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Kenneth Research, in its repository of market research reports, have recently added a report on Digital Transaction Management (DTM) Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Digital Transaction Management (DTM) Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Digital Transaction Management (DTM) Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Digital Transaction Management (DTM) Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The Digital Transaction Management (DTM) Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe's organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.
The global Digital Transaction Management (DTM) Market is projected to reach USD 10,528.2 million by 2026. Digital transaction management is method of transforming traditional document-based processes to digital/electronic platform. In 2017 the electronic signatures solution segment dominated this market and in terms of regions North America is observed to be the leading contributor in the global market.
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This market is majorly strengthened by increasing importance and focus on cloud services and IT security. There is a strong preference in the banking and financial services industry for adoption of digital transaction management solutions due to changing customer requirement. Thus, steady flow in volume of transactions done via digital platforms such as e-wallets, internet banking, etc. presents transaction service providers with a genuine growth opportunity in the digital transaction management market.
Furthermore, extensive adoption and acceptance of various electronic devices along with the convenience of usage and transacting through these devices is pushing enterprises in various industries towards digitally transforming their operations in line with the dynamic consumer requirements and preferences. All these factors are eventually expected to have a positive impact on the progress of digital transaction management market across the world.
The market segments for digital transaction management are based on solutions, industry vertical, end user, and region. The digital transaction management solutions segment includes market for electronic signatures, document digitization, workflow automation, and security & compliance sub segments. Electronic signatures segment is expected to dominate this market in terms of digital transaction management solutions. End user segmentation in the digital transaction management market report covers SMBs and large enterprises. Major industry verticals in this market include BFSI, construction & real estate, education, government, healthcare, and IT & Telecom.
North America is observed to be the leading region in this market during 2017, and is expected to lead the global digital transaction management market throughout forecast period. Presence of established players and cloud infrastructure in this region, and growing trend of investments in cloud-based services drive the market growth in the region. Also, the growing demand from banking sector due to its strong preference for digital platforms, and further technological advancements support market growth in this region.
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Some of the leading companies operating in the Digital Transaction Management (DTM) market include DocuSign Inc., Fluix, Kofax Inc., Captricity, Box, Namirial Spa, ZorroSign Inc., Insight Enterprises Inc., AssureSign LLC, ThinkSmart LLC, eOriginal, Inc., Euronovate S.A., DocuFirst, OneSpan, HelloSign, Accusoft Corporation, Connective . These companies offer innovative solutions to meet the increasing needs and requirements of consumers from multiple industry verticals
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Mason Mount is is an energetic and versatile freelance writer for 5 years, he pens down any type of article and web content. He is a Cambridge University Business English Certificate (Europe Level) holder. He is analytical, enthusiastic, and ingenious, with the essence to work variously, strives to emerge as a lucrative individual who has a grasp on market. Congenial Interpersonal skills and the competence to grab every single trivia with foolproof analysis is something he primarily posses.
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