Digital Transaction Management Market, By Solution (E-signature, Authentication, Document Archival, Workflow Automation), By Component (Hardware, Software, Services), End User (BFSI, Healthcare, Retail, Government) - Forecast 2030

Digital Transaction Management (DTM) Market Overview:

Digital Transaction Management (DTM) refers to a cloud-computing provision that allows you to digitally operate document-based transactions. This method is used in businesses to send and receive money digitally. the digital transaction management market value stood at over USD 1,400 Mn and the figure is likely to grow to USD 25.31 Billion by the end of 2030, reflecting a double-digit CAGR during the review period (2017-2030).

With the prevalent growth of technology, there is a need to incorporate them in all operations of the business. Transactions are the most tricky and significant of them all. Hence, all sectors including banking, have switched to Digital Transaction Management. This solution has proven to decrease the costs, time, and efficiency of monetary transactions.

The Digital Transaction may involve one or more participants in the transactions without the necessity for cash. This method has excluded the requirement of signatures and paperwork for transactions. The quickly growing impact of internet transactions has paved the way for the growth of this market. The banking divisions are leaning towards this system by the day. However, cyber threats and digital duplicities are posing a danger to the Digital Transaction system.

Digital Transaction Management (DTM) Market Covid-19 Analysis:

The Covid-19 has harmed most businesses. Due to the need to avoid contact with one another, many systems have been forced to shut down. Most of them have switched to online trading and marketing platforms. However, the pandemic has boosted the need for online transactions. Hence, the DMT market has seen an enormous upsurge. People have switched to online payments, since they are quick, devoid of physical contact, and guarantee secure transactions. Moreover, the sudden upsurge of digital entertainment and shopping platforms has added to the market’s growth.

Video streaming platforms like Netflix, Hotstar, and Amazon Prime have become a lot more popular due to the lockdown. Besides, the subscription expenses for these platforms are often paid through online transactions. The e-commerce platforms have also witnessed an enormous surge during the pandemic. Online shopping websites such as Amazon, Flipkart, and Nykaa have limited cash payments. They recommend their customers make online payments to safeguard themselves and the employees of the platforms. Hence, on the whole, the pandemic has made the Digital Transaction Management market a lot more profitable.

Market Dynamics:
Drivers:

The implementation of technology in every aspect is growing rapidly. Hence, the DTM system can help abolish a lot of paperwork for money transactions. This will also help speed up the process of payment and approvals, using digital signatures. Digital transactions are also the pathway to completely secure transactions.

It costs a lot lesser and is trouble-free to execute. Most businesses, big and small, are looking to make their transactions easier. Hence, they lead to the growth of the Digital Transaction Management market. Especially during the Covid-19 pandemic, the need for digital payment has accelerated.

Opportunities:
Several companies are here to offer advanced solutions to shine in the competitive DTM market. Moreover, cloud-based transaction systems are taking over the market. With cloud-based solutions, various employees and team members can interact with each other and share document-based transactions.

Moreover, even reputed banks are turning to digital solutions to increase the agility of their transactions. The DTM system offers e-signatures, document transfer, and certification, all digitally. Also, many companies are coming up with QES (Qualified Electronic Signature) to ensure the highest level of security for money transactions. Hence, the Digital Transaction Management solution will help make transactions seamless and quick.

Restraints:
Although the Digital Transaction Management industry has seen huge growth over the years, some threats may hold back its progression. One of the most restraints that may challenge the DMT market is digital fraudulence and cyber risks when it comes to money.

Increasing risks of malware that bargain the security of networks and systems pose a threat to digital transactions. Hence, there is always a need for extra security in digital transactions. Although most systems offer two-factor authentication and added security, Digital Transaction Management cannot be relied on.

Challenges:
There are a few factors that delay the Digital Transaction Management market growth. Several digital hacking techniques such as phishing and ransomware can also cause your data to leak. Moreover, digital fraudulence and cyber-attacks act as market risks to the Digital Transaction Management Industry.

