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Global Digital Transaction Management (DTM) Market: Snapshot
Digital transaction management or DTM comes under a category of cloud-based services, which is designed to manage document-based transactions in a completely electronic manner. DTM helps in creating easier, faster, secure, and convenient transaction processes through removing the friction inherent in transactions. This system completely replaced the involvement of documents, people, and data during transactions.
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Digital transaction management system includes e-signatures, non-repudiation, and authentication and enables co-browsing between the business and the customer. This system also includes document transfer and certification. Many industries are adopting DTM system for enhancing business automaton, overall cost reduction, and gaining revenue. Such advantages are driving the global digital transaction management (DTM) market.
DTM is highly adopted in various industries such as banking, healthcare, real estate, and education. An inclination towards digital transformation along with overcoming of conventional complications including proper compliance and authentication and lacking workflow clarity is further fueling demand in the global digital transaction management (DTM) market. Along with these, rising adoption of cloud-based services, and rapid establishment of security frameworks in cloud-based data management system are also boosting the global digital transaction management (DTM) market.
Adoption of DTM helps many businesses to avoid the conventional pitfalls of losing or missing documents and data, lack of visibility in workflow, and breakages in processes. There are few leading software tools for DTM are – DocuSign, Box, Kofax, Fluix, Mi-Forms, and Captricity. These software tools validate customers’ information to ensure accuracy during transactions. However, the DTM system is rapidly evolving with the incorporation of content automation and blockchain.
Global Digital Transaction Management (DTM) Market: Overview
The global digital transaction management (DTM) market is set to rise at a double digit CAGR in the next couple of years. This is because of the ability of the product to better efficiency and speed of work. Growing penetration of the internet and surging uptake of digital payment modes is also expected to have a positive impact on the market. In fact, most of the growth in the global digital transaction management (DTM) market is being fuelled by the swiftly developing nations in Asia Pacific and Latin America.
Some of the key solutions in the global digital transaction management (DTM) market are document archival, workflow automation, authentication, and e-signature. Among them, e-signature is set to see maximum uptake in the next couple of years. This is because of the rising need for authenticating and verifying online transactions.
Global Digital Transaction Management (DTM) Market: Drivers and Restraints
Digital transaction management (DTM) is an upcoming type of cloud service meant to manage document transfers. In the near term, the global digital transaction management (DTM) market is predicted to rise with the surging sales of smartphones and various other smart devices. Seamless internet connectivity is expected to boost the market as well.
The increasing adoption of cloud based services and strict IT security frameworks is having a positive impact on the global digital transaction management (DTM) market. Posing a challenge to the market, on the other hand, is the threat of cyber-attack and digital fraudulence.
Global Digital Transaction Management (DTM) Market: Trends and Opportunities
The global digital transaction management (DTM) market is set to rise in the next couple of years on the back of demand from end use sectors such as healthcare, government, commercial, retail, banking, financial services, and insurance (BFSI), and IT and telecom. Of these, the commercial segment is projected to create most of the demand in the market.
Global Digital Transaction Management (DTM) Market: Regional Analysis
When it comes to geographical segmentation, the global digital transaction management (DTM) market is led by North America. This is because of the high uptake of cloud services in technologically advanced nations of the U.S. and Canada. Other promising regions include Europe and Asia Pacific. The demand in the Europe digital transaction management (DTM) market is mainly being bolstered by rising automation and the booming ecommerce sector. The market in the region is mainly being powered by Germany and the UK. Meanwhile, Asia Pacific digital transaction management (DTM) market is being buoyed by the mushrooming small and medium sized organizations in India and China.
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Global Digital Transaction Management (DTM) Market: Competitive Landscape
Prominent participants in the global digital transaction management (DTM) market are EuroNoVate, Assuresign, Namirial Spa, eOriginal, eSignLive, DocuSign Inc., and ThinkSmart.
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