Digital Transaction Management Market: Introduction
- Digital Transaction Management (DTM) is a category of cloud services designed to digitally manage document-based transactions. DTM removes the friction inherent in transactions that involve people, documents, and data to create faster, easier, more convenient, and secure processes.
- Growing technological advancements in the software industry is impacting the digitalization in businesses. XTDM, an industry standard for developers of digital transaction management software and services allows developers to incorporate digital technology to their applications.
- Digital management of a transaction continues to evolve as combinations of the latest digital technologies, such as cloud computing, Big Data, Internet of Things (IoT), and artificial intelligence (AI), leading to innovative DTM solutions
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- However, data security and information privacy is a major concern, particularly for end-users of DTM solutions. As such, the growing instances of cyber-attack and security breaches in digital transactions are expected to take a toll on the demand for DTM solutions.
Rise in Demand for Digital Transaction Management in Banking and Healthcare Industry
- Digital transaction management is popular in banking and finance industry because it reduces a lot of the paperwork and makes the banking process easy. Many innovations for DTM are in pipeline which is likely to drive the growth of the global digital transaction management market.
- Governments of the U.K. and U.S. are offering heavy funding to players developing digital transaction management solutions and services for them. Governments are incorporating these systems in their operations since these solutions offer high security and advanced algorithms that can safely store the records of transactions. The global digital transaction management market is expected to experience consistent growth during the forecast period as a result of extensive adoption of digital transaction management software and services.
- The healthcare industry is making extensive use of these systems due to the security and convenience of digital transaction management software and services. The solutions allow medical professionals to manage a patient’s history digitally which saves considerable money and a good amount of time, enhancing the productivity of the hospital. This also ensures the optimal sorting of documents since no humans are involved in the process. The global digital transaction management market is projected to witness substantial growth during the forecast period owing to such extensive applications of solutions in the healthcare industry.
North America to Lead the Global Digital Transaction Management Market
- In terms of region, the global digital transaction management market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is expected to emerge as a leading region in the global digital transaction management market during the forecast period. Dominance of the region is the result of growing applications of digital transaction management solutions to share information in an organized manner in various industries in countries such as the U.S. and Canada.
- Moreover, presence of various prominent players of the market also strengthens the position of North America in the global digital transaction management market
- Europe is likely to show significant market growth owing to digitization of various transactions in the banking and finance industry. Storage of data and processes have been digitized in the region due to huge amounts of data.
- Government initiatives such as Digital India and promotion of digitization has propelled the growth of the global digital transaction market in Asia Pacific.
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Key Players in the Global Digital Transaction Management Market
- DocuSign Inc.
- Kofax Inc.
- Entrust Datacard Corporation
- Nintex Global Ltd.
- eOriginal Inc.
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