Digital transaction management (DTM) is a cloud based service designed to digitally create, verify and manage electronic documents and document based transactions. The global digital transaction management market is anticipated to grow at 31 % of CAGR during the review period of 2017 and 2023.
The substitution of paper with electronic documentation, growing ecommerce, emergence of royalty based business models, digitization, and globalization which has created business transactions throughout the world has created antecedents for the growth of the market.
Potential of DTM to subsume parts of other process such as business process management (BPM), enterprise content management (ECM), workflow management and other document applications is expected to be a large market opportunity. The growing functionality and advantages of DTM such as e-signatures, proof audit trail and history, authentication and non-repudiation, co-browsing between the customer and the business, secure document transfer, faster, easier, and more convenient transfers of documents, certification, secure archiving are other drivers of the market.
Growing connectivity and number of internet users, increasing implementation of IT security, development of encryption, falling digital divide is expected to lead to faster adoption of the digital transaction management market. The enactment of laws to make digital transactions admissible in court proceedings is regulatory driver supporting the growth of the market. Automation and reduced work flow coupled improved scalability and efficiency results in reduced cost of transaction is another benefit accrued by the implementation of DTM.
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Lack of common DTM standards and the nascent stage of technology are the critical restraint on the market. Concerns over data security and complications arising due to third party involvement is another restraint on the market. Deliberate subverting and weakening of cryptography standards and interference from state apparatus and intelligence agencies is a threat to the market.
To generate an accurate understanding of the global digital transaction management market, the report has been segmented on the basis of component, type, application and regions.
Based on component, the market has been segmented by hardware, software, and services.
Based on type, the market has been segmented by authentication, e-signature, non-repudiation and workflow automation.
Based on application, the market has been segmented by BFSI, healthcare, retail, IT & telecommunication, travel & transportation, media & entertainment, government, and others.
Based on regions, the market has been segmented by North America, Europe, Asia Pacific, Middle East and Africa.
Some of the prominent players in Digital Transaction Management Market are DocuSign Inc. (U.S.), Oracle (U.S.), Apple (U.S.), ThinkSmart (U.S.), IBM Corporation (U.S.), Intel (U.S.), Microsoft Corporation (U.S.), Sony Corporation (Japan), HP (U.S.), eSignLive (Canada), and others.
April 2014 – Coupa Software, partnered with DocuSign Inc., to integrate DocuSign’s digital transaction management (DTM) platform with an aim to achieve 100 % digitalization of business, increase security and compliance, and an enhanced customer and employee experience.
October 2017 – advanced Digital Transaction Management (DTM) platform developer ZorroSign, Inc., enhanced the functionality of its DTM platform ZorroSign which can now secure, validate, and authenticate electronically signed documents using biometrics from mobile devices.
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North America accounts for the largest share of the market, led by the U.S. owing to its large financial sector, being an economic powerhouse, presence of global players, faster uptake of new technology and first comer advantage. Europe is expected to be led by Germany, France and the U.K. The economic union of Europe with the Shenzhen agreement has provided an impetus to the market growth.
Asia-Pacific is projected to generate the fastest rate led by China, Japan and India owing to their fast developing economy and burgeoning I.T. sector. The Middle East and Africa region is expected to be skewed in favor of Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar. The Africa region is expected to generate a slow growth owing to lack of digitization.
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