Pune, Aug. 28, 2018 (GLOBE NEWSWIRE) -- Market Research Future (MRFR)’s new study reveals that the Global 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 2023
The use of paper to provide and exchange information has been a laborious process leading to an exhaustive use of labor resources. The inclination towards digitization can be the first step towards alleviating the work pressures faced by majority of the firms. Digital transaction management (DTM) is one of the emerging forms of cloud services designed to manage document transfers. The penetration of smartphones and other smart devices coupled with uninterrupted internet services can make the transfer of documents a seamless process. Other services categorized under DTM are record management, secure archiving, electronic verification, and co-browsing between customer and clients.
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DTM Market Scope
The global digital transaction management market size can balloon to USD 5,552.9 million by 2023, as per an insightful report by Market Research Future (MRFR). The need for authentication of digital assets by banks, credit unions, and other sectors in the finance sector can boost DTM market revenues over the forecast period (2017-2023). It can experience a prolific 25.73% CAGR over the forecast period thanks to popularity of digital payment modes in developing economies.
Introduction of stringent fiats to enforce security amid the rising cyber threats is ensured to induce a steady demand by major companies. Adoption of cloud services by emerging businesses and the inclination of the banking sector towards DTM can bode well for the market in the forthcoming years.
Competition Analysis
Prime players in the digital transaction management market include Assuresign, EuroNoVate, Namirial Spa, eSignLive, eOriginal, DocuSign Inc., ThinkSmart, Insight Enterprise Inc., and ZorroSign. Innovation is at the crux of attaining higher clients and being indispensable to the fintech industry. For instance, Namirial has its proprietary eSignAnyWhere (eSAW) platform to support all types of digital signatures. The platform supports local certificates and handwritten biometric signatures.
Workflow Automation – the Fastest Growing Solution
The digital transaction management market is segmented on the basis of component, solution, and end-user. Components include hardware, software, and services. The software segment is touted to exhibit a 28.22% CAGR over the forecast period as compared to the hardware segment which will showcase a CAGR close to 24%.
Solutions offered in the DTM market include workflow automation, document archival, e-signature, and authentication. The e-signature segment is likely to grow at a 26.47% CAGR during the forecast period owing to need for verification and authentication while conducting online transactions. On the other hand, the workflow automation segment is anticipated to exhibit a high 28.85% CAGR during the same period.
Major DTM market end-users include government, healthcare, retail, commercial, IT & telecom, and banking, financial services, and insurance (BFSI). The commercial segment can dominate the Digital Transaction Management Market and expand at a 28.58% CAGR till 2023.
Regional Analysis
Geographically, the market covers the latest opportunities and trends in North America, the Middle East & Africa, Asia Pacific (APAC), and Europe.
North America can dominate the global digital transaction management market till the end of the forecast period, followed by Europe and APAC. The market demand is expected to accelerate owing to adoption of cloud services and technologically advanced economies of Canada and the U.S. Mexico, the U.S., and Canada have invested in research and development to expedite the evolution of cloud technologies. The U.S. DTM market generated close to USD 465.89 million in revenues in 2017.
The Europe DTM market is expected to experience demand at a rapid clip thanks to the pressing need for automation and expanding ecommerce sector. Within the market, U.K. generated USD 216.5 million in 2017, while Germany is touted to grow at a 28.79% CAGR during the review period.
The APAC market is expected to thrive owing to the emergence of various small and mid-size firms in China and India. These economies are the backbone of the software industry, with the maximum R&D and projects being outsourced to these regions. The Digital India initiative can digitally transform the landscape and make it easy for consumers to conduct transactions. For instance, eMudhra, an Indian firm, is expected to make its foray in the U.S. DTM market in early 2019. It deals with electronic signatures and document authentication and has a significant presence in the Middle East and Africa.
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Industry News
In a bid to improve its service offerings, DocuSign is planning to acquire SpringCM. The transaction, if successful, can culminate to lead to a cash cow deal for the company. It can provide System of Agreement to its clients which can include preparing, signing, and managing of agreements.
Partnerships are abounding in the market between industry participants. This is evident by the partnership agreement between Mitek and eDOC Innovations. The partnership is likely to be successful owing to the rising demand by credit unions amid the growing number of digital transactions. The former company’s Mobile Deposit is expected to minimize the chances of check fraud and give wings to the mobile banking industry.
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