Hence, companies need to improve the security of their digital transaction systems. The application of two-factor authentication and anti-malware can cost more. Consequently, the purchase and implementation of these systems may become expensive.

Cumulative Growth Analysis:
The Digital Transaction Management market is estimated to reach USD 17424.16 million by the year 2027 with a CAGR of 35.28% through the forecast period. The recorded Digital Transaction Management market share was USD 2101.43 million in the year 2020.

With the implementation of lockdown and social distancing due to Covid-19, the necessity for digital payment has grown. Hence, the Digital Transaction Management market may grow faster than the anticipated forecast.

Value Chain Analysis:

Digital monetary transactions are used in almost every industry, like banking, e-commerce, small and large businesses, and retail. Hence, the value for this market is very high. With the rise of the need for quicker, safer, and cash-less transactions, the Digital Transaction Management market size will increase within the coming years. The market value is expected to blow up over the forecast period.

Digital Transaction Management (DTM) Market Segment Overview:

The global Digital Transaction Management market is divided into two different segments by product type and by application. Following are the sub-segments of the Digital Transaction Market:

By Product Type:

• E-signature


• Workflow automation


• Authentication


• Non-repudiation


• Others

By Application:

• Information Technology (IT) and Telecommunication services


• Banking, Financial Services and Insurance (BFSI)


• Media and Entertainment


• Travel and Transportation


• Government


• Healthcare


• Retail


• Others

Digital Transaction Management (DTM) Market Regional Analysis:

Based on region, the Digital Transaction Management (DTM) market is divided into North America, Europe, Middle East & Africa, Asia Pacific, and South America. North America is expected to rise as the global leading region during the Digital Transaction Management Market forecast. North America had an enormous market share of 58.35% in 2017. Europe also retains a chief position in the global market with a market value of USD 312.19 million in 2017. It is expected to grow up to USD 2689.53 million in 2023. The Asia Pacific is also expected to seize a huge market share by the end of 2023.

Competitive Landscape:

The landscape of the Digital Transaction Management industry is dominated by five principal companies. These companies are the key competitors who provide Digital Transaction Management. They offer an Electronic Signature technology system and account for more than 60% of the global market shares in 2016. Most of them deliver cloud-based services to send and receive agreements, secure payments, at any time or place from all devices. They also extend high-class security options for government organizations. Moreover, they give specific storage options and encryption of their data.

Following are the competitive companies in the Digital Transaction Management industry:

• Insight


• Assuresign


• EuroNoVate


• Namirial


• DocuSign Inc.


• Kofax Inc.


• Nintex Global Inc.


• eOriginal Inc.


• Entrust Datacard Corporation


• OneSpan

Recent Developments:

• In September 2020, ZorroSign Inc. declared a partnership with Trusona, a renowned company that offers password-free identity systems, to verify user identities. The advanced partnership magnifies the company as an electronic signature system with innovative identity verifying potentials.


• In May 2021, Mitratech declared the procurement of ContractRoom, a company that developed CLM (Contract Lifecycle Management) systems. This procurement leads to the improvement of Miratech’s collection of legal and agreement solutions, along with ELM (Enterprise Legal Management) outcomes for the management of important legal operations.

Report Overview:

This report delivers all the information about the growth of the global Digital Transaction Management market in the forecast period. It contains different sections of the Digital Transaction Management Market analysis to help get in-depth information such as opportunities, challenges, drivers, COVID 19 analysis, regional analysis, competitive landscape, and others. All the information is collected from verified primary and secondary sources to provide the expected market growth of Digital Transaction Management by the year 2027.

Report Details:

• Historic Period: 2015-2020


• Base Year: 2021


• Forecast Period: 2022-2027

Geographically:

• Europe


• Asia-Pacific


• Middle East & Africa


• North & South Americas

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