The global digital transaction management market is poised for significant growth, with an estimated CAGR of 31.8% during the forecast period from 2023 to 2033. In 2023, the market is anticipated to reach a value of US$ 4,074.0 million, and due to the rising demand and expansion, it is expected to reach a substantial market valuation of US$ 64,606.5 million by the year 2033.
Digital Transaction Management is a part of cloud services that is 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.
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In the recent past, much emphasis has been placed on the modernization of the workplace, 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 which further facilitates 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.
In order 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 in the near future. All of these factors hint towards a positive market environment for digital transaction management.
Key Takeaways from the Digital Transaction Management Market:
- Profitability associated with the adoption of digital transaction management facilitates market growth.
- Risk of cyber attacks and security breaches may hinder the market growth.
- By component type, the solution category is expected to dominate the market.
- In 2022, the large enterprises subsegment will hold about 34.5% of the market share.
- 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%.
Leading Key Players:
- 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
- DocuFirst
Recent Developments:
- January 2023: Adobe introduced a new version of its eSign product, with additional capabilities for document sharing and process automation.
- February 2023: Kofax released Kofax Capture Pro, its latest document capture and processing solution.
- May 2023: Released DocuSign Agreement Cloud, an exciting new platform that integrates DocuSign’s electronic signature technology with additional document management and process automation features.
More Insights into Digital Transaction Management Market Report
In its latest report, FMI offers an unbiased analysis of the global digital transaction management market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032.
To understand the global market potential, growth, and scope, the market is segmented based on component (solutions, services), end user (large enterprises, small and medium businesses), vertical (retail, BFSI, healthcare, IT & telecommunication, travel & transportation, manufacturing, government, others), and region.
According to the latest FMI reports, based on region, 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.
Based on segmentation, the solution component segment is likely to dominate the market. In terms of end-user, large enterprises are expected to lead the market over the forecast period.
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Digital Transaction Management Market Segmentation:
By Component:
- Solutions
- Services
By End User:
- Large Enterprises
- Small and Midsize Business
By Vertical:
- Retail
- BFSI
- Healthcare
- IT & Telecommunication
- Travel & Transportation
- Manufacturing
- Government
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- China
- Japan
- SEA & Others of Asia Pacific
- Middle East & Africa
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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