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What Challenges Technology Brings with The Industrial Revolution

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Global Logistics, Global Trade Daily, Technology

What Challenges Technology Brings with The Industrial Revolution

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Recent tech advancements have opened doors to various new opportunities. Automation, digitalization, and data analytics– technologies like these are now a part of the industrial revolution, driving innovation and fostering growth in the industry. However, the merge of industrial revolution and technology comes with challenges too. Let’s discover what this alliance can offer and how to battle the obstacles and reshape the future. 

How Technology Is Transforming Industries

Another industrial revolution is emerging with the help of advanced technology, bringing significant good and bad changes. The traditional industrial processes are no longer fruitful because of the automation, digitalization, and revolution of processes. Staying in the competition is crucial for businesses, making them shift from traditional to advanced processes. 

This shift is entirely changing the business landscape while playing a key role in decision-making. Since data and analytics are more critical in the digital age, they influence decision-making. 

Find out how automation, digitization, data analytics, and advanced manufactured processes have changed the landscape of traditional processes and decision-making below: 

Automation in Industries Creating Job Displacement 

Robotics and artificial intelligence advancements have streamlined a vast portion of industrial processes. Automation technology has eliminated repetitive tasks and routines, creating job losses in some industries. 

Although this reduced the dependency on manual labor, it also made the processes more productive and efficient. Such job displacement is short-term as automation also raises the demand for reskilling and upskilling workers who can handle higher-value jobs. Now the industrial workforce is going through a revolution as it requires the power of unique human skills. 

Industrial Digitalization Gives Rise to New Business Models 

Newer technology enabled the digitalization of technologies where businesses are switching from traditional processes to digital workflows. Digitalization helps businesses streamline operations, improve customer experiences, and develop new business models. 

Digitalization is emerging with new opportunities. Companies can now enhance efficiency, personalize offerings, and explore innovative revenue streams utilizing many digital platforms, cloud computing, and data analytics. 

Data and Analytics Helping in Decision-Making 

Technologies like machine learning, big data analytics, and predictive modeling are now used to extract valuable insights. Businesses are using such technologies to collect data for high-level decision-making. The boom in data and analytics has helped businesses optimize operations, target customers, and develop informed strategies. Furthermore, data analysis also helps companies cope with market changes and improve customer satisfaction. 

Manufacturing Technologies Powering Up Production & Distribution 

Advanced manufacturing technologies have emerged as a powerful force in transforming industries. For example, 3D printing is now used for complex and customized object creation, reducing prototyping costs while improving production. 

Changes in manufacturing technologies allow businesses to reduce costs and improve efficiency. This also opens up a new array of distribution scopes using the latest retail models. Allowing businesses to reach global customers. 

The Rise of The Digital Economy

Technology has unlocked new growth opportunities. Advanced communication and a range of digital facilities allowing businesses to build an online presence, adapt new economic activities, and easily reach global audiences. 

Such advancements have led to the rise of the digital economy. More businesses are coming online where they can easily access the global market. Entrepreneurs, small businesses, and established companies can grow and scale by leveraging the latest technologies. 

Challenges Brought by Recent Technological Revolution 

Technological advancements have indeed brought significant benefits and opportunities. But there are also some challenges on the path. Two major challenges are the rise of the gig economy and the digital divide.

The gig economy leads to a shift in the workforce. It offers flexibility and independence to workers but lacks traditional employment stability. Gig workers often face income instability, limited access to social protections, and a lack of job security.

The new employment models seek employees with technology skills. This workforce transformation poses a bigger challenge for those with limited access to the latest technology. In parts of the world, access to the Internet, education, and technological training is still limited. This is why not everyone can participate in this technology-based economy, which creates new inequalities and a digital divide. 

Ensuring an Inclusive Economic Development

We cannot stop the technological boom reshaping the economy and throwing some challenges in our way. Instead, we can take measures to navigate the obstacles and embrace the revolving technologies to ensure inclusive economic development. 

To tackle the challenges, government, businesses, and individuals should come forward and make efforts. Individuals should put efforts to fit into the changing economy. For this, they should work on themselves and update their skills regularly. Governments and businesses should support this skill improvement by offering education and training. In such cases, adaptation of policy and regulation is also necessary to keep things fair and balanced.

