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Digital Transaction Management Market Share Analysis & 10 Year Growth Forecasts 2019-2029: A USD 37.51 Billion Projected Market by 2029, Growing at a CAGR of 24.5% during 2024-2029
Wednesday, March 20, 2024
DUBLIN, March 12, 2024 /PRNewswire/ -- The "Digital Transaction Management (DTM) - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
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The Digital Transaction Management Market size is estimated at USD 12.52 billion in 2024, and is expected to reach USD 37.51 billion by 2029, growing at a CAGR of 24.54% during the forecast period 2024-2029.
The spread of COVID-19 positively impacted the market initially due to the rise in remote working and growing digital transformation across businesses. Enterprises are seeking business methods that are seamless and efficient and can be done from anywhere.
Key Highlights
-- The adoption of DTM is increasing, and it is expected to absorb several
parts of paper documents in the future. Most companies are embracing
digital platforms to increase revenue and profitability. For instance,
Salesforce adopted digital transaction management, and the company's
sales organization experienced a USD 20 savings per document and a 60%
reduction in turnaround times. The company also adopted electronic
signature within their sales process, and the deal close time from an
average of around two days down to about 90% of deals closing in one day
and 71% closing in one hour.
-- Business automation is a way to increase organizational efficiency by
leveraging digital technologies to carry out all business processes with
minimal human intervention. Technological advancements such as RPA and
low-code Automation are paving the way for more secure transaction
management solutions. For instance, Blockchain Technology provides a
series of timestamped data records in the form of a chain linking all
the documents. Every transaction can be considered proof of consent
given by the user who initiated the transaction using digital
signatures. The digital transaction management solutions built on
blockchain technology use a decentralized network for transaction
management to prevent malicious attacks.
-- Increased adoption of cloud-based solutions would further positively
impact the digital transaction management market. Small and large
businesses must manage workflows on some level. Interdepartmental and
cross-agency workflows are challenging as employees and managers may be
on different systems that might perform substantial transfers. A
cloud-based solution that allows every team member to interact with
documents would make the digital transaction management process seamless
and less costly. These cloud-based solutions speed up signing business
agreements and contracts by digitalizing the process quickly, securely,
and accurately.
-- Increasing vulnerability related to Cyber-attacks and fraudulent digital
transactions could restrain the market growth. Small businesses counter
the risk of fraud and cyber-attacks because they lack the assets and
cybersecurity safety measures compared to larger organizations. To avoid
this potential risk, companies protect clients by providing them with
the most up-to-date materials and regular cybersecurity check-ins.
-- The COVID-19 pandemic negatively impacted the market with a forced
adjustment in consumer and business spending patterns. The demand for
contactless payments have increased through the use of mobile wallets to
prevent the spread of the pandemic. Further e-commerce giants like
Amazon, Flipkart, Myntra, etc., have also restricted cash payments. Such
things strive for the growth of Digital Transaction Management. This
trend is expected to continue even after the pandemic's impact. The
companies look forward to offering higher values to gain a competitive
edge in a highly competitive market.
Digital Transaction Management (DTM) Market Trends
BFSI Industry is Expected to Hold a Significant Market Share
-- Traditional banks have been turning to new and strategically focused
agile institutions. The diverse challenges related to the ever-changing
complex regulations, intense competition, and demanding customers have
resulted in an alignment toward digital transformation. Also, along with
the rise in cloud-based solution adoption, the BFSI industry is set to
witness a significant change over the forecast period.
-- The banking sector was moving towards digital transformation
initiatives. In December this year, Zimpler launched a pay link solution
to augment invoices and help businesses to send digital invoices through
a payment link that redirects to the banking app. The amount will be
auto-debited from the account, and the customer does not need cards to
pay for the invoice to accelerate their digital transformation.
-- The pandemic and related developments, along with a growing focus on
digitization, have significantly impacted trends in the banking
industry. According to the Reserve Bank of India, during the last fiscal
year, over 35 billion digital transactions worth INR 60 trillion (USD
728 billion) across India were done and are projected to rise to INR 385
trillion (USD 4.7 trillion) over the forecast period. The vast increase
in the rise of financial transactions in the banking sector drives the
demand for Digital Transaction Management Market.
-- Moreover, a recent Finastra study showcased that corporate banking
clients have been shifting their focus towards real-time execution
capabilities, better access to online platforms, and value-added
services. In response, the banks are moving away from the traditional
relationship management model toward a digital platform that can meet
the client's needs faster, more flexibly, and agilely.
-- With the growing consumer propensity towards digital banking solutions,
enterprises operating in the space are increasingly adopting digital
solutions. For instance, to provide a digital experience for customers,
Raiffeisen Bank International (RBI) announced the launch of RaiConnect,
a virtual branch service featuring a full suite of collaborative modules
and ePaper workflows in partnership with Moxtra.
Digital Transaction Management (DTM) Industry Overview
The Global Digital Transaction Market is significantly competitive with many regional and global players such as DocuSign, OneSpan, Adobe, etc. The presence of well-diversified players characterizes the market. The vendors consistently provide innovative solutions in line with the advancement in technologies that eventually cater to customers' increasing needs across various end-user industry verticals. Many Startups, such as EthSign, and ThinkSmart have also entered the market.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in E-signatures and Adoption of Cloud Services
4.2.2 Focus on Business Automation
4.2.3 BFSI Industry is Expected to Hold a Significant Market Share
4.3 Market Challenges
4.3.1 Increasing Vulnerability Related to Cyber-attacks and Fraudulent Digital Transactions
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.5 Industry Value Chain Analysis
4.6 Assessment of COVID-19 Impact of on the Market
5 MARKET SEGMENTATION
5.1 By Component
5.1.1 Solution
5.1.2 Service
5.2 By Organization Size
5.2.1 Small and Medium Enterprise
5.2.2 Large Enterprise
5.3 By End-user Industry
5.3.1 BFSI
5.3.2 Healthcare
5.3.3 Retail
5.3.4 IT and Telecommunication
5.3.5 Other End-user Industries
5.4 By Geography
6 COMPETITIVE INTELLIGENCE
-- DocuSign.
-- Adobe
-- ZorroSign Inc.
-- Nintex Group Pty Ltd
-- Namirial SpA
-- HelloSign
-- OneSpan
-- eOriginal
-- SignEasy
-- Mitratech Holdings Inc.
-- AssureSign
-- Topaz Systems Inc.
-- PandaDoc Inc.
-- PactSafe Inc.
-- InfoCert
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/m9qvbg
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