivity and number of internet users, increasing implementation of IT security, development of encryption, falling digital divide is expected to lead to faster adoption of the digital transaction management market.
The enactment of laws to make digital transactions admissible in court proceedings is regulatory driver supporting the growth of the market.
Automation and reduced work flow coupled improved scalability and efficiency results in reduced cost of transaction is another benefit accrued by the implementation of DTM.RestraintsLack of common DTM standards and the nascent stage of technology are the critical restraint on the market.
New York, NY 12 May 2021: The global Digital Transaction Management (DTM) Market is projected to reach USD 10,528.2 million by 2026, according to a new research published by Polaris Market Research.
In 2017 the electronic signatures solution segment dominated this market and in terms of regions North America is observed to be the leading contributor in the global market.
This market is majorly strengthened by increasing importance and focus on cloud services and IT security.
Furthermore, extensive adoption and acceptance of various electronic devices along with the convenience of usage and transacting through these devices is pushing enterprises in various industries towards digitally transforming their operations in line with the dynamic consumer requirements and preferences.
Major industry verticals in this market include BFSI, construction & real estate, education, government, healthcare, and IT & Telecom.
North America is observed to be the leading region in this market during 2017, and is expected to lead the global digital transaction management market throughout forecast period.
