ROCKVILLE, Md., Feb. 09, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Digital Transaction Management Software market is projected to grow at a compound annual rate (CAGR) of 25% between 2022 and 2032. The market is expected to reach US$ 93.25 Bn by the end of 2032.
The demand for Digital Transaction Management Software is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 10.01 Bn by the end of 2022.
Growth in this market is mainly due to a paradigm shift to workflow automation across a wide range of industries and various verticals. All over the world, companies are looking to adopt efficient and seamless business methods, which can be applied wherever they are located. The growing demand for Digital Transaction Management (DTM) solutions could be due to an improving customer experience and a reduction in transaction times, thereby stimulating the market during the forecast period.
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In the wake of the COVID-19 pandemic and global lockdown, electronic technologies have seen an unavoidable upsurge in use. Organizations and people around the world have had to adapt to new ways of doing business and living. The worldwide focus of businesses is on paperless approvals for funding transactions as well as guarantee issuances. It is expected that DTM solutions will gain traction across a variety of industries and industry verticals.
Several reputed banks are implementing digital solutions to increase transaction flexibility. In the DTM system, documents are transferred and certified electronically, along with electronic signatures. Furthermore, most companies are introducing QES (Qualified Electronic Signature) to ensure the highest level of security for their digital transactions. DTM therefore enables smoother and quicker transaction processing. Business transactions are increasingly using electronic signatures, which bodes well for the market's growth during the forecast period, expand over 9x.
High Uptake of Cloud-based services will call for growth
Cloud-based services are expected to become more prevalent across the globe over the forecast period, generating growth opportunities. The adoption of cloud-based file management and document storage can lay the foundation for paperless documentation.
Furthermore, document capture, indexing, access control, secure sharing and archiving, integration, search, and retrieval capabilities, as well as encryption and backup capabilities are considered essential components for document management systems. Moreover, digital transaction management solutions that provide content analytics capabilities can also eliminate redundant data entry for businesses.
What will be the market outlook in North America?
North America is expected to dominate the global digital transaction management market, with a revenue share of over 33.5%. North America is home to both established players and emerging companies offering digital transaction management services. A number of innovative digital solutions for transaction management have been adopted in the region early on. The North American regional market accounts for a significant share of the global market due to these factors.
The 2018 statistics of the US, for example, show that debit and credit cards continue to account for the majority of overall transactions. Paper-based payments accounted for 70% of the total payments volume in 2013, while electronic payments accounted for 59% of the total payments value in 2018. As per the FED, a total of 93.45 trillion dollars were transferred electronically from October to December by the country's banks.
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Key Segments Covered in the Digital Transaction Management Industry Survey
By Component
- Digital Transaction Management Software
- Digital Transaction Management Hardware
- Digital Transaction Management Services
By Solution
- Digital Transaction Document Archival
- Digital Transaction Workflow Automation
- Digital Transaction Authentication
- Digital Transaction Management Solutions for Electronic Signatures
By End User
- Digital Transaction Management for SMEs
- Digital Transaction Management for Large Enterprises
By Vertical
- Digital Transaction Management for BFSI
- Digital Transaction Management for IT & Telecom
- Digital Transaction Management for Real Estate
- Digital Transaction Management for Retail
- Digital Transaction Management for Healthcare
- Digital Transaction Management for Government
Competitive Landscape
The digital transaction management solutions provided by market players have been enhanced with innovative features such as automated reminders, seamless document generation, automated tracking, and customizable workflows. Furthermore, vendors are developing solutions that are in compliance with various standards regarding security conditions globally as well as auditing agreements.
- In September 2021, OneSpan announced that BankID, a personal electronic identification that is used by all Norwegian banks, will utilize OneSpan's anti-fraud and cloud authentication solutions.
- Nintex introduced its Nintex Workflow Generator as part of its Nintex Promapp service in 2019 to automate the process of creating workflows.
- Dropbox acquired HelloSign in March 2019 for $230 million US dollars. HelloSign's flagship service, WelcomeWorks WCA, is one of the reasons for its success.
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Key players in the Digital Transaction Management Market
- Adobe
- Ascertia
- DocuFirst
- DocuSign Inc.
- Entrust Datacard Corporation
- Wolters Kluwer N.V
- Kofax Inc.
- Nintex U.K Ltd.
- OneSpan
- eDOC Innovations
Key Takeaways from the Market Study
- By the end of 2022, the market is projected to achieve a global market size of US$ 10.01 Bn.
- Globally, North America accounted for over 33.5% of revenue in 2022.
- Hardware based digital transaction management systems to dominate the market in 2022, with a revenue share of over 40.5%
- More than 38.4% of market revenue was generated by the electronic signatures segment in 2021
- Over 55.5% of the market revenue in 2022 will be accounted for by large enterprises.
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