Digital Transaction Management Market Major Players
Author : Ketan Wagh | Published On : 03 May 2021
The global digital transaction management market is predicted to touch USD 5.552.91 million at a healthy CAGR between 2017- 2023 states the recent Market Research Future (MRFR) analysis. Digital transaction management or DTM is a process to manage routine documented-based tasks with the help of electronic means. It offers organizations with an array of benefits such as enhanced customer experience and reduction in transaction time. Some of its basic elements include electronic signature, assembly, automation or workflow, and others. Workflow automation, authentication, e-signature, non-repudiation, and others are the different types of digital transaction management types that have extensive applications in BFSI, media and entertainment, healthcare, IT and telecommunication, government, travel and transportation, retail, and others.
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Various factors are propelling the global digital transaction management market share. As per the current MRFR report, such factors include the rising popularity of digital payment modes, increasing internet penetration, an increase in digital payment modes during COVID-19 pandemic, and constant adoption of digital solutions for automation & management of business & transaction management.
On the flip side, data security issues due to third party involvement, concerns about complications, and lack of awareness about common DTM standards are factors that may impede the global digital transaction management market growth over the forecast period.
Based on the region, the global digital transaction management market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will have the lions share in the market over the forecast period. The presence of key players, rapid adoption of modern technology, and the region being an economic powerhouse are adding to the global Digital Transaction Market growth in the region. The United States holds the largest share in the market for the booming financial sector.
The global digital transaction management market in Europe is predicted to hold the second-largest share over the forecast period. The good economic strength of the region is adding to market growth. The UK has the utmost share in the market.
The digital transaction management market in the APAC region is predicted to grow at a fast pace over the forecast period. Rapid growth rate and expanding IT sector are adding to the global digital transaction management market growth in the region.
The global digital transaction management market in the RoW is predicted to have slow growth over the forecast period for the lack of digital solutions.
In its Digital Transaction Management (DTM) Globe, 2021, released today, Aragon Research identifies 21 major providers. COVID-19 has placed tremendous pressure on businesses to speed up digital transformation strategies, as paper cannot be used as a secure tool for transactions any longer. In addition, the transition to a completely digital organization is under way and during the large shift to remote work has accelerated. Together, the automated transaction processing has made it a must for businesses.
Key contenders profiled in the global digital transaction management market report include eOriginal (U.S.), eSignLive (U.S.), ZorroSign (U.S.), EuroNoVate (Switzerland), Assuresign (U.S.), ThinkSmart (U.S.), Namirial Spa (Italy), Insight Enterprise Inc. (U.S.), and DocuSign Inc. (U.S.), and others. Industry players have encompassed strategies such as partnerships, joint ventures, mergers and acquisitions, strategic alliances, geographic expansions, and others to stay at the forefront.
The global digital transaction management market has been segmented based on end-users, components, and solutions. On the basis of end-users, the market for digital transaction management is segmented based on BFSI, healthcare, retail, and government. Additionally, the market on the basis of components, is segmented into hardware, software, services. The global market for digital transaction management is also covered based on the solutions segment which is further split into authentication, document archival, workflow automation, and e-signature.
Key influences such as digital scams and online frauds could obstruct the digital transaction management market growth. However, as per the digital transaction management market research report, the escalation in security concerns as well as the need for innovative and secure platforms will drive growth during the forecast period 2017-2023. These key growth factors will help support the digital transaction management market growth at a high CAGR. The segmental analysis of end-users, components, and solutions segments as well as regional market analysis has been presented in the global digital transaction management market research report. Analysts studying the digital transaction management market have presented projections in the digital transaction management market research report assisting digital transaction management market-based companies in numerous ways. The digital transaction management market research report offers crucial details about the digital transaction management market based on the data and forecasts till 2023.
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