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Popularity of Digital Payment Modes to Favor Digital Transaction Market 2023

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Popularity of Digital Payment Modes to Favor Digital Transaction Market 2023

Digital Transactions Market

Continuously rising adoption of digital solutions to manage and automate business along with transaction management processes are few major boosters in the digital transaction management market. More and more organizations are striving to get rid of paperwork as well as other conventional approaches and are opting for digital solutions for daily business activities, such as authentication, document archival, threat intelligence, along with other transaction management activities, to name a few. Rising internet penetration is also prompting organizations to switch to DTM solutions. Not only this, but the growing popularity of digital payment modes has also stimulated the demand for DTM solutions and can help the market expand favorably in the coming years.

Technological advancements have given way to highly secure and stable DTM solutions. For example, the blockchain technology has picked up immense speed in recent years, as it helps provide a set of timestamped data records in a chain form that connects all the records. Each transaction is proof of consent provided by the end user who started the transaction with the use of digital signatures. DTM solutions that are backed by the blockchain technology make use of a decentralized network for transaction management to avert any malicious attacks.

Digital transaction management as a market continues to evolve with the emergence of next-gen digital technologies, like Big Data, cloud computing, artificial intelligence (AI), and Internet of Things (IoT) among others. Advances in these digital technologies are expected to boost the adoption of DTM solutions in the following years.

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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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
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