|Nintex Global Inc.|
|Entrust Datacard Corporation|
|Market Driving Forces|
|The implementation of technology in every aspect is growing rapidly.|
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.
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.
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.
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.
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.
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.
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.
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.
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:
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.
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:
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.
|Market Size||USD 25.31 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Solution, By Component|
|Geographies Covered||North America, Europe, Asia-Pacific|
|Key Vendors||Insight Assuresign EuroNoVate Namirial DocuSign Inc. Kofax Inc. Nintex Global Inc. eOriginal Inc. Entrust Datacard Corporation OneSpan|
|Key Market Opportunities||Several companies are here to offer advanced solutions to shine in the competitive DTM market.|
|Key Market Drivers||The implementation of technology in every aspect is growing rapidly.|
The market can achieve a valuation of USD 25.31 billion by the end of the forecast period.
The rising number of active internet users are contributing to the progress of the market by enhancing the potential user base for the market substantially. The market is expected to be influenced to a great extent due to the escalation in security concerns for digital business transaction that are being noted around the world. However, the need to provide innovative ad secure platforms for payments to customers is expected to drive the growth of the market in the forecast period.
The segmentation on the basis of solutions comprises e-signature, document archival, authentication and workflow automation. Out of these, the E-Signature segment is a chief segment in the digital transaction management growing at 25.65 percent CAGR
The North American region is controlling the digital transaction management market. The demand for the market for digital transaction management is propelled by the existence of a technically advanced economy and growing adoption of cloud services in the North American region. Nations such as Canada, U.S, and Mexico have invested significantly in the research and development of automation and cloud technologies.
By end users, the market is segmented into BFSI, commercial, retail, healthcare, IT & telecommunication, and government.