The digital divide is another concern the government should address. They need to promote policies that encourage businesses to make solutions to meet the needs of a diverse user base. For that, leaders can offer trophies or certificates as encouragement. It’s crucial that everyone, including government and businesses, understand the role of ethical implications. 

Mike Szczesny is the owner and vice president of EDCO Awards & Specialties, a dedicated supplier of employee recognition products and trophies, branded merchandise, and athletic awards. Szczesny takes pride in EDCO’s ability to help companies go the extra mile in expressing gratitude and appreciation to their employees. He resides in Fort Lauderdale, Florida.

 

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Global Trade Daily

The Growth of Global Investment: Digital Nomads and a New Generation of Investors

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Introduction

In recent years, a slow but profound transformation has started to take place in the way people work and invest. The advent of technology, growth of frictionless remote work opportunities, and a desire for more flexible lifestyles in the wake of the pandemic has given birth to a new breed of professionals known as “digital nomads.” These individuals have embraced a location-independent lifestyle, allowing them to work from anywhere in the world while simultaneously exploring new cultures, experiences, and investment opportunities. These are an addition to the existing expat community, now numbering almost a quarter of a billion, who are investing cross border.

The Emergence of Digital Nomads

The traditional 9-to-5 office job has gradually given way for many to more flexible working arrangements, thanks to advancements in communication technology and a growing global “side-hustle” and gig economy. Digital nomads, a term first popularized in the early 2000s, are individuals who leverage these advancements to work remotely while traveling the world.

This lifestyle is not without its challenges, including visa regulations, time zone differences, and the need for reliable internet connections. However, the allure of experiencing new cultures, landscapes, and a sense of freedom has led to a steady rise in the number of digital nomads worldwide.

Investing as a Digital Nomad

One might assume that digital nomads, with their unconventional lifestyle, have equally unconventional investment strategies. While this is partly true, it is essential to understand that there is no one-size-fits-all approach. Digital nomads come from diverse backgrounds and possess varying levels of financial knowledge and risk appetite. The principles are the same, and in fact being able to operate in multiple countries and currencies opens up a whole range of new opportunities.

Here are some ways they are investing:

  1. Remote Work and Freelancing Platforms:

Many digital nomads earn their income through remote work and freelancing platforms, such as Upwork, Fiverr, or remote job boards. With a steady income stream, they can invest in traditional assets like stocks, bonds, and real estate.

  1. Cryptocurrencies and Blockchain Technology:

Digital nomads, often tech-savvy and early adopters, have shown considerable interest in cryptocurrencies and blockchain technology. They believe in the potential of digital currencies to disrupt the financial world, and some have allocated a portion of their portfolios to cryptocurrencies like Bitcoin and Ethereum.

  1. Real Estate Investments:

Despite their nomadic lifestyle, some digital nomads invest in real estate as a means of generating passive income. They might purchase properties in affordable locations with high rental demand, using property management services to handle the day-to-day operations.

  1. Peer-to-Peer Lending and Crowdfunding:

Digital nomads are often open to alternative investment opportunities. Peer-to-peer lending platforms and crowdfunding projects offer them a chance to diversify their portfolios and support businesses or ventures they believe in.

  1. Remote Business Ventures:

Many digital nomads leverage their skills and expertise to establish remote businesses, such as an e-commerce store, online course, SEO agency or digital marketing agency. These ventures can provide them with both income and potential business equity. 

  1. Sustainable and Ethical Investments:

A significant number of digital nomads align their investments with their values, focusing on sustainable and ethical companies. They seek businesses that prioritize environmental, social, and governance (ESG) practices.

Challenges and Considerations

While the digital nomad lifestyle offers flexibility and adventure, it is not without its challenges when it comes to investing:

  1. Tax Complexity:

Digital nomads often face complex tax situations, as they may be subject to taxation in multiple countries. Seeking professional tax advice is crucial to ensure compliance and optimize tax efficiency.

  1. Currency Fluctuations:

As digital nomads often earn and spend money in different currencies, they are exposed to currency exchange rate fluctuations, which can impact the value of their investments.

