Digital Transaction Market Outlook and Opportunities in Grooming Regions with Forecast 2023
Digitalization has taken over the globe in every aspect, and every business and enterprise is expanding their digital presence in order to survive this tidal wave of global digitalization. They now have automated workflows and assets; spreadsheets have been replaced with cloud-based storage, employee records replaced with HR websites, among other services, that provide assistance and digitalizing aids for businesses. Digital Transaction Management (DTM) is one such cloud services designed to manage document-based transactions digitally. Paper documents are still ubiquitous because of the false notion of their convenience when there is a greater risk of loss of documents and error on paper than digitally. DTM removes the additional involvement of people, documents, and data to create faster, comparatively more comfortable, convenient, and secure processes. There are three basic components of DTM systems – hardware, software, and service, with hardware DTM systems being more regularly used around the world for their efficiency.
Some may believe that DTM is an extension of digital asset management, but in fact, DTM deals with a lot more than that, offering users functions access to e-signatures, authentication proof, document archives, automotive workflow, transaction processes like access control and auditing. Majorly, DTM systems are used for e-signatures. DTM is operational in almost all the industry sectors, such as commercial, BFSI, IT and telecommunications, healthcare, sales, marketing, government, procurement, finance, among others. The commercial segment of the DTM market has the most consumers and contributes to market growth. Additionally, DTM benefits organizations by speeding the execution of transactions, reducing operational expenditure, removes human errors and offers a superior consumer experience.
DTM is governed by the industry standard of xDTM which has asset criteria of privacy, security, universality, scalability, availability, enforceability, openness, and compliance. This standard is ensured by an independent governing board comprising of Chief Information Officers (CIOs), who are executives and subject matter experts from top global companies like Microsoft, FedEx, DocuSign, Intel, and UPS.
The rise in internet penetration primarily drives the global digital transaction market, simultaneously raising the significance of digital connectivity. The pressing need for digital security and the increasing rate of cyber crimes is making businesses wary of completely switching to a digital medium, but with the steady popularity of DTM systems, the global DTM market can be expected to grow majorly over the next few years. DTM systems are majorly popular in North America because of their inclination towards technological advancements, a steady economy, and advanced cloud services.
Additionally, there has been a massive rise in digital payment methods, from online banking to specific apps made for digital payments, people have started to rely on these as their primary method of payment and are going “cashless.” DTMs are garnering popularity in Europe influenced by these factors and due to the increasing need for automation and the massive-commerce sector in the region. According to Market Research Future, the global DTM market is estimated to grow at up to USD 5,552.91 million by the end of 2023.
Small and medium enterprises are also digitalizing their presence to survive in these modern times, and the large, established enterprises are competing to acquire smaller ones such as the acquisition between DocuSign, a major market player, and SpringCM, enhancing DocuSign’s services with SpringCM’s capabilities in document generation, advanced document management, redlining, and end-to-end agreement workflow.
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