Digital Transaction Management (DTM) Market
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.
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Market Dynamics:
Drivers
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.
Restraints
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.
Regional Demand for Digital Transaction Management
The regional segmentation of the DTM market covers Asia Pacific or APAC, North America, Europe, and the rest of the world or RoW.
The majority of the global digital transaction management market is controlled by North America and Europe, and APAC stands at the second and third positions, respectively.
The strong market demand for digital transaction management in North America is in response to the presence of a highly advanced economy combined with the rising adoption of cloud services. Countries like Canada, the United States (U.S), and Mexico make extensive investments in the research and development (R&D) of automation as well as cloud technologies. The U.S. and Canada as the top-performing markets for digital transaction management and together generated a revenue of USD 465.89 million in the year 2017. Canada can soon achieve a robust growth rate of 26.66%, given the intense efforts being given by the market players in expanding the capabilities of DTM solutions with the integration of innovative features in their products.
Europe is the next prominent market for digital transaction management, on account of the mushrooming market for e-commerce and the accelerated adoption of automation. The region is technically quite advanced and also consists of a well-established infrastructure, which significantly fuels the market demand. The United Kingdom (U.K.), in 2017, achieved the highest revenue of USD 216.75 million, while the Germany market can expand at a rate of 28.79% during the review timeframe.
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