The Global Digital Transaction Management (DTM) Market was valued at USD 6.14 billion in 2020, and it is expected to reach USD 23.53 billion by 2026, registering a CAGR 24.54% over the forecast period. The spread of COVID-19 has positively impacted the market initially due to the rise in remote working, as well as growing digital transformation, across the businesses. Enterprises are seeking business methods that are seamless and efficient and can be done from anywhere.
The adoption of DTM is growing rapidly, and it is expected to absorb several parts of paper documents in the future. Most companies are embracing digital platforms to increase revenue and profitability. For instance, Salesforce adopted digital transaction management, and the company’s sales organization experienced a USD 20 savings per document and a 60% reduction in turnaround times. The company also adopted electronic signature within their sales process and the deal close time from an average of around two days down to around 90% of deals closing in one day and 71% of deals closing in one hour.
Advancement in technology is paving the way for more secure data transaction management solutions. For instance, Blockchain Technology provides a series of timestamped data records in the form of a chain linking together all the records. Every transaction can be considered as a proof of consent given by the user who initiated the transaction using digital signatures. The digital transaction management solutions that are built on the blockchain technology uses a decentralized network for transaction management to prevent malicious attacks.
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Many companies are embracing digital platforms to increase revenue and profitability. For instance, Salesforce adopted digital transaction management and the company’s sales organization experienced a USD 20 savings per document and a 60% reduction in turnaround times. The company also adopted electronic signature within their sales process and cut the deal close time from an average of around two days down to around 90% of deals closing in one day and 71% of deals closing in one hour.
Key Market Trends
BFSI Industry is Expected to Hold a Significant Market Share
Traditional banks have been turning to new and strategically focused agile institutions. The diverse challenges related to the ever-changing complex regulations, intense competition, and demanding customers have resulted in an alignment towards digital transformation.
The banking sector moving towards digital transformation initiatives. For instance, in Jun 2021, Wipro announced a partnership with Finastra in order to help the corporate banks across the Asia-pacific region to accelerate their digital transformation. The companies will be creating a unique offering that will combine Wipro’s comprehensive digital services catalogue with Finastra’s front-to-back trade finance and cash-management solutions.
Moreover, a recent Finastra study showcased that corporate banking clients have been shifting their focus towards real-time execution capabilities, better access to online platforms, and value-added services. In response, the banks are moving away from the traditional relationship management model toward a digital platform that can meet the client’s needs in a faster, flexible, and more agile way.
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