  1. Retirement Planning:

A nomadic lifestyle may not naturally align with traditional retirement planning. Digital nomads need to consider long-term financial security and explore investment vehicles suitable for their unique circumstances.

In Summary

The rise of digital nomads has challenged conventional notions of work and investment. Embracing technology and a location-independent lifestyle, these individuals have shown remarkable adaptability in managing their finances and investments. Using a global portfolio tracker is one way digital nomads and internationals can keep track of their finances, even when moving countries. This allows them to track all their assets in real time, using analytics to be able to make important decisions with more information than ever before.

While their investment strategies may vary widely, digital nomads are united by their shared pursuit of financial independence, personal freedom, and the desire to explore the world while building a secure financial future. As the digital nomad trend continues to evolve, it will be fascinating to observe how their investment approaches shape the future of finance and work.

 

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Global Logistics, Global Trade Daily

Supply Chain 4.0: Embracing Digital Transformation for Next-Generation Logistics

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Picture a bustling warehouse filled with state-of-the-art robots autonomously navigating the aisles, swiftly picking and packing items precisely. Meanwhile, data streams flow seamlessly through interconnected systems, enabling real-time monitoring, forecasting, and optimization. This is the world of digital transformation embraced by Supply Chain 4.0. Businesses can optimize efficiency, transparency, and customer satisfaction by integrating advanced technologies like AI, blockchain, IoT, and big data analytics. 

While Supply Chain 4.0 and Logistics 4.0 have many characteristics, their areas of emphasis are where they diverge most. Supply Chain 4.0 is more extensively focused on the end-to-end movement of information and things. Instead, the logistical processes involved in transporting such items from one location to another are the only emphasis of Logistics 4.0. 

Logistics 4.0 aims to change the processing of the product life cycle with the desire to have a sole system for entire logistics operations. This article further explores the impact of digital transformation on logistics.

Real-Time Data: A Game-changer for Logistics

Smart glass is still a hot topic in the logistics sector despite all the new technologies. This technology integrates augmented reality and head-up-display capabilities into glass surfaces, providing real-time data and interactive features.

The application of smart glass technology in warehouse operations considerably impacts logistics. With this technology, warehouse workers can have a hands-free and heads-up display of essential information, such as order specifics, picking instructions, and inventory locations. 

Lowering the need for manual paper-based operations and dependence on handheld devices improves efficiency. Employees move around the warehouse more efficiently, speeding up the picking and packing process. In fact, augmented reality overlays can direct workers to the precise location of objects, cutting search time and boosting output.

Last-mile delivery is another area where smart glass technology is revolutionizing logistics. Using smart glasses, delivery drivers can receive real-time navigational guidance, route improvements, and real-time traffic updates—increasing productivity and guaranteeing on-time deliveries.

Logistics 4.0: Embracing Digital Transformation

Digital transformation in logistics has ushered in a new era of end-to-end visibility, where manual processes are replaced with automated operations. Real-time tracking and updates have grown crucial as customers seek smooth delivery experiences and become more educated. 

By embracing digitization, logistics businesses are moving away from antiquated paper-based processes and towards effective solutions allowing real-time shipping process execution. By providing timely and accurate information throughout the supply chain journey, this change not only improves operational efficiency but also greatly increases customer satisfaction.

How are Companies Benefiting from Digital Transformation in Logistics?

Companies are becoming highly aware of the need to implement a green supply chain as they emphasize sustainability and minimize environmental effects. After its useful life has passed, the end-of-life management of the product is now integrated into all value chain activities, including product design, material procurement and selection, manufacturing procedures, delivery of the finished product, and so on. According to the environmental regulatory agency’s demands, this helps improve the performance of the process and the finished products. 

The circular supply chain, which focuses on repurposing returned goods and materials that appear to be waste, works in tandem with this. Innovation and cutting-edge technology are essential to a company’s and a country’s competitiveness. By differentiating firms and fostering their success in the face of fierce international competition, digital transformation helps them grow. 

