New Delhi, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Global Digital Transaction Management Market is expanding quickly, with rising internet access and ongoing use of digital technologies for business & transaction management processes management as well as automation..
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Digital Transaction Management Market was worth USD 7.79 billion in the year 2021. The market is projected to grow at a CAGR of 21.5%, earning revenues of around USD 31.13 billion by the end of 2028. The Global Digital Transaction Management Market is booming because of the increasing adoption of various techniques and electronic tools by organizations around the world to optimize everyday document-based processes. One of the factors driving the rise in consumers of digital transactions and the shifting dynamics of digital financial solutions is the expanding use of mobile phones. For instance, transaction gateways have sped up the transaction process. In addition, it is anticipated that the growing necessity for secure record filing is anticipated to add to the demand for DTM solutions. Furthermore, the Global Digital Transaction Management Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, end users of DTM solutions in particular are very concerned about data security and privacy. As a result, it is anticipated that the demand for DTM solutions is negatively impacted by the rising number of cyberattacks and security breaches in digital transactions.
Banking Procedures in the BFSI Sector that are Quick and Simple
The BSFI sector is rapidly expanding. DTM is well-liked in the banking and financial industries because of its role in minimizing paperwork and promoting quick and easy banking transactions. Additionally, several banks have begun using digital transaction banking solutions, which primarily aid in reducing dependency on traditional banking channels, having a greater impact on mobile banking, and enhancing personalization. The solutions also simplify the execution of common tasks including transfers and payments, liquidity management, and payroll processing. Additionally, since more consumers prefer digital banking options, the financial services and insurance sectors are gradually embracing digital solutions.
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Rapid Technological Progress Hastened Market Expansion
Technological advancements are facilitating the creation of more secure data transaction management solutions. For example, blockchain technology provides a chain of time-stamped data records that connects all information. Every transaction can be viewed as proof of approval provided by a user who initiated it with a digital signature. Furthermore, to defend against hostile attacks, blockchain-based digital transaction management systems use a decentralized network for transaction management. Electronic signature technology may hypothetically replace a handwritten signature in any process. It also helps to increase productivity, speed up transactions, and lower the overall cost of business operations. This results in offering lucrative opportunities for the Global Digital Transaction Management Market during the forecast period (2022-2028).
Challenge: Worrying About Hackers and Fraudulent Purchases
Data security and information privacy are major issues, particularly for DTM system end users. As a result, the increased amount of cyberattacks and security breaches in digital transactions is expected to have a negative influence on demand for DTM solutions. However, online services and solutions based on digital technology are frequently vulnerable to fraud and hacking. Counterattacks, pagejacking, affiliate and clean scams, phishing, merchant, and triangulation frauds, and identity theft are all common targets of fraudulent behavior. As a result, the market's expansion is expected to be impeded throughout the forecast period by increased concerns about fraudulent transactions and cyberattacks. It is expected that there would be an increase in security breaches and cyberattacks that result in defective digital transactions.
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Segmental Coverage
Global Digital Transaction Management Market - By End-User
Based on end-user, the Global Digital Transaction Management Market is segmented into Large Enterprises and SMEs. Among these, the large enterprise segment holds the largest market share. Coordination of transaction workflows and the assurance of reliable and cost-effective business processes are becoming increasingly important in large enterprises. Large corporations are also more prone to use transaction management DTM systems. This influences the large enterprise's segment to dominate the market share in the upcoming years.
Impact of COVID-19 on Global Digital Transaction Management Market
Globally, the market has profited from the forced adjustments in consumer and business spending patterns brought on by the COVID-19 epidemic. As the importance of contactless transactions for purchases has grown, mobile wallet use has rapidly expanded. To prevent the spread of COVID-19, many customers have experimented with mobile wallets in place of cash and card transactions. The increasing global online penetration is another important element driving the growth of the digital transaction management industry. During the COVID period, more people use video streaming services like Netflix and Hotstar. The subscription fees for these programs can easily be paid with digital payment methods. Furthermore, the e-commerce industry flourished during this epidemic time. E-commerce sites such as Flipkart, Myntra, and Amazon have restricted cash payments and are urging consumers to make digital purchases to protect both customers and employees. All of the aforementioned factors are contributing to the global expansion of the market. Even after the COVID-19 problem, consumers were accustomed to digital transactions for the simplicity of access and to keep the sickness from spreading.
Competitive Landscape
The leading market players in the Global Digital Transaction Management Market are Adobe, Ascertia, DocuFirst, DocuSign Inc, eDOC Innovations, Entrust Corp, Kofax Inc, OneSpan, Wolters Kluwer N.V, Nintex UK Ltd, eOriginal Inc, and other prominent players. The Global Digital Transaction Management Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Digital Transaction Management Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Digital Transaction Management Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Recent Development
- In September 2020 - ZorroSign Inc., announced a new partnership with Trusona, a prominent company in password-less identity solutions, to authenticate user identities. This innovative partnership expands the company’s capability as a prominent digital signature solution with identity proofing capabilities, uniquely combining identity-as-a-service architecture with digital signature and a document management system.
- In May 2021 - Mitratech announced the acquisition of ContractRoom, a developer of leading contract lifecycle management (CLM) solutions. The acquisition further expands Mitratech’s end-to-end portfolio of legal and compliance solutions, including Enterprise Legal Management (ELM) products for managing core legal functions, TAP Workflow Automation, and VendorInsight for mitigating third-party vendor risk.
Scope of the Report
| Attributes | Details |
| Years Considered | Historical data – 2018-2021 |
| Base Year – 2021 | |
| Forecast – 2022 – 2028 | |
| Facts Covered | Revenue in USD Billion |
| Product Service/Segmentation | By Component, By Solution, By End-user, By Vertical, By Region |
| Key Players | Adobe, Ascertia, DocuFirst, DocuSign Inc, eDOC Innovations, Entrust Corp, Kofax Inc, OneSpan, Wolters Kluwer N.V, Nintex UK Ltd, eOriginal Inc, and other prominent players. |
By Component
- Hardware
- Software
- Services
By Solution
- Electronic Signatures
- Workflow Automation
- Authentication
- Document Archival
- Others
By End-User
- Large Enterprises
- SMEs
By Vertical
- Retail
- BSFI
- Healthcare
- IT & Telecom
- Government
- Real Estate
- Utilities
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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