The global digital transaction management market is expected to reach a valuation of US$ 47,170 Mn in 2032, with the market swiftly expanding at an astounding CAGR of 31.7% from the forecast period of 2022 to 2032. Supported by the massive demand for digital transaction management (DTM) solutions in the global space, the market for the same will likely reach an estimated US$ 3,129 Mn by the end of 2022. The escalating use of digital transformation technologies further augments market growth.
DTM is a part of cloud services that are specifically developed to manage digital document-based transactions. Digital transaction management is beneficial to many organizations in multiple ways such as collaborative document management and optimizing document-based processes, which help, improve customer experience. HR, finance, sales, IT, legal, and procurement are certain areas where DTM solutions have proven to be very helpful.
In the recent past, much emphasis has been placed on the modernization of the workplace, and the removal of traditional techniques, and administrative paperwork. These factors have opened up many lucrative opportunities for the digital transaction management market. In addition to this, constant technological innovation and advancements are creating more secure and dependable digital transaction management systems that further facilitate market growth.
Moreover, the elevated usage of cloud-based solutions is expected to bode well for the digital transaction management market. A cloud-based system optimizes workflow management for both large and small enterprises and helps make digital transaction management affordable and less complicated. Moreover, features like document capture, indexing, secure sharing, and multi-factor authentication, encryption, searching and retrieval, integration, and backup boost the demand for digital transaction management in the global market during the assessment period.
To improve their income and profitability, more and more enterprises are adopting digital transaction management solutions and services. With the rapid growth of the target market, it is likely to assimilate within itself a large portion of paper records shortly. All of these factors hint towards a positive market environment for digital transaction management.
“The continuous integration and implementation of different technologies are likely to drive the global growth of the digital transaction management market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Profitability associated with the adoption of digital transaction management facilitates market growth.
- The risk of cyber-attacks and security breaches may hinder market growth.
- By component type, the solution category is expected to dominate the market.
- In 2022, the large enterprise’s sub-segment will hold about 34.5% of the market share.
- The BFSI sector will acquire 22.5% of the market share by the end of 2022.
- Presence of major key players to drive the market growth in North America.
- The Asia Pacific digital transaction management market will record a CAGR of 31%.
Regional Analysis
The digital transaction management market in the Asia Pacific region is predicted to thrive over the forecast period. The regional market is set to witness a prolific CAGR of 31% during 2022-2032. This growth can be attributed to the elevated usage of the target product in countries like India and China. With the expanding e-commerce industry in these countries, the target market will also grow and develop at a rapid rate.
Competitive Landscape
Adobe Systems Incorporated, Namirial SPA, DocuSign Inc., Nintex Global Ltd., HELLOSIGN, ZorroSign, Inc., AssureSign LLC, ThinkSmart LLC., Kofax, Inc., eOriginal, Inc., OneSpan, Mitek, Entrust Datacard Corporation, and DocuFirst., and others are some of the major players in the digital transaction management market profiled in the full version of the report.
Major market players are focusing on product enhancements by releasing new features. Strategic collaborations, mergers, and acquisitions are also deployed by these businesses.