Economy-boosting advanced manufacturing also generates higher-paying jobs. Manufacturing sectors that have improved technologically employ a highly skilled workforce and pay them more than workers in conventional industries do. Companies have been looking into possibly doing away with or drastically lowering their inventory needs over the last couple of decades due to additive manufacturing and 3D printing. Also, blockchain and RFID tags are intended to be used in an Indian state government food distribution initiative to trace the movement of milk, vegetables, and fish throughout the state. 

While this has increased flexibility, efforts to coordinate across participants in the value chain have also become more effective. With the introduction of the GST, new logistics hubs have appeared, and existing ones have been reoriented. The Indian government is using a public-private partnership strategy to construct multi-modal logistics hubs around the country, which is anticipated to encourage long-distance mobility between hubs and lower transportation costs.

Logistics 4.0 Digital Transformation: ARmed with Innovation

Augmented reality (AR) and Visual Reality (VR) are revolutionizing the training and visualization aspect of logistics. Where VR provides an entirely virtual environment, AR overlays digital information over the physical environment. These technologies offer logistics professionals special chances to develop their abilities and boost decision-making in a simulated yet accurate climate.

Regarding training, AR and VR provide realistic simulations experienced first-hand without requiring physical resources or running the risk of harm. For instance, warehouse staff can utilize AR to get detailed instructions for picking and packing orders, which will help them along the way and reduce mistakes. VR simulations can mimic intricate logistics problems, giving learners a safe and regulated setting to hone their critical thinking and problem-solving abilities.

Another Crucial aspect of next-generation logistics is blockchain. Blockchain improves supply chain security by limiting access and preventing data manipulation. Blockchain’s decentralized structure reduces reliance on a single central authority, making it less susceptible to hackers. 

Also, blockchain creates a chain of blocks that is challenging to change without being noticed since every transaction recorded there is encrypted and linked to the one before it.

Blockchain technology’s transparency and security enable effective and dependable cross-border logistics. Customs officials, goods forwarders, and other stakeholders can improve customs clearance operations by accessing verified and reliable information, decreasing paperwork and crossing delays.

Moving Ahead 

Embracing the digital revolution, Supply Chain 4.0 unlocks unprecedented opportunities for businesses to thrive in an increasingly complex and interconnected global marketplace. The era of manual procedures, fragmented data, and erratic disruptions is over. Companies use advanced analytics to gather useful insights, predict market trends, and make smart choices that improve operational efficiency. 

Logistics 4.0 is unquestionably here to stay and will develop further. To remain competitive and improve customer service levels, logistics 4.0 is the way of the future. Organizations need to comprehend the broader concept of Supply Chain 4.0 to blend in with these digital transformations and utilize them in all aspects of business.

 

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Global Trade Daily, Market insight, Technology

Digital Lending Platform Market Revenue to cross $59 Bn by 2032

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As per a recent industry report put forward by Global Market Insights, Inc. Digital Lending Platform Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 59 billion by 2032 with a projected CAGR of 20.5% over 2023-2032.

Digital lending and digital mortgage have emerged as prominent concepts in the field of online banking. Over the past few years, the financial sector has undergone rapid digitization with the emergence of novel banking needs.

Digital mortgage is rapidly replacing traditional loan processing systems as it provides a holistic experience to lenders as well as borrowers. Lenders are increasingly implementing modern digital mortgage strategies across targeted marketing, auditing, loan closing, and lead generation activities. Owing to the ease and level of sophistication, a combination of hyper-automated tools, big data analytics, and real-time digital mortgage applications are gaining demand among businesses.

In November 2022, Navi Technologies, an Indian financial service provider, unveiled its cloud-based real-time co-lending platform, called Navi Lending Cloud (NLC). The platform aims to support direct assignment collaboration and digital management co-lending with banks and NBFCs.

The digital lending platform market is classified into component, solutions, service, deployment, business model, product, application, and region.

Based on solution, Point of Sale (POS) systems held more than a 10% share of the digital lending platform industry in 2022. POS systems enable lenders to source and validate documents and e-signatures of credit customers and facilitate conditional decisions instantly. Advancements in mortgage POS systems allow lenders to process loans more efficiently and manage large volumes of data regarding lending rates, borrower behavior, and risks.

