Digital Transaction Management Market Share Analysis & 10 Year Growth Forecasts 2019-2029: A USD 37.51 Billion Projected Market by 2029, Growing at a CAGR of 24.5% during 2024-2029
The Digital Transaction Management Market size is estimated at USD 12.52 billion in 2024, and is expected to reach USD 37.51 billion by 2029, growing at a CAGR of 24.54% during the forecast period 2024-2029.
DUBLIN, March 12, 2024 /PRNewswire/ -- The "Digital Transaction Management (DTM) - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
The Digital Transaction Management Market size is estimated at USD 12.52 billion in 2024, and is expected to reach USD 37.51 billion by 2029, growing at a CAGR of 24.54% during the forecast period 2024-2029.
The spread of COVID-19 positively impacted the market initially due to the rise in remote working and growing digital transformation across businesses. Enterprises are seeking business methods that are seamless and efficient and can be done from anywhere.
Key Highlights
- The adoption of DTM is increasing, and it is expected to absorb several parts of paper documents in the future. Most companies are embracing digital platforms to increase revenue and profitability. For instance, Salesforce adopted digital transaction management, and the company's sales organization experienced a USD 20 savings per document and a 60% reduction in turnaround times. The company also adopted electronic signature within their sales process, and the deal close time from an average of around two days down to about 90% of deals closing in one day and 71% closing in one hour.
- Business automation is a way to increase organizational efficiency by leveraging digital technologies to carry out all business processes with minimal human intervention. Technological advancements such as RPA and low-code Automation are paving the way for more secure transaction management solutions. For instance, Blockchain Technology provides a series of timestamped data records in the form of a chain linking all the documents. Every transaction can be considered proof of consent given by the user who initiated the transaction using digital signatures. The digital transaction management solutions built on blockchain technology use a decentralized network for transaction management to prevent malicious attacks.
- Increased adoption of cloud-based solutions would further positively impact the digital transaction management market. Small and large businesses must manage workflows on some level. Interdepartmental and cross-agency workflows are challenging as employees and managers may be on different systems that might perform substantial transfers. A cloud-based solution that allows every team member to interact with documents would make the digital transaction management process seamless and less costly. These cloud-based solutions speed up signing business agreements and contracts by digitalizing the process quickly, securely, and accurately.
- Increasing vulnerability related to Cyber-attacks and fraudulent digital transactions could restrain the market growth. Small businesses counter the risk of fraud and cyber-attacks because they lack the assets and cybersecurity safety measures compared to larger organizations. To avoid this potential risk, companies protect clients by providing them with the most up-to-date materials and regular cybersecurity check-ins.
- The COVID-19 pandemic negatively impacted the market with a forced adjustment in consumer and business spending patterns. The demand for contactless payments have increased through the use of mobile wallets to prevent the spread of the pandemic. Further e-commerce giants like Amazon, Flipkart, Myntra, etc., have also restricted cash payments. Such things strive for the growth of Digital Transaction Management. This trend is expected to continue even after the pandemic's impact. The companies look forward to offering higher values to gain a competitive edge in a highly competitive market.
Digital Transaction Management (DTM) Market Trends
BFSI Industry is Expected to Hold a Significant Market Share
- Traditional banks have been turning to new and strategically focused agile institutions. The diverse challenges related to the ever-changing complex regulations, intense competition, and demanding customers have resulted in an alignment toward digital transformation. Also, along with the rise in cloud-based solution adoption, the BFSI industry is set to witness a significant change over the forecast period.
- The banking sector was moving towards digital transformation initiatives. In December this year, Zimpler launched a pay link solution to augment invoices and help businesses to send digital invoices through a payment link that redirects to the banking app. The amount will be auto-debited from the account, and the customer does not need cards to pay for the invoice to accelerate their digital transformation.
- The pandemic and related developments, along with a growing focus on digitization, have significantly impacted trends in the banking industry. According to the Reserve Bank of India, during the last fiscal year, over 35 billion digital transactions worth INR 60 trillion (USD 728 billion) across India were done and are projected to rise to INR 385 trillion (USD 4.7 trillion) over the forecast period. The vast increase in the rise of financial transactions in the banking sector drives the demand for Digital Transaction Management Market.
- Moreover, a recent Finastra study showcased that corporate banking clients have been shifting their focus towards real-time execution capabilities, better access to online platforms, and value-added services. In response, the banks are moving away from the traditional relationship management model toward a digital platform that can meet the client's needs faster, more flexibly, and agilely.
- With the growing consumer propensity towards digital banking solutions, enterprises operating in the space are increasingly adopting digital solutions. For instance, to provide a digital experience for customers, Raiffeisen Bank International (RBI) announced the launch of RaiConnect, a virtual branch service featuring a full suite of collaborative modules and ePaper workflows in partnership with Moxtra.
Digital Transaction Management (DTM) Industry Overview
The Global Digital Transaction Market is significantly competitive with many regional and global players such as DocuSign, OneSpan, Adobe, etc. The presence of well-diversified players characterizes the market. The vendors consistently provide innovative solutions in line with the advancement in technologies that eventually cater to customers' increasing needs across various end-user industry verticals. Many Startups, such as EthSign, and ThinkSmart have also entered the market.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in E-signatures and Adoption of Cloud Services
4.2.2 Focus on Business Automation
4.2.3 BFSI Industry is Expected to Hold a Significant Market Share
4.3 Market Challenges
4.3.1 Increasing Vulnerability Related to Cyber-attacks and Fraudulent Digital Transactions
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.5 Industry Value Chain Analysis
4.6 Assessment of COVID-19 Impact of on the Market
5 MARKET SEGMENTATION
5.1 By Component
5.1.1 Solution
5.1.2 Service
5.2 By Organization Size
5.2.1 Small and Medium Enterprise
5.2.2 Large Enterprise
5.3 By End-user Industry
5.3.1 BFSI
5.3.2 Healthcare
5.3.3 Retail
5.3.4 IT and Telecommunication
5.3.5 Other End-user Industries
5.4 By Geography
6 COMPETITIVE INTELLIGENCE
- DocuSign.
- Adobe
- ZorroSign Inc.
- Nintex Group Pty Ltd
- Namirial SpA
- HelloSign
- OneSpan
- eOriginal
- SignEasy
- Mitratech Holdings Inc.
- AssureSign
- Topaz Systems Inc.
- PandaDoc Inc.
- PactSafe Inc.
- InfoCert
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/m9qvbg
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