Market Trends of Digital Transaction Management (DTM) Industry
This section covers the major market trends shaping the Digital Transaction Management (DTM) Market according to our research experts:
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 toward digital transformation. Also, along with the rise in cloud-based solution adoption, the BFSI industry is set to witness a significant change over the forecast period.
- The banking sector was moving towards digital transformation initiatives. In December this year, Zimpler launched a pay link solution to augment invoices and help businesses to send digital invoices through a payment link that redirects to the banking app. The amount will be auto-debited from the account, and the customer does not need cards to pay for the invoice to accelerate their digital transformation.
- The pandemic and related developments, along with a growing focus on digitization, have significantly impacted trends in the banking industry. According to the Reserve Bank of India, during the last fiscal year, over 35 billion digital transactions worth INR 60 trillion (USD 728 billion) across India were done and are projected to rise to INR 385 trillion (USD 4.7 trillion) over the forecast period. The vast increase in the rise of financial transactions in the banking sector drives the demand for Digital Transaction Management Market.
- 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 faster, more flexibly, and agilely.
- With the growing consumer propensity towards digital banking solutions, enterprises operating in the space are increasingly adopting digital solutions. For instance, to provide a digital experience for customers, Raiffeisen Bank International (RBI) announced the launch of RaiConnect, a virtual branch service featuring a full suite of collaborative modules and ePaper workflows in partnership with Moxtra.
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North America is Expected to Hold a Significant Market Share
- Digital transaction management services can accelerate signing corporate contractual agreements from basic tasks like e-Signatures and paperless procedures to more intricate DTM processes like workflow and content automation. It automates activities that many businesses have traditionally done on paper, such as proposals, collaborations, inquiries, data compiling, and agreements, by digitizing the entire process in a reliable, rapid, and confidential manner. North America holds a significant market share, primarily owing to the increasing shift of enterprises toward automation, cloud adoption, exponential mobile adoption, and the presence of major players occupying a significant market share.
- Government initiatives related to e-signatures, such as the Uniform Electronic Transactions Act (UETA) and Electronic Signatures in Global and National Commerce Act (E-SIGN), permit e-sign usage for every transaction, thereby playing a significant role in driving the market. Trade deals, such as the United States-Mexico-Canada Agreement (USMCA), also encourage using e-signatures.
- Multiple key vendors are rolling out innovative offerings to remain competitive. The companies are involved in technological advancements, such as the launch of Check Intelligence by Mitek, a US-based signature verification platform. With such rapid technological advancement, alongside increased regulation by the government Improving Digital Identity Act strives to meet the Digital Transaction Management demand in the region.
- Partnerships are shaping the market landscape in the region. Lone Wolf Technologies signed a new agreement with Minnesota Realtors to provide transaction management solutions for real estate, including Lone Wolf Transactions (zipForm Edition) and Lone Wolf Transactions (TransactionDesk Edition).
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