DUBLIN--(BUSINESS WIRE)--The "Global Digital Transaction Management (DTM) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Digital Transaction Management (DTM) Market was valued at USD 6.14 billion in 2020, and it is expected to reach USD 23.53 billion by 2026, registering a CAGR of 24.54% over the forecast period (2021-2026).
The spread of COVID-19 has positively impacted the market initially due to the rise in remote working, as well as growing digital transformation, across the businesses. Enterprises are seeking business methods that are seamless and efficient which can be done from anywhere.
Key Highlights
- The adoption of DTM is growing rapidly, 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 around 90% of deals closing in one day and 71% of deals closing in one hour.
- Advancement in technology is paving the way for more secure data transaction management solutions. For instance, Blockchain Technology provides a series of timestamped data records in the form of a chain linking together all the records. Every transaction can be considered as a proof of consent given by the user who initiated the transaction using digital signatures. The digital transaction management solutions that are built on the blockchain technology uses a decentralized network for transaction management to prevent malicious attacks.
- There is also an increase in the adoption of cloud-based solutions, which will further positively impact the digital transaction management market potential. 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 member of a team to interact with documents will make the digital transaction management process seamless and less costly.
- Moreover, the companies are looking forward to offering higher value to gain a competitive edge in a highly competitive market landscape. For instance, in Jun 2021, Dropbox announced that HelloSign may now be offering qualified electronic signature (QES) to further support the customers that are doing business in the United Kingdom and the European Union. The company also stated that the QES meets the highest standard of security and authentication available in the European region, as the only type of electronic signature with the same legal value as a handwritten signature under the electronic IDentification, Authentication and Trust Services (eIDAS).
Market Drivers
- Rise in E-signatures and Adoption of Cloud Services
- Focus on Business Automation
Market Challenges
- Increasing Vulnerability Related to Cyber-attacks and Fraudulent Digital Transactions
- Compliance With Regulations and Cost Effectiveness
Companies Mentioned
- DocuSign Inc.
- Adobe Inc.
- ZorroSign Inc.
- Nintex Group Pty Ltd
- Namirial SpA
- HelloSign Inc. (Dropbox Inc.)
- OneSpan Inc.
- eOriginal Inc.
- SignEasy
- Mitratech Holdings Inc.
- AssureSign LLC
- Topaz Systems Inc.
- PandaDoc Inc.
- PactSafe Inc.
- InfoCert
For more information about this report visit https://www.researchandmarkets.com/r/zi6ria
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