New York, US, July 19, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Digital Transaction Market Analysis by Solution (E-signature, Authentication, Document Archival, Workflow Automation), By Component (Hardware, Software, Services), End User (BFSI, Healthcare, Retail, Government) - Forecast 2030” valuation is poised to reach USD 25.31 Billion by 2030.
Digital Transaction Management Market Overview
Digital transaction management is a cloud-computing service enabling the user to function document-based transactions digitally. The technique is utilized across businesses to send and receive money digitally. The global market for digital transaction management has recorded a tremendous growth rate in the last few years.
Digital Transaction Management Market Report Scope:
| Report Metric | Details |
| Market Size in 2030 | USD 25.31 Billion |
| CAGR (2020 to 2030) | Substantial CAGR |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Solution, Component and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | OneSpan, Insight, Entrust Datacard Corporation, Assuresign, eOriginal Inc., EuroNoVate, Nintex Global Inc., Namirial, Kofax Inc., DocuSign Inc. |
| Key Market Opportunities | Several companies are here to offer advanced solutions to shine in the competitive DTM market |
| Key Market Drivers | The implementation of technology in every aspect is growing rapidly |
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Digital Transaction Management Market Drivers
The global DTM market has recorded a tremendous growth rate in the last few years. The market's performance is primarily accredited to the rapidly growing implementation of technology in all the market sectors. The growing shift to online transactions, increasing cloud-based solutions, and safety assurance are projected to catalyze the market's growth over the coming years.
Digital Transaction Management Market Restraints
Factors such as cyber risks and digital fraudulence are likely to restrict the growth of the DTM market over the assessment timeframe.
Digital Transaction Management Market Segments
Among all the components, the hardware segment is anticipated to account for the maximum revenue share across global DTM market over the assessment era. The segment's performance is majorly credited to the increasing demand for Point of Sale (POS) machines from vendors across several end-use sectors such as healthcare, hospitality, and retail. POS machines are being developed to track inventory records, POS transactions, customer profiles, sales orders, and all other activities performed in the retail sector. On the other hand, the software segment is anticipated to record the highest CAGR over the evaluation timeframe. The segment's performance is attributed to the growing demand for various software.
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Among all the solutions, the electronic signatures segment is projected to acquire the most significant revenue across the global market for digital transaction management over the assessment timeframe. The vast portfolios of electronic signature software and services being rolled out determinedly by various vendors is the primary aspect boosting the segment's growth. Electronic signatures technology assists in boosting efficiency, lowering the overall cost of business operations, and enhancing the speed of transactions. Reductions are especially significant across processing costs, resource expenses, printing & mailing costs, archiving costs, recording costs, and other fronts. Then again, the workflow segment is projected to exhibit the maximum CAGR over the forecasted timeframe.
Among all the end-use sectors, the large enterprise segment is projected to acquire the largest market share across the global market for digital transaction management over the assessment timeframe. In the case of large enterprises, it is essential to make processes cost-effective, ensuring efficient and organized transaction workflows. On the other hand, the SME segment is projected to record the highest CAGR over the forecasted timeframe.
Among all the industry verticals, the BFSI segment is anticipated to acquire the highest revenue share across the global market for digital transaction management over the assessment timeframe. The digital transformation across the banking sector is the primary reason boosting the segment's growth. However, the government segment will likely register the fastest growth over the forecasted timeframe.
Digital Transaction Management Market Regional Analysis
The global market for digital transaction management is studied across five major regions: South America, Asia-Pacific, the Middle East & Africa, Europe, and North America.
As per the research reports by MRFR, the North American region is anticipated to dominate the global market for digital transaction management over the assessment timeframe. In 2017, the regional market accounted for almost 58.35% share. The presence of several foremost market leaders is the primary aspect causing an upsurge in the regional market's growth. Furthermore, the region being the early adopter of innovative technologies is another crucial parameter boosting the growth of the regional market over the coming years.
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The European regional market for digital transaction management is anticipated to grow substantially over the assessment timeframe. It will likely acquire a valuation of approximately USD 2689.53 million by the end of 2023.
The Asia-Pacific DTM market is projected to acquire a significantly larger size over the assessment timeframe. The implementation of digital technology for transaction management in emerging countries is the main factor boosting the demand for these solutions across the region. In addition, the support of government initiatives such as Digital India is likely to take part in boosting the performance of the regional DTM market. Furthermore, the growing number of SMEs in the Asia Pacific is anticipated to boost the demand for digital transaction management software over the coming years.
COVID-19 Impact
The global COVID-19 pandemic has had a severe impact on the majority of the market sectors across the globe. Given the need to maintain social distancing with each other, several systems have been made to shut down. Many of these systems turned to the internet to continue trading and started using online marketing platforms. On the other hand, the COVID-19 pandemic boosted the requirement for online transactions. Therefore, the digital transaction management market witnessed a substantial rise in demand in recent times. People moved to online payments, which are fast, include no physical contact, and ensure secure transactions. Furthermore, the rapid upsurge of shopping platforms and digital entertainment has added to the DTM market's growth.
Moreover, the video streaming platforms such as Amazon Prime, Hotstar, and Netflix have gained massive traction recently, especially during the lockdown. Apart from that, the subscription charges for these platforms are frequently paid via online transactions. The e-commerce platforms experienced a massive rise during the pandemic. Websites such as Nykaa, Flipkart, and Amazon have the least cash payments.
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Digital Transaction Management Market Competitive Analysis
Dominant Key Players on Digital Transaction Management Market Covered are:
- OneSpan
- Insight
- Entrust Datacard Corporation
- Assuresign
- eOriginal Inc.
- EuroNoVate
- Nintex Global Inc.
- Namirial
- Kofax Inc.
- DocuSign Inc.
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