Market Trends of Europe Digital Transaction Management (DTM) Industry
This section covers the major market trends shaping the Europe Digital Transaction Management Market according to our research experts:
IT and Telecommunication Segment Expected to Witness a High Market Growth
- Digital transaction initiatives in the telecom industry have been on the move, and like most of the industries that have been affected by the emergence of the COVID-19 pandemic, the telecom sector has also been forced to switch its business processes toward digitization. Also, driven by smartphone popularity and new technologies such as AI, IoT, Big Data, etc., mobile financial services (MFS) are expanding beyond basic eWallet to encompass ecosystem payments and microfinance that enhance digital transactions.
- Digital transformation has been a constant journey since new and innovative customer products and services are being introduced and delivered all the time. The change will digitally transform all the forms of communication to an all IP (Internet Protocol) standard; at the same time, an all IP standard will provide the foundation for new cloud services that will facilitate better business processes.
- Customer self-service has been a part of any digital transformation strategy, and the migration to the cloud enables the telecom players to provide an omnichannel experience. Also, to build customer loyalty, CSPs primarily need to upgrade every touchpoint for the customer, making it easier for them to subscribe and change services on demand.
- The adoption of DTM, cloud-based solutions that enable faster document authorization and much more effective tracking through the usage of electronic signatures, can transform the telecom industry. These solutions are primarily aimed at businesses undergoing a digital transformation that requires upgrading their workflows and approval processes and keeping digital records of them.
- Moreover, the IT departments in companies across Europe can also eliminate their paper-based processes and significantly accelerate their work. From the requirements sign-offs and asset tracking to change requests and multiple other use cases, the DTM solutions can help them automate processes, improve compliance, and gain real-time visibility into critical agreement processes. For example, the Federation of State Medical Boards (FSMB) stated that it integrated DocuSign within its existing IT platforms and replaced portions of the existing portal technologies developed in-house, primarily eliminating around 20,000 pieces of paper annually.
- The telecom industry is also among the industries that are dealing with high volume and sensitive data. The sector consumes a significant amount of physical paper while exchanging information with multiple stakeholders. The handling of these physical paper documents has been one of the most vital challenges the industry has been facing. The timely authentication, verification, and validation of physical documents and the dependency on physical signatures have been critical factors in building an efficient delivery process.
- Adopting E-signatures can significantly reduce the resources, time, and costs associated with traditional paper and ink signatures, specifically for high physical paper-prone industries such as the telecom sector. DTM solutions can provide the required freedom from the physical signature-dependent approval system and can add significant value to the industry. The usage of digital signature certificates can provide privacy, authenticity, integrity, and non-repudiation for the user organization.
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Rise in E-Signatures and the Adoption of Cloud Services Expected to Drive the Market Growth
- Digital transaction management is a cloud computing service that allows businesses to manage document-based transactions digitally. It aims to speed up the signing of business agreements and contracts by digitalizing the process in a fast, secure, and accurate way. Adopting this technology reduces mistakes, lowers operating costs, and saves time and money for businesses by eliminating the need for paper documents and manual processes.
- Modern e-signature solutions offer a broad range of benefits, more than just the convenience of electronic signing itself. By automating document workflows across departments such as sales, logistics, HR, etc., e-signatures provide substantial efficiencies in helping businesses of all sizes to eliminate paperwork bottlenecks. Along with digital transaction management solutions, e-signature software digitizes documents, which is far more efficient compared to the conventional pen-and-paper method.
- According to Penneo ApS, a digital signing processes solution provider, e-signatures make up a large part of digital transaction management solutions, capturing the largest market share in 2021. DTM software, with built-in e-signature capabilities, prevents the requirement to integrate this functionality from an external source.
- E-signatures help many industries to go paperless, which is the fastest way to improve their businesses, increase their profitability, and give clients a better experience. For instance, in the real estate sector, transaction management solutions integrated with e-signature solutions enable agents and brokers to have the mobile tools to put contracts together anywhere.
- Digital Transaction Management (DTM) is emerging as the latest technology in cloud-based document management and document-based transaction management. This cloud-based DTM solutions approach is designed to digitally manage end-to-end business transactions involving documents and data inside and outside of the firewall and also a cloud-based DTM solution makes the business more efficient and employees more productive whether they work in the office, at a satellite location, or telecommute.
- The post-COVID-19 market is witnessing rapid adoption of technology to adapt to the new working environment. The rapid adoption of cloud-based transaction management solutions is a driver for the digital transaction management demand surge. For instance, DocuSign collaborated with IBM Cloud to provide customers with access to public, private, and hybrid cloud services. IBM also collaborated with DocuSign on various solutions to help increase speed, accuracy, and compliance for customers in industries such as home mortgage origination and procurement.
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