Product ID: SQMIG45E2116
Global Digital Transaction Management Market Size, Share, Growth Analysis, By Type(Hardware and Software), By Component(Electronic Signatures and Workflow Automation) - Industry Forecast 2024-2031
Report ID:
SQMIG45E2116 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|
Tables:
59 |
Figures:
75
Global Digital Transaction Management Market Insights
Global Digital Transaction Management Market size was valued at USD 11.61 billion in 2022 and is poised to grow from USD 14.61 billion in 2023 to USD 92.25 billion by 2031, growing at a CAGR of 25.9% in the forecast period (2024-2031).
The use of DTM grows in but it is predicted that in the future it will replace several parts of paper documents as well. More companies are welcoming digital channels to raise their revenue and profitability. As such, Salesforce implemented digital transaction management, and the sales team saw US $20 in savings per document and a 60% decrease in time-to-completion. The company also implemented electronic signature digitalization within their sales process and deal time close was brought down from around two days to the deal time close being 90% within a day and 71% within an hour.
Business automation is a method of improving company’s efficiency through the usage of digital technologies such as software, robots and similar instruments to conduct all the business processes with the minimum human participation required. Technological innovations that include RPA and low-code Automation are opening new ideas and ways to make transaction management solutions more secure. For instance, the Blockchain Technology is providing a chain of the timestamped data records bound together with the document chain links. By the transaction, every transaction can be considered a digital signature showing that the user who initially started the transaction has given consent. The digital transaction management solutions that are developed based on blockchain technology utilize an extensive network that operates in a decentralized way thereby helping to ward off malicious attacks.
Greater deployment of cloud-based solutions is expected to present a further the positive impact on the digital transaction management market. Any size business, be it small or large, has workflow management to take care of. Intra- and inter-departmental and cross-agency workflows are problematic in that an employee or manager can be operating on a different system which does large transfers, among others. A cloud system that would enable every team member to work with documents would greatly enhance the digital transaction management process while at the same time minimize the cost. These cloud systems simplify signing business documents faster by skipping the circulation confirmation and adding a digital signature through a verification process with a high level of security.
Global Digital Transaction Management Market Report Snapshots
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