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Digital Transaction Management (DTM) Market
The rising need for digital solutions that enable secure, efficient, and seamless transactions is driving the demand for digital transaction management.
The BFSI sector is at the forefront of adopting digital transaction management solutions as they allow BFSI companies to digitize paperwork, streamline workflows, and reduce errors.” - Polaris
market ResearchNEW YORK CITY, NY, UNITED STATES, September 27, 2024 /EINPresswire / -- An in-depth analysis of various segments and sub-segments in the report assists stakeholders and decision-makers in identifying the prevailing market opportunities.
The digital transaction management market is on a growth trajectory. The market is anticipated to register a CAGR of 24.1% from 2024 to 2032, growing to USD 86.39 billion by 2032. The market was valued at USD 12.41 billion in 2023.
What Is Digital Transaction Management?
Digital transaction management (DTM) is a cloud computing service that enables users to digitally manage document-based transactions and streamline document workflows. The DTM technology aims to speed up the signing of business contracts and agreements by digitizing the process in a way that's fast and secure. It creates digital signatures that are authenticated and highly secure. Also, the cloud-based nature of the technology enables businesses to access key documents and do business anywhere, anytime.
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DTM services are faster as compared to the traditional processes of signing business documents and contracts. Also, they have low operating costs and fewer mistakes, as documents can be signed and transmitted online instantly. The rise of e-commerce and online payments has resulted in more consumers shopping online and using digital payment methods, thereby driving the digital transaction management market demand.
Market Report Scope and Attributes:
.Market Size Value in 2023: USD 12.41 billion
.Market Size Value in 2032: USD 86.39 billion
.CAGR: 24.1% from 2024 to 2032
.Base Year: 2023
.Historical Data: 2019–2022
.Forecast Period: 2024–2032
Digital Transaction Management Solutions Providers:
.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
are some of the digital transaction management market key players.
These players are focused on enhancing their product offerings with a range of features such as automated tracking, document generation, and configurable workflows.
Besides, they are adopting strategic developments such as strategic collaborations, mergers, and acquisitions to boost their market presence. Some of the latest market developments are:
.In May 2024, leading embedded payment technology provider VoPay introduced its digital transaction and cash management banking platform, TXB. The new platform is designed to help credit unions and banks launch API-first transaction banking and cash management services.
.In May 2024, eMudhra announced its partnership with Tech Mahindra. With the new partnership, eMudhra aims to improve digital security and transaction management for global companies across sectors like BFSI and telecommunications.
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Market Dynamics:
Drivers:
Rising Need for Digitalization: The rising need for digitalization and automation is a key driver of the digital transaction management market growth. As more businesses look to streamline operations and improve customer experiences, they are turning to DTM solutions to facilitate digital transactions and automate workflows.
Growing E-commerce: The rise of e-commerce and online payments is another factor fueling the market demand. With more consumers shopping online and making online transactions, there is a high need for secure and reliable digital transaction management systems.
Challenges:
Security Concerns: With more sensitive information stored and transmitted in electric form, there is a higher risk of data breaches and cyberattacks. This has resulted in strict regulations around data protection, making it hard for companies to implement DTM solutions that meet all their requirements.
Regional Landscape:
The research study provides insights into all the major regions and sub-regions of the market. The major regions covered in the report are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest digital transaction management market share. The high adoption rate of advanced technologies such as cloud computing and artificial intelligence drives the market growth in North America. Also, the presence of several large enterprises and SMEs across various sectors has resulted in increased demand for DTM solutions in the region.
The digital transaction management market growth in Asia Pacific is attributed to the growing demand for digitalization and automation across several sectors. Governments in the Asia Pacific are actively promoting the use of digital transformation technologies, resulting in increased investments in DTM technologies.
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Market Segmentation:
By Solution Outlook
.Document Digitization
.Electronic Signatures
.Security and Compliance
.Workflow Automation
By Industry Vertical Outlook
.BFSI
.Construction & Real Estate
.Education
.Government
.Healthcare
.IT and Telecom
By Component Outlook
.Hardware
.Software
.Services
By End-User Outlook
.Small and Medium Enterprises (SMEs)
.Large Enterprises
By Region Outlook
.North America (US, 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)
Browse PMR's Digital Transaction Management (DTM) Market Report Coverage from Different Publications:
Digital Transaction Management Market Size Worth USD 86.39 Billion By 2032, with 24.1% CAGR | Polaris Market Research
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
Likhil G
Polaris Market Research and Consulting
+1 929-297-9727
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