The digital transaction management industry is projected to generate $8,051.2 million revenue, and it is projected to generate $53,339.4 million revenue, advancing at a rate of 23.4% from 2021 to 2030. It is ascribed to a paradigm the shift toward process automation and workflow across a wide range of industry verticals.
Globally, enterprises are looking to employ efficient and seamless business methods for easy implementation. Thus, DTM solutions assist organizations in improving customer experience, with reduced transaction times. Thus, it provides opportunities for industry expansion in the near future.
The worldwide rising adoption of various electronic tools and practices by businesses to enhance routine document-based tasks is projected to fuel industry growth in the near future. The wide usage of mobile phones propels digital transaction and transform digital financial solutions dynamics. Moreover, the rising requirement for secure record filing is projected to result in increasing demand for DTM solutions.
The covid-19 pandemic had positively impacted the industry, with the shift in purchasing habits of businesses and consumers. The rising importance of contactless transactions for purchases results in a massive rise in the adoption of mobile wallets. During COVID-19, numerous subscribers have experimented with mobile wallets to avoid card transactions and cash.
In addition, the worldwide rising online penetration fuels the digital transaction management industry growth. During COVID times, the rise in the usage of video streaming platforms, including Hotstar and Netflix has been witnessed. The subscription fees for these applications are charged through digital payment methods.
Furthermore, the expansion of the e-commerce industry during the global pandemic with restrictions on cash payments on major e-commerce platforms such as Amazon, Myntra, and Flipkart, encouraged customers for making digital payments, to protect employees and customers.
Technology advancements result in more secure data transaction management solutions. For instance, blockchain technology offers a series of timestamped data records in the chain form that connects all records. Each transaction can be viewed as consent proof provided by the user who made the transaction through digital signature use.
Moreover, blockchain-based digital transaction management solutions utilize a decentralized network for transaction management.
In addition, electronic signatures technology has mitigated the handwritten signature virtually in any process. It provides support in improving efficiency, increasing transaction speed and reducing business operations costs.
In 2021, the BFSI captures more than 29% revenue share in the industry. DTM is widely popular in the finance and banking industry. It mitigates the paperwork and makes the banking process fast and easy. Numerous banks have adopted digital transaction banking solutions, to assist in reducing the reliance on conventional banking channels, influencing mobile banking, and improving personalization.
The major companies operating in the industry are; DocuSign Inc., Kofax Inc., Ascertia, Namirial S.P.A., Entrust Corporation, OneSpan, Nintex Global Ltd., and Adobe Inc.
Therefore, COVID-19 has fuelled digital transaction management solutions, with the rising importance of cash-free transactions.