In terms of service, the digital lending platform market share from design & implementation is anticipated to record over 21.5% CAGR from 2023-2032. Design and implementation service providers are expected to address the growing need for robust and validated digital asset management processes. Technological advancements and rapid integration of artificial intelligence (AI) will enable the automation of services pertaining to the design & implementation of digital lending platforms.

By deployment, the market landscape is fragmented into cloud and on-premise deployment. The cloud segment is projected to exhibit over 20% CAGR through 2032. Due to low maintenance features and cost-effectiveness, cloud-based digital lending is picking up pace. Increasing demand for fast processing, documentation storage, and reduced cost and time consumption associated with loan processing will proliferate cloud-based digital lending platforms.

With regards to the business model, the industry is segregated into staff-driven, and customer driven. The staff-driven segment is expected to witness promising growth between 2023-2032. Digital lending platforms cater to staff needs including loan disbursement, customer acquisition, and repayment. Growing end-user requirements to reduce the risk of fraud and improve loan processing efficiencies will accelerate the segment growth.

Based on product, mortgage loan accounted for more than 15% share of the digital lending platform in 2022. Large mortgage banks are increasingly implementing digital strategies and technologies to boost the traction of credit seekers for mortgage loan. Digital mortgage solutions reduce costs per loan, allowing considerable savings. The influx of smart technologies will advance the capabilities of mortgage lifecycles on digital lending platforms.

From a regional perspective, North America digital lending platform market share was more than 38% in 2022. Rapid digitization of banking services in the region has resulted in the acquisition of open-banking platforms. A large number of fintech giants in the U.S. and Canada are ramping up efforts to digitize lending processes and safeguard financial services. For instance, in September 2022, J.P. Morgan announced plans to acquire Renovite Technologies, Inc., a cloud-native payments technology firm to modernize payment infrastructure.

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Archives, Education, Global Trade Daily

Europe Digital Transaction Management Market to Generate Revenue of US$ 27,066.1 Million by 2030

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Europe digital transaction management (DTM) 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.

The demand for digital transaction management market is on the rise as businesses look to cut costs and improve efficiency. A recent study by Astute Analytica found that nearly 80% of businesses are planning to increase their use of digital channels by 2025.

Europe is home to some of the world’s most advanced digital economies. These economies are characterized by high levels of access to technology and an interactive digital ecosystem that supports fast, secure, and easy electronic transactions. As a result, there is growing demand for payment systems in the digital transaction management market that can handle large volumes of digital transactions reliably and quickly. The European Payments Council (EPC) recently released a report estimating that the global payments industry grew from $2 trillion in 2016 to $3.5 trillion in 2020. This growth is attributable, in part, to innovations in mobile banking and cloud-based services that make it easier for people to conduct financial transactions anytime and anywhere.

To meet this demand, incumbent players such as Visa and Mastercard have developed transaction management solutions that help merchants manage their payment processing from one central location. These solutions provide merchants with features such as real-time updates on account status, fraud alerts, remote over-the-phone customer service support, and more.

Since these solutions rely on traditional IT infrastructure (server software, back-office applications), they can be costly to implement and maintain. In addition, channel partners (third party providers who work with banks and other merchants) often have limited or no experience with these types of technologies in the Europe digital transaction management market. As a result, they are not always able to bring the best value proposition to the table when it comes to offering merchant services.

Here are some ways that businesses in Europe Digital Transaction Management Market Using Digital Transaction to improve their efficiency:

1. Increasing Use of Mobile Technology. The use of mobile technology has grown rapidly in recent years, and is now used by a majority of businesses. This is because mobile devices allow customers to conduct transactions quickly and easily from where they are.

2. Implementing Digital Payment Platforms. Businesses can reduce costs by partnering with a payment platform provider, such as PayPal or Square, which offers merchant account and payment processing services. These platforms take care of the financial processing so that merchants can focus on selling products or services.

3. Utilizing Cloud-Based Solutions for Transactions. Many companies in the Europe digital transaction management market are turning to cloud-based solutions for their digital transaction needs, as these platforms offer flexibility and cost savings when it comes to implementation (as well as scalability). Some notable providers of cloud-based transaction management solutions include Intuit (the maker of TurboTax) and Salesforce (a provider of customer relationship management software).

