Newark, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 10 billion in 2022 global digital transaction management market will reach USD 93.13 billion by 2032. Rapid urbanization, the uptake of smart technologies, and expanded internet access have raised the demand for and popularity of digital financial services like mobile banking and digital payments, necessitating the adoption of technology by businesses and its integration into their offerings. Faster and more customer-focused services are made possible by business digitization. To maintain their market share, industry firms are forced by increased client expectations to improve their business offerings. Due to the requirement for contact-free transactions caused by the COVID-19 pandemic, the acceptance of digital payments has expanded dramatically. It is projected that the market will expand as a result of this transition towards digital payments. By automating tasks, artificial intelligence may increase security, decrease human error, and support the development of customer-centric strategies. The checks and balances would lower the likelihood of financial misappropriation while raising compliance rates. Long-term client retention will depend on fintech's capacity to streamline processes for users and guarantee transparent business dealings.
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Key Insight of the Global Digital Transaction Management Market
North America is expected to rise the fastest during the forecast period.
The most cutting-edge technologies used in digital transaction management are found in this region, offering businesses and other stakeholders access to cutting-edge software, hardware, and solutions that meet their demands and expectations. The market is growing due to the swift adoption of digital transaction management systems or solutions made possible by the existing and sophisticated digital infrastructure. The market is expanding and developing due to the growing collaboration and collaborations towards creating a secure, sustainable, and safe digital economy.
In 2022, the solutions segment dominated the market with the largest market share of 63% and market revenue of 6.30 billion.
The component segment is divided into solutions and services. In 2022, the solutions segment dominated the market with the largest market share of 63% and market revenue of 6.30 billion.
In 2022, the BFSI segment dominated the market with the largest market share of 36% and market revenue of 3.60 billion.
The application segment is divided into retail, healthcare, IT and telecommunications, manufacturing, BFSI, travel and transportation, government and others. In 2022, the BFSI segment dominated the market with the largest market share of 36% and market revenue of 3.60 billion.
In 2022, the large enterprises segment dominated the market with the largest market share of 58% and market revenue of 5.80 billion.
The end-user segment is divided into large enterprises and small and medium enterprises. In 2022, the large enterprises segment dominated the market with the largest market share of 58% and market revenue of 5.80 billion.
Advancement in market
February 2022 - SkySlope, a leading real estate transaction management platform based in Sacramento, has combined with Payload Keybox. This cutting-edge FinTech platform provides the real estate market various digital payment options. Users of SkySlope can quickly and securely automate the collection of Earnest Money Deposits (EMD) and their deposit into their SkySlope accounts. SkySlope, a leading software platform used in residential real estate transactions, provides agents with a product package developed to speed up buying and selling homes from contract to close. More than half of the top 20 brokerages in the country are partners with SkySlope.
Report Scope and Segmentation -
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Forecast CAGR | 25% |
| 2032 Value Projection | USD 10 Billion |
| Market Size in 2023 | USD 93.13 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 239 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Component, Application, and End User |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. |
| Diet Soft Drinks Market Growth Drivers | The increasing automation and digitization of businesses |
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Market Dynamics
Driver: Business automation and digitization are growing.
The increasing digitalization and automation of enterprises are linked to the revolutionary developments in the modern world. Automation of routine activities or enterprises has been made possible by the rising ownership of smart connected devices, improved internet accessibility and penetration, advancements in internet technologies, and wider coverage provided by stronger IT infrastructure. Automation boosts operational effectiveness, workflow, database management, speed, accessibility, safety, and security while lowering costs. To enhance customer experience, more and more companies are going online and enhancing their digital infrastructure to automate all paperwork and other document-related operations. More companies are implementing digital transaction management due to the need from customers for quick, safe, and secure digital transaction systems, given the convenience they provide. Therefore, the expansion of the worldwide digital transaction management market will be fueled by the increasing automation and digitization of enterprises.
Restraints: Automating processes increases the risk of cyberattacks.
The increasing automation and digitization expose user and company assets, data, and other sensitive credentials to cyberattacks. In a virtual or digital realm, cyberattacks are more susceptible. Even the most cutting-edge systems used by MNCs to protect their consumers have succumbed to various cyberattacks in the recent past. The risk of cyberattacks rises without a strong regulatory collaboration to monitor the expanding digital environment on a global scale. Therefore, the rising risk of cyberattacks will constrain the market's expansion.
Opportunities: The development of novel, secure, and safe technologies.
The threat of cyberattacks and other forms of online fraud are barriers to the expansion of the global market for digital transaction management. The market will benefit from the growing investments in developing safer and better technology to safeguard corporate and consumer interests. For instance, adopting blockchain technology in key industries like healthcare, business, telecommunications, etc., to provide smooth document management or transactions will fuel market expansion over the projection period.
Challenge: Lack of digital literacy.
Despite the proliferation of the digital economy, inequalities are present globally concerning the accessibility to an uninterrupted supply of high-speed internet services stemming from the lack of digital infrastructure. The stark difference between the digital coverage offered in Japan and countries in Africa displays the inequalities citizens face worldwide. The lack of access leads to digital illiteracy, which also fuels the problems of fraudulent transaction scams. Therefore, the lack of digital literacy will challenge the market's growth.
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Some of the major players operating in the global digital transaction management market are:
• Entrust Corp.
• eDOC Innovations
• DocuSign Inc.
• Ascertia
• Adobe Systems Incorporated
• eOriginal Inc.
• HelloSign Inc.
• Kofax Inc.
• Nintex UK Ltd.
• OneSpan
Key Segments covered in the market:
By Product Type
• Solutions
• Services
By Application
• Retail
• Healthcare
• IT and Telecommunications
• Manufacturing
• BFSI
• Travel and Transportation
• Government
• Others
By End User
• Large Enterprises
• Small and Medium Enterprises
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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