Digital Transaction Management (DTM) Market Is Expected to Reach USD 125 Billion By 2023
By Herald Keeper
Digital transaction management market is estimated to exhibit high growth potential during the forecast period owing to rapid adoption of digital technology and increasing popularity of customer service experience. Digital transaction management helps in speeding up the processes and can help in reducing the number of mistakes which can be termed as human errors.
Major driving factor in the growth of digital transaction management market is the growing emphasis on customer experience in the enterprises. Growth of digitization is another major factor driving the growth of digital transaction management market and has ultimately increased the number of computer users and smartphone users. This has led to a considerate increase in the growth of digital transaction management market.
Giants like Oracle and DocuSign have made significant investments in digital transaction market. Oracle has acquired NetSuite which is one of the leading cloud based company. The acquisition is valued at USD 9.3 billion. Whereas, DocuSign Inc. has entered into a strategic partnership with IBM Corporation. The partnership provides embedded e-signature and digital transaction management functionality into IBM?s software and services.
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Digital transaction management market has been segmented on the basis of component, type and application. The application segment is further bifurcated into BFSI, healthcare, retail, IT and telecommunication, travel and transportation, government and others. BFSI sector has a lot of document based when digitalized can help automate the workflow and make it very efficient. Workflow automation is the major factor driving the growth of digital transaction management market. It helps in speeding up the regular business processes and will ultimately reduce the burden of maintaining and managing paper documents. Owing to this digitalization of documents, there will be reduction in mistakes too which will help in providing better customer experience.
The major factor restraining the growth of digital transaction management market is the lack of awareness about the efficiency of digital transaction management. Lack of technical expertise is another major factor that could cause hindrance in the growth of digital transaction management market.
According to Market Research Future Analysis, Digital Transaction Management Market has been valued at approx. USD 125 Billion by the end of forecast period with 31% of CAGR during forecast period 2017 to 2023.
Digital Transaction Management Market Players:
- Apple (U.S)
- IBM Corporation (U.S.)
- Sony Corporation (Japan)
- Intel (U.S.)
- Microsoft Corporation (U.S.)
- Oracle (U.S.), HP (U.S.)
- eSignLive (Canada)
- DocuSign Inc. (U.S.)
- ThinkSmart (U.S.)
Commenting on the report, an analyst from Market Research Future (MRFR)?s team said:
Digital transaction management market can be segmented on the basis of component, type and application. The type segment comprises of authentication, e-signatures, non-repudiation and workflow automation. Digital transaction management helps in creating digital signatures or e-signatures which are highly authenticated and secured. They can be more legally enforceable in comparison to the traditional signatures. Digital signatures are more secure and reliable way of signing documents. Moreover they are highly convenient as they can be signed from anywhere.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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