Global Digital Transaction Management Market – Industry Analysis and Forecast (2020-2027)
Global Digital Transaction Management Market was valued US$ 5.36 Bn in 2019 and is expected to reach US$ 18.60 Bn by 2027, at a CAGR of 19.45 % during a forecast period.
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Digital transaction management is the cloud-based service, which is used to manage document-based transactions digitally. DTM removes the manual or paper-based tasks by computer, e-signature, authentication, document archival and others. Digitization has extremely disruptive for many large and established industries. The DTM solution has more than 50 million users across the globe. It removes the friction, which exists in paper-based workflows.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Global Digital Transaction Management Market Dynamics
An increase in the adoption of the cloud-based service is one of the key drivers in the global digital transaction management market. The reduction in the number of mistakes, transaction time cost efficiency is some of the features of the DTM solution, which are act as key drivers in the growth of the market. The growing demand for requirements like privacy, security, authenticity, legality, trust, universality, scalability and availability is expected to drive the market growth. Also, an increase in the use of mobile devices and internet encouraging organizations to adopt digital transaction management (DTM) solutions.
Major factors such as authentication fraud, limit restriction regarding the amount, hacking, lack of anonymity, slow internet access and an increase in the number of cybercrimes are expected to hamper the growth of the DTM market. Furthermore, an introduction of the innovative DTM solutions like cloud computing, Big Data, Internet of Things (IoT), and artificial intelligence (AI) are creating an opportunity, which is expected to drive the DTM market growth during the forecast period.
Global Digital Transaction Management Market: Segmentation Analysis
The software segment is expected to grow at a CAGR of XX % during the forecast period. The growth in the market can be attributed to the rise in adoption of the DTM software like contract lifecycle management (CLM) software across the small & medium scale organizations and large scale organizations. The cloud computing ability of DTM solutions is helping in the effective management of digital transactions without having to invest in dedicated infrastructure.
The electronic signatures segment dominated the market in 2019, which accounted for more than 30% market share of the global market. The adoption of digital transaction management helps to make smart decisions across innovation. It is playing a vital role in the future success of any banking institution and the key to attracting the next generation of customers. The adoption of the electronic signatures is increasing due to its adoption in several small- and medium-sized enterprises to manage their documents and digital transactions securely and effectively, which also helps to grow businesses avoid delays, control administration costs and reduce errors.
Based on the industry, the BFSI sector is expected to contribute a XX% share in the global digital transaction management market. The DTM solutions enable the banking and financial sector to create an entirely digital workflow from the start of the transactions. For instance, a banking customer can initiate a mortgage application from their mobile phone, using the digital signature. The DTM solution enables the banks and other organizations to replace the traditional printing, faxing, scanning and overnighting of the document, which is required for the new accounts and the other typical bank transactions with the digital process.
Global Digital Transaction Management Market: Regional Analysis
Region-wise, North America region held the dominant position in the global digital transaction management market and is projected to continue its dominant position during the forecast period. The region has several leading key players, which are providing effective DTM solutions. Also, the region has high adoption of cloud-based services, advanced technologies and the number of banking, finance service and insurance industries, which are expected to lead the market. Also, the region is the early adoption of innovative digital solutions for transaction management, which are expected to boost the growth in the market.
The objective of the report is to present a comprehensive analysis of the Global Digital Transaction Management Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Digital Transaction Management Market dynamics, structure by analyzing the market segments and project the Global Digital Transaction Management Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Digital Transaction Management Market make the report investor’s guide.
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Global Digital Transaction Management Market, By Component
• Software
• Hardware
• Services
Global Digital Transaction Management Market, By Solution
• E-Signature
• Authentication
• Document Archival
• Workflow Automation
• Others
Global Digital Transaction Management Market, By Industry
• Commercial
• BFSI
• Retail
• IT & Telecom
• Healthcare
• Government
• Others
Global Digital Transaction Management Market, By Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East& Africa
Global Digital Transaction Management Market, Key Players
• DocuSign Inc.
• Insight Enterprise Inc.
• Namirial Spa
• ThinkSmart
• Assuresign
• EuroNoVate
• ZorroSign
• ESignLive
• EOriginal
• Nintex Global Ltd
• Box
• Kofax
• Paypal
• Adobe
• OneSpan
• Entrust Datacard Corporation.
• Ascertia
• Kofax Inc.
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