New York, USA, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Market Overview:
According to Polaris Market Research, the global digital transaction management market was valued at USD 12.41 billion in 2023. The digital transaction management industry is projected to reach USD 86.39 billion by 2032, exhibiting a CAGR of 24.1% during the forecast period from 2024 to 2032.
What is Digital Transaction Management (DTM)?
Digital transaction management (DTM) is cloud-based technology that helps businesses manage digital transactions and documents. It enables businesses to sign business agreements and contracts quickly, accurately, and securely. This technology is developed to complement paper-based processes, which are often less secure, unreliable, and difficult to control.
With digital transaction management (DTM), companies can save significant time and cost by automating document-based processes, as it facilitates online signing and transaction rather than physical signing or scanning. DTM can be used across various industries, such as sales, human resources, finance, and information technology, where secure documentation and improved workflow are essential.
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Key Stats:
- The global digital transaction management market was valued at USD 12.41 billion in 2023.
- The digital transaction management industry is projected to grow from USD 15.35 billion in 2024 to USD 86.39 billion by 2032.
- The market is expected to grow at a CAGR of 24.1% from 2024 to 2032.
What is Current State of Digital Transaction Management Market?
- Growing demand for digital solutions, the popularity of e-commerce and online payments, and increasing demand for digitalization and automation in businesses are some of the key factors driving the market growth.
- The market is segmented on the basis of solution, industry vertical, component, end-user, and region.
- The digital transaction management market held the largest share in North America.
Growth Driving Factors:
Rising Adoption of DTM services: DTM technology provides speedy, precise, and safe digital transactions in business. As a result, companies are increasingly adopting these services to accelerate the signing of business accords and settlements, contributing to digital transaction management market sales.
Popularity of Digital Solutions: With more consumers shopping online through digital payment processes, the e-commerce sector is experiencing immense growth. Security and reliability play a key role in online payment methods, and digital transaction management systems fuel these functions. Thus, the growing demand for digital transaction management in digital solutions accelerates the market growth.
Need for Digitalization and Automation: As companies generate more sensitive data, there is a growing need for a centralized system to manage documentation, workflows, and other operations. To address these requirements, businesses are increasingly seeking digitization and automation solutions. DTM (Document and Transaction Management) technology can streamline operations and reduce errors. Consequently, the rising demand for digitization and automation is driving market growth. DocuSign, Adobe, and One Span are three leading market players who specialize in digital signatures.
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Restraining Factors:
Despite its growth potential, the market faces several challenges, particularly concerning data privacy and security. As sensitive information is increasingly transmitted and stored electronically, the risk of cyberattacks and data breaches rises. This has governments implementing stricter regulations on data protection, making it difficult for companies to implement DTM solutions that must comply with these requirements.
Digital Transaction Management Market Key Players:
- Adobe
- Ascertia
- DocuFirst
- DocuSign, Inc.
- eDOC Innovations
- Entrust Corp.
- Fluix
- Kofax Inc.
- Nintex UK Ltd
- Wolters Kluwer N.V.
Which Region Leads Digital Transaction Management Market?
North America dominated the market owing to the increased adoption of innovative technologies such as cloud computing, artificial intelligence, and machine learning in nations like the United States and Canada. DTM solutions integrated with these technologies aid in their business processes, improve customer experience, and enhance functional efficiency.
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Segmental Outlook:
By Solution:
- Document Digitization
- Electronic Signatures
- Security and Compliance
- Workflow Automation
By Industry Vertical:
- BFSI
- Construction & Real Estate
- Education
- Government
- Healthcare
- IT and Telecom
By Component:
- Hardware
- Software
- Services
By End-user:
- Small and Medium Enterprises (SMEs)
- Large Enterprises
By Region:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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