As the demand for digital transaction management grows, so too does the number of providers in the Europe digital transaction management offer these solutions. With so many options available, it’s important for businesses to find the right solution for them.

What does Astute Analytica Analysis Suggest About Digital Transaction Management Market?

The primary drivers of this growth are the increasing number of agile and innovative companies, fueled by the accelerating migration of enterprise applications to the cloud; improved security, compliance, and privacy capabilities; and increased consumer demand for seamless experiences across devices.

This rapid growth of the digital transaction management market will be balanced by challenges such as rising data volumes and the growing importance of mobile DTM. Despite these challenges, we expect that most organizations will deploy some form of DTM in the next few years.

Organizations need to adopt innovative architectures that can scale as their businesses grow. Innovations such as artificial intelligence (AI), cognitive computing, Internet of Things (IoT), blockchain, and digital twins are helping organizations rethink how they delivery business value.

The increase in digitization and growth of e-commerce are leading factors for the growth of the Europe digital transaction management market. Cross-channel transactions include payments, banking services, insurance claims, and other interactions between such enterprises as consumers and businesses.

One of the challenges faced by financial institutions is managing multiple channels simultaneously—this is particularly true when customers are making payments through different channels, like online and mobile banking. To deal with this challenge in the Europe digital transaction management, financial institutions can use a single platform that supports multiple channels or they can use individual platforms to support different channels. In addition, banks must also consider how their customers are using marketing automation capabilities such as chatbots or voice recognition products.

Top 4 Generates over 64% revenue of Europe Digital Transaction Management Market

There is no doubt that the Europe digital transaction management (DTM) market is booming, as both incumbents and newcomers alike eye the opportunity to capture a share of this growing market.

According to a study by Astute Analytica, four companies collectively generate over 64% revenue of the DTM industry in Europe. These are Adobe, DocuSign Inc, Wolters Kluwer N.V, Entrust Corp. All four companies are leaders in their respective markets and have built strong customer bases that support their continued dominance. This growth can be attributed to a number of factors, including the increasing popularity of electronic transactions and the continued adoption of electronic signatures.

Adobe and DocuSign in the Europe digital transaction management market both offer robust solutions for managing digital transactions. Adobe’s products include document production and signing tools, while DocuSign provides a platform for issuing and tracking electronic signatures. Together, these companies provide an ample suite of features for businesses of all levels of complexity.

Wolters Kluwer N.V.’s strength lies in its wide range of offerings across multiple industries. This includes digital transaction management solutions that help businesses encode, sign, email, print, archive, track access privileges, link PDFs securely to content trees within SharePoint environments etc., as well as offering collaboration software such as Lync Server 2010/2013/2016 (on-premises) / Skype for Business (Online) etc. Entrust Corp., meanwhile offers a hosted solution that helps organizations manage their user identities and authentication needs across multiple channels including on-premises systems.

Electronic Signature Generates over 32% Revenue of Europe Digital Transaction Management Market

According to a study by research firm Astute Analytica, electronic signatures generate over 32% revenue of digital transaction management solutions. E-signatures are still the gold standard for authenticating documents, mainly because they are tamper-proof and can be used to confirm the authenticity of an electronic document without human interaction. Electronic signatures can be used to sign contracts, certify documents, authorize payments, and more in the digital transaction management market. They’re especially useful for businesses that need to send large numbers of documents online or transmit confidential information between different parts of an organization. Moreover, e-signature technology is being adopted more and more by businesses as a way to reduce paper usage and lower costs. What’s more, e-signatures help protect businesses against fraud; users cannot forge or alter an electronic signature.

In digital transaction management market, electronic signatures play a vital role in online transactions. Electronic signatures are created by signing a document using digital signature technology. This technology creates an electronic signature that can be verified and is also immune to forgery. According to our study, over 32% of all revenue generated from digital transaction management comes from electronic signatures. This Shows the importance of this form of authentication in the modern world. Transactions that use electronic signatures are more secure and therefore save both parties time and money. Thanks to the growing popularity of online transactions, electronic signatures will continue to play a major role in the future of commerce.

