July 05, 2022
Customers are demanding seamless experiences across all touchpoints; hybrid working has become a long-term reality for many employees; and digital transformation is continuing to rise up the corporate agenda.
That’s why digital transaction management (DTM) has become crucial to the success of many enterprises. According to a new report from BCC Research, the DTM market was worth $29 billion worldwide in 2020, and it’s forecast to reach $101.8 billion by 2026.
DTM software solutions help users to achieve faster, simpler and safer business processes through digital authentication, workflow automation and electronic signatures. They smooth transactions that involve people’s documents and data, creating faster, easier, more convenient and more secure processes.
“We’re seeing an increase in the use of digital platforms to minimize paperwork in businesses,” says Greg Johnson, Associate Director of Consulting at BCC Research. “With DTM, routine document-related tasks, such as contract creation and accounting functions, can be automated to reduce costs and increase revenue. That allows employees to focus on more meaningful bottom line business tasks, shortening the time-to-revenue cycle. Businesses become more efficient, profits go up, companies become more eco-friendly. Everybody’s happy.”
Digital assets are playing a leading role across a wide range of sectors, including healthcare, banking, education, finance, publishing, mining and energy. In these, and many other industries, digital transformation, cloud computing and blockchain technologies are all applying upward pressure to the DTM opportunity.
The combination of digital transformation and cloud is opening the door to fully digital transactions. These include legally compliant electronic signatures, the management and tracking of document flow, conducting secure transactions, and guaranteeing secure data storage. All these scenarios are the domain of DTM.
For blockchain, BCC Research expects the technology to accelerate the adoption of DTM over the next three to five years. The combination of DTM and blockchain will help industries optimize business processes by sharing data between organizations that have separate or competing economic objectives.
“Blockchain is particularly useful for organizations that deal with highly confidential data,” says Johnson. “As a result of increased information flow, organizations need the help of blockchain service providers to build an effective business solution for their confidential databases.
“Blockchain allows companies to move sensitive data over a network without worrying about it being tampered with or deleted by an unauthorized user. And blockchain service providers are already forming partnerships with DTM vendors to develop more robust and secure DTM solutions. With such a wealth of commercial advantages, we expect the demand for DTM, including blockchain, to begin to skyrocket very soon.”
North American currently leads the way for DTM, accounting for more than 41% of the global market in 2020. A keen focus on streamlining business operations is among the key factors driving demand. Moving forward, BCC Research expects the growing digitalization of industrial sectors to increase demand for DTM solutions in the Asia-Pacific region.
Through DTM solutions, organizations can create new value for their stakeholders, customers and employees alike. From improving and enhancing the customer journey, to increasing employee productivity and enabling the realization of far higher margins, the uptake of DTM translates directly into business success.
Global Markets for Digital Transaction Management, Including Blockchain( IFT139B )
Publish Date: May 2022
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