With technical advancements in the software industry, the world is moving towards a digital transformation. xDTM is an industry standard for the developers of digital transaction management software and services.
Digital transaction management software and solutions have emerged as an innovative category of cloud services that are designed to digitally manage document-based transactions.
By using the digital transaction management solutions and services, organisations remove the friction produced during transactions that involves people, documents and data to develop fast, secure, convenient and secure processes.
The adoption of digital transaction management is growing rapidly and, in the coming future, it will embrace and consume several parts of paper documents. Digital transaction management provides a number of benefits to organisations, which include a reduction in transaction time and improvements in the customer experience.
Digital transaction management has some basic elements that include automation or workflow, assembly, electronic signature and others.
Digital transaction management developers, digital transaction management service providers and governments in countries such as the U.K. are primarily focused on adopting digital transaction technologies to manage their paper work digitally and in an organised way.
Companies in several regions have adopted and developed digital transaction management technology for multiple services, especially in the U.K. and Germany, owing to collaborations between companies as well as increases digitalisation.
Due to the safety and security issues of documents, the digital transaction management solutions adopted in several industries, such as healthcare, transportation, manufacturing, BFSI, and retail, have the ability to provide complete protection.
These digital transaction management solutions can also be used by health professionals to manage the documents of any patient digitally in the hospital. Data transaction management solutions can provide a large amount of data for the identification of a person in emergencies.
In several countries, such as the U.S., Germany, the U.K. and Australia, large enterprises have adopted digital transaction management services as they include vital information such as the transaction document, health related documents, insurance as well as the retirement benefits of holders.
Digital transaction management services are adopted by several large and small enterprises throughout the world. At the same time, the rapid adoption of cloud-based services and the introduction of more stringent IT security frameworks is also reflecting favourably on the prospects of the digital transaction management market.
On the other hand, the baking sector continues to incline towards cloud services, which is likely to create opportunities for market players in the forthcoming years. However, cyber-attacks and digital fraudulence are some of formidable challenges for the market due to the increasing usage of digital technologies such as the cloud, Big Data, IoT and artificial intelligence in businesses.
The primary factor driving the digital transaction management market in several regions and countries, especially in Europe, Japan, China and Australia, is the commercial adoption of digitalisation.
The revenue generated by the global digital transaction management market is estimated to exhibit a double-digit CAGR owing to which it is expected to reach US$ 16,284.7 Mn by 2028.
On the basis of access of digital transaction management, the solutions sub-segment in the digital transaction management market is estimated to hold the largest share in 2028 and the services sub-segment is also expected to exhibit a double-digit CAGR.
On the basis of vertical, the BFSI sub-segment in the digital transaction management market is estimated to hold approximately 21.9% of the market share in 2028.
The digital transaction management market in North America is expected to witness the highest growth in the global market owing to the increasing usage of digital transaction management as organised information in several regions, especially the Western European digital transaction management market, North American digital transaction management market and SEA & Others of APAC digital transaction management market.
Some of the key vendors in the digital transaction management market are Adobe Systems Incorporated; Namirial SPA; DocuSign Inc.; Nintex Global Ltd.; HELLOSIGN; ZorroSign, Inc.; AssureSign LLC; ThinkSmart LLC; Kofax, Inc. and eOriginal, Inc.
Key Segments Covered
- IT & Telecommunication
- Travel & Transportation
By End User
- Large Enterprises
- Small and Midsize Business
Key Regions Covered:
- North America Digital Transaction Management Market
- Latin America Digital Transaction Management Market
- Rest of Latin America
- Western Europe Digital Transaction Management Market
- Rest of Western Europe
- Eastern Europe Digital Transaction Management Market
- Rest of Eastern Europe
- SEA and Others of APAC Digital Transaction Management Market
- Rest of SEA & Others of APAC
- China Digital Transaction Management Market
- Japan Digital Transaction Management Market
- MEA Digital Transaction Management Market
- GCC Countries
- South Africa
- North Africa
- Rest of MEA