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The digital transaction management (DTM) market is expected to register a CAGR of over 25% over the forecast period 2020 - 2025. Digital transaction management solutions have emerged as an innovative category of cloud services that are designed to manage document-based transactions digitally.
- Today, the focus on enhancing and simplifying customer journeys is boosting DTM market’s continued growth. Organizations deploying DTM solution improve the customer journeys overnight, reducing time-to-contract from days to hours. Replacing paper-based documents with electronic ones for contracts internally and externally profoundly speeds up the business.
- Several large and small enterprises adopt DTM services throughout the world. The rapid adoption of cloud-based services and the introduction of more stringent IT security frameworks are also contributing positively to the market’s growth. For instance, According to Right Scale’s annual State of the Cloud Report 2019, 91% of businesses use public cloud, and 72% use a private one. It further mentioned that most enterprises use both options, with 69% of them opting for the hybrid cloud solution.
- Furthermore, the market is witnessing extensive adoption and acceptance of numerous electronic devices across the globe. The convenience of usage and transacting through such devices is pushing the organisation in multiple industries such as BFSI, Healthcare, IT & Telecom towards digitally transforming their operations in line with the dynamic consumer requirements and preferences. All these factors are expected to have a positive impact on the progress of the digital transaction management market across the world.
Scope of the Report
Digital Transaction Management (DTM) is about moving from paper-based document processes to fully digital ones to enable digital execution of transaction processes. Some of the key aspects of digital transaction management include the use of numerous forms of cloud services to digitally manage a broad range of document-centric business processes involving people, documents, data, and transactions both inside and outside the firewall. DTM include eSignatures, document transfer and certification, data and forms integration and management and a variety of meta-processes around managing electronic transactions and the documents associated with them. Vendors are offering this solution and services for end-user industries such as BFSI, Healthcare, IT and Telecom among others considered in this study.
Key Market Trends
Increasing Volume of Transactions Boosting the Demand for DTM in BFSI End-user Industry
- DTM solutions help banks and other organizations to replace the traditional printing, scanning, faxing, and overnighting of documents required for opening new accounts and other typical bank transactions with digital processes. These solutions also help banks automate workflows and approvals, delivering significant competitive advantages beyond simply attracting and retaining more customers.
- The banking and financial institutions are now rapidly moving toward digitization to secure more customers and reach more potential consumers. The FinTech era features changes in the market conditions, new regulations, and shifts in consumer demands and behaviors. Today customers demand user-friendly experiences, easy to understand products, transparency, and 24/7 access to products and information.
- There is a strong preference in the BFSI industry for adoption of DTM solutions owing to changing customer requirement. Thus, steady flow in the volume of transactions done through digital platforms such as e-wallets, internet banking, etc. provides transaction service providers with a growth opportunity in the DTM market. For instance, According to the World Payment Report 2018, the global e-wallet market is growing even faster, with transaction volume estimated to a total of 41.8 billion.
North America is Expected to Hold a Major Share
- North America is expected to hold a major share owing to high adoption of the advanced technologies, and increasing trend of investments in cloud-based services boost the growth of the market in the region.
- Moreover, the region has a strong foothold of vendors, which contributes to the growth of the market. Some of them include DocuSign Inc., Adobe Inc., and HelloSign, Inc. (DropBox), among others.
- Additionally, the increasing demand from the BFSI industry owing to its strong preference for digital platforms is fueling the market’s growth positively. A large number of established financial services organizations are located in the region.
- A vendor such as DocuSign provides DTM platform and eSignature solutions to more than 100,000 companies including Citizens Bank, Comercia Bank, Pentagon Federal Credit, and Silicon Valley Bank, as well as credit unions and other financial institutions worldwide, complete their transactions quickly, affordably, and conveniently. At the same time, they help the companies implementing these solutions to streamline and improve their own operations.
- Multiple other organization had adopted DTM solutions in the region. For instance, through a collaboration with eOriginal, Inc, Equiant, a Scottsdale, Ariz.-based receivables servicing provider, has been selected to offer document custody services for Westgate Resorts, an Orlando-based timeshare resort developer and operator with 28 resorts in seven states. This custodial agreement completes the seamless DTM solution Westgate has implemented in partnership with eOriginal Inc., DocuSign Inc., and Informa Software.
The DTM market is neither consolidated nor fragmented. The presence of well-diversified players characterizes the market. These vendors are consistently providing innovative solutions in line with the advancement in technologies which eventually cater to the increasing needs of customers across various end-user industry verticals. Many Startups such as ZorroSign, ThinkSmart LLC had also entered the market.
- June 2019 - Doc.it, one of the providers of document management, workflow, document storage, and web portal products for accounting firms, announced the availability of DocuSign eSignature in the Doc.It Suite and Doc.It Connect portal products. The integration of Doc.It products with DocuSign is designed to save organization hours of administrative effort and reduce the significant cost of printing and processing traditional signatures by the clients.
- February 2019 - Dropbox, Inc. announced the completion of the acquisition of HelloSign, an eSignature and document workflow platform with more than 80,000 customers. Together, Dropbox and HelloSign, aim to provide better experience to Dropbox users, and simplify workflows for its customers.
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