Digital Transaction Management Market
The 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. The growth of the market can also be attributed to the rise in sales of smart gadgets, such as smartphone, wearables, and mobile applications among others. Alongside, it is noted that more number of people are gaining confidence in digital transactions methods. 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. Expansion in the tech-space is creating opportunities for the market to proliferate.
Segmental Outline
The market of digital transaction management is segmented by solutions, components, and end user.
By solution, the market has been segmented into document archival, authentication, e-signature, and workflow automation. The e-signature segment is expected to expand at a CAGR of 26.47% and the workflow automation segment is likely to thrive at a CAGR of 28.85% across the evaluation period.
By component, the market has been segmented into software, services, and hardware. The hardware segment is expected to register the highest expansion pace and thrive at a 23.78 % CAGR. The software segment is likely to escalate at a 28.22 % CAGR across the forecast period.
By end users, the market is segmented into commercial, BFSI, retail, IT & telecommunication, healthcare, and government. The commercial segment is expected to spearhead in the growth line of the global digital transaction management market. The segment is likely to expand at 28.58% CAGR over the forecast period.
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.
Key Players
Strong contenders of the digital transaction management market are Insight Enterprise Inc. (U.S.), EuroNoVate (Switzerland), Namirial Spa (Italy), Assuresign (U.S.), ThinkSmart (U.S.), DocuSign Inc. (U.S.), eOriginal (U.S.), eSignLive (U.S.), and ZorroSign (U.S.). These companies are making efforts to launch innovations that are likely to streamline business processes by automating paper-based and digitizing workflows. Elimination of scanning issues, faxing, signatures, and printing of documents procedures are made seamless with the technology.
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The global digital transaction management market size is expected to reach USD 15,726.0 million by 2025, registering a CAGR of 19.7% over the forecast period, according to a new report by Radiant Insights, Inc.
The continued digitization of transaction management processes is emerging as one of the key drivers of market growth.
Adoption of latest technologies, such as Blockchain, Internet of Things (IoT), and Big Data, coupled with the proliferation of cloud services is also expected to play a crucial role in boosting the demand for DTM solutions.
Download Free Sample Report @ https://www.radiantinsights.com/research/digital-transaction-management-market/request-sample The emergence of workflow automation is emerging as another major factor driving the market growth.
Several organizations are aggressively adopting DTM solutions to automate workflows and digitize the repetitive, manual, and paper-intensive processes.
Further key findings from the report suggest: • The workflow automation solution segment is expected to exhibit the highest CAGR exceeding 21% over the forecast period • In the U.K., the government is primarily focused on shifting from conventional document management to digital technologies for organizing and managing the paperwork digitally • Growing cyberattacks and risks associated with fraudulent digital transactions are expected to impede the growth of the market over the forecast period • The BFSI segment dominated the market in 2018 while the government segment is anticipated to witness the fastest growth over the forecast period • Asia Pacific is expected to emerge as the fastest-growing regional DTM market owing to the high internet penetration and population density existing in emerging economies, such as China and India • Key players active in the digital transaction management market include Adobe, DocuSign Inc., OneSpan, Kofax Inc., and Entrust Datacard Corporation.
OverviewThe Digital Transaction Management Market is projected to grow at a high CAGR during the forecast period 2017-2023.
As per the digital transaction management market research report, the global market for digital transaction management is anticipated to grow rapidly by US$5,552.91 million by 2023.
The digital transaction management market research report provides an in-depth analysis of the global digital transaction management market and its end-users, components, and solutions segments.
The digital transaction management market research report by expert analysts is intended to help companies in the digital transaction management market.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/1103Market SegmentationThe global digital transaction management market has been segmented based on end-users, components, and solutions.
The digital transaction management market research report offers crucial details about the digital transaction management market based on the data and forecasts till 2023.Regional OverviewNorth America, Europe, Asia Pacific and the rest of the world regional market for digital transaction management are primarily covered in the global digital transaction management market research report.
The digital transaction management market research report also covers the regional market for digital transaction management spread across European countries including the United Kingdom, France, Italy, Spain, and Germany, etc.
Digital Transaction Management 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 Market.
The growth sectors of the Digital Transaction Management 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.