Top Players in the Europe Digital Transaction Management Market

  • 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

About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

Archives, Global Trade Daily, Special Reports

It’s Time for an Indian-U.S. Digital Alliance

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With two of largest economies in the world – the EU and China – developing their own digital economy frameworks and governance systems and seeking to export those to their respective spheres of influence, America and India risk being isolated. With its comprehensive digital economy regulatory regime, including limits on cross border data flows, onerous privacy rules, and aggressive antitrust enforcement directed at U.S. internet companies, the EU is seeking to export its digital governance model globally. China is doing the same.

Its strategy of a protected domestic market, coupled with a state that is a massive provider of data to Chinese IT firms, being exported through its digital silk road initiative.

If India and the United States do not want to live in an increasingly bi-polar digital world with some nations in the EU digital regulatory block and others as digital colonies of China, it is time for a high-level digital alliance between India and the United States.

Such a partnership makes eminent sense. Today, the two countries are already partners in areas ranging from trade and investment, defence and counter-terrorism, science and technology, and energy and health, among others. Goods and services trade between the two countries topped US$142bn in 2018 with a joint resolve of taking it to US$500bn by 2024.

As India is a leader in IT services, fielding global leading companies like WIPRO, TCS and Infosys, and the United States is home to the world’s leading digital economy firms, becoming partners in digital is the next logical step.

However, increasingly, economic policy in the two countries is fueled by nation-first rhetoric. Such an approach has the potential of putting both countries at loggerheads. For instance, India’s position on local storage of sensitive data of its citizens, particularly in payments, e-commerce, and social media sectors, has raised the hackles of American companies, as have a series of restrictions against U.S. firms from entering the e-commerce market.

Yet, apparent discord is no reason to weaken the resolve of deepening engagement in existing areas and expanding in others. In fact, such episodes must prompt a course correction through comprehensive review of causes, and designing of mechanisms to prevent and promptly resolve possible discords in future.

One key Indian position is primarily informed by difficulty of its law enforcement agencies to get timely access to data of potential rogue elements that may be stored outside India. Yet, rather than ban cross border data transfers to the United States, a well negotiated arrangement between the two countries which inter alia minimises restrictions on cross border data flow, maintains high levels of data protection, and does not compromise the ability of Indian government to access necessary data in genuine cases will be a win-win situation for both countries.

Resolving these kinds of existing and potential disputes through formalized mechanisms like advance notification and structured consultation could go a long way in deepening partnership between the two nations.

However, the scope of digital alliance need not be limited to dispute resolution. The emerging new IT-based innovation wave is bringing stakeholders across jurisdictions closer than ever. A range of intermediaries has emerged to increase convenience, safety, speed, and economy of digital experience, within and across borders. Regulation on accountability, dominance, grievance redress, and taxation in digital economy will need greater cooperation among governments than ever before.

India and the United States can lead the way in working towards establishing best practices by entering into early engagements at senior government levels on these issues under a broader digital alliance. The on-going 2+2 dialogue on defence and security issues between the two countries could be a good template. The digital alliance can also benefit from close partnerships between industry and civil society of the two nations.

Finally, each nation leads in certain areas, with India ahead of the United States in programs like smart cities and digital identity systems, both implemented under the Modi government. Also, India has taken important steps in fighting digital piracy, with the Delhi high court’s recent decision that provides a new tool for rights-holders to better protect the creativity that is tied up in their copyright.

The United States leads in broadband and progress to 5G and e-government. When it comes to these kinds of digital policy innovations, a formal partnership can help two-way learning and implementation with appropriate customization.

Given their past and present partnership, India and the United States are not only naturally placed to develop a shared global vision for digital economy but are also equally equipped to present an optimal alternative to the Chinese or EU approaches. The time is right for a digital alliance between India and the United States. The leadership in both countries needs to realise this and actively work towards achieving the same before it’s too late.

Mehta is Founder Secretary General of CUTS International, a global economy policy research and advocacy group headquartered in India. Atkinson is Founder and President of Information Technology and Innovation Foundation, the world’s top think tank for science and technology policy, headquartered in the United States.