Europe Digital Transaction Management Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2030

Market Overview

Europe digital transaction management market valuation was estimated at US$ 3,063.2 million in 2021 and is projected to reach US$ 27,066.1 million by 2030 at a CAGR of 29.1 % during the forecast period 2022–2030. 

Digital transaction management (DTM) is the process of digitizing paper-based transactions and automating the workflow associated with completing them. DTM software enables companies to manage, track, and execute digital transactions from start to finish, while also providing a secure environment for storing and accessing sensitive data.

As per Astute Analytica, large number of businesses in the Europe digital transaction management (DTM) market are making use of DTM thanks to its several benefits over traditional paper-based transaction processing, including increased efficiency, reduced costs, improved security, and enhanced compliance. For example, DTM can help streamline the contract lifecycle management process by automating key tasks such as document creation, approvals, signatures, and storage. Additionally, DTM solutions can improve security by encrypting sensitive data and providing role-based access controls. And finally, DTM can help organizations stay compliant with government regulations by providing audit trails and real-time visibility into all digital transactions.

DTMs can cover a wide range of transactions, including but not limited to e-commerce transactions, financial transactions, healthcare transactions, and legal transactions. In many cases, DTM systems provide a way to track and manage these digital interactions throughout their entire lifecycle - from initiation to completion.  

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Competitive Landscape:

Top 4 players namely Adobe, DocuSign Inc, Wolters Kluwer N.V, Entrust Corp in the Europe digital transaction management (DTM) market held around 64.5 % market share in 2021. In order to maintain their market position and improve their revenue, most of the key players in the market are integrating complementing technologies like document intelligence, process orchestration, networked systems, and RPA.

Recent Developments:

• In 2022, Adobe created potent digital experiences that can be tailored to millions of people in milliseconds. It converts specific data into real-time to offer best customer experience through Adobe Experience Cloud applications.
• In 2021, DocuSign introduced DocuSign CLM Essentials, a new solution designed especially for expanding businesses to centralize and automate the contract creation, negotiation, and secure storage processes.

Market Dynamics:

Drivers

It’s no secret that the COVID-19 pandemic has led to a major increase in the revenue of digital transaction management (DTM) market. With businesses and consumers alike looking for ways to minimize contact and limit exposure to the virus, DTM provides a convenient way to manage transactions without having to physically exchange documents or signatures.

But the pandemic is only one of several factors driving demand for DTM solutions. Here are four other key factors:

1. The rise of e-commerce

As more and more businesses move their operations online, there is an increasing need for efficient and secure ways to manage transactions in the digital transaction management (DTM) market. DTM solutions provide a paperless way to complete transactions, which can save time and resources.

2. The growth of mobile commerce

With the proliferation of smartphones and tablets, mobile commerce is on the rise. DTM solutions are well-suited for mobile devices, as they can be completed anywhere, anytime. This makes them ideal for busy consumers who want to make a purchase quickly and conveniently.

3. The need for compliance with regulations

There are many regulations that businesses must comply with, such as Sarbanes-Oxley, HIPAA, and PCI DSS. DTM solutions can help businesses meet these compliance requirements by providing a secure way to manage sensitive information. Additionally, some DTM providers offer workflow capabilities that can automate compliance-related tasks.

Restraints 

Technical Issues and Cyber-Attacks Associated with DTM 

Like any other software that relies on technology, digital transactions can experience technical issues or downtime. As digital transaction management (DTM) market is still dealing with major cyber threat risks. According to our research, 22.3 billion devices are anticipated to be connected to the Internet of Things by 2024, which increases the chance of rise in cyberattacks and security flaws in online transactions would have a detrimental impact on the market for DTM solutions. Growing worries about fraudulent transactions and cyberattacks are anticipated to restrict market growth throughout the projection period.

COVID-19 Impact

The COVID-19 pandemic has had a significant impact on the digital transaction management (DTM) market in Europe. The outbreak has resulted in a decrease in face-to-face interactions and an increase in remote working arrangements, thereby driving the demand for DTM platforms. Additionally, the lockdown measures imposed by various governments across Europe have disrupted the supply chain of many businesses, leading to a rise in e-commerce transactions. In fact, total number of non-cash transactions in Europe were increased by 12.5%.

Europe is now home to many profitable fintech start-ups and both large and small technology companies are increasingly venturing into financial services. Overall, the pandemic has further highlighted the need to embrace digital solutions. Long-term research has also indicated that digital financial services can promote women's economic involvement, help people earn more money, and contribute to more inclusive communities. 

Market Segmentation

Component Analysis

By components, Europe digital transaction management (DTM) market is dominated by hardware segment. It held over 46.5% market share. On the other hand, software is projected to grow at the highest CAGR of 29.9%. 

The expansion of the hardware market is primarily being driven by the rising demand for Point of Sale (POS) equipment from vendors in a variety of markets, including hospitality, retail, and healthcare as to track inventory records, sales orders, customer profiles, and other POS transactions.

Solution Analysis

In terms of solution, electronic signatures segment held 32% of the Europe digital transaction management (DTM) market in 2021. According to a recent study, the demand for electronic signatures in the European digital transaction management industry is growing rapidly. With the rise of digital transactions, businesses are seeking ways to streamline their processes and reduce costs. Electronic signatures offer a secure and efficient way to complete transactions without the need for paper documents.

The study on digital transaction management (DTM) market found that the use of electronic signatures has increased by more than 20% in the past year. This growth is expected to continue as more businesses adopt digital transaction management solutions.

The huge varieties of e-signature software and solutions are developed by various vendors for commercial applications to efficiency, expediate transactions, and reduce operating costs.

Enterprise Size Analysis

Based on enterprise size, the large enterprise segment generated over 38.5% revenue of the Europe digital transaction management (DTM) market. Whereas, SMEs are projected to grow at the highest CAGR of 29.7% in the years to come.  

Large enterprises frequently use digital transaction management solutions to keep business operations smoothly running, make business procedures cost-effective, and improve transaction workflows. On contrary, SMEs are gradually implementing digital transaction management systems for efficient transaction administration and automation.

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End Users Analysis

By end users, the BSFI segment of the Europe digital transaction management (DTM) market was responsible for generating over 22.5% market revenue in 2021. BFSI use operations which involves cloud-based digital transaction management solutions to enhance and streamline their transaction management procedures. Banks and financial institutions choose digital transformation to overcome challenges escalated by rising competition. 

List of Key Companies Profiled

• Adobe
• Ascertia
• DocuFirst
• DocuSign Inc.
• eDOC Innovations
• Entrust Corp.
• Kofax Inc
• Nintex UK Ltd
• OneSpan
• Wolters Kluwer N.V.
• Conga
• HelloSign
• Namirial
• Other Prominent Players

Segmentation Overview

Europe Digital Transaction Management (DTM) market is sub-segmented into:

By Component

• Hardware
• Software
• Services

By Solution

• Electronic Signatures
• Workflow Automation Submission, approval, confirmation, etc.)
• Authentication/ Identity Proofing
• Transaction Meta Processes (such as access control and auditing)
• Document Archival
• Others

By Enterprise Size

• SMEs
• Large Enterprises

By Industry

• Retail
• BSFI
• Healthcare
• IT & Telecom
• Government
• Real Estate
• Utilities
• Others

By Region 

• Western Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Western Europe
• Eastern Europe
  • Poland
  • Russia
  • Rest of Eastern Europe