- Report Code: 12299
- Available Format: PDF
- Pages: 147
- Report Description
- Table of Contents
- Market Segmentation
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Market Overview
The global digital transaction management market size was valued at $8,051.2 million in 2021, and it will grow at a CAGR of 23.4% during 2021–2030. There is a paradigm shift toward workflow and process automation across a wide range of industry verticals. Enterprises all over the world are looking forward to employing efficient and seamless business methods that can be easily implemented. Therefore, DTM solutions can assist organizations in improving customer experience while reducing transaction times, thereby creating opportunities for market growth over the forecast period.
The rising adoption of various practices and electronic tools by businesses worldwide to optimize routine document-based tasks is expected to drive the market growth in the coming years. The increased usage of mobile phones is also one of the driving elements for the rising number of digital transaction users and the changing dynamics of digital financial solutions. Transaction gateways, for example, have sped up the transaction process. Furthermore, the surging need for secure record filing is also expected to contribute to the increasing demand for DTM solutions.
Shifting Consumer Preference to Contactless Transactions due to COVID-19 Pandemic
The COVID-19 pandemic had a positive impact on the market globally, as the pandemic has forced consumers and businesses to change their purchasing habits. As contactless transactions have become increasingly important for purchases, there has been a tremendous increase in the adoption of mobile wallets. To prevent the spread of COVID-19, many subscribers have experimented with mobile wallets in order to avoid cash and card transactions.
Moreover, increased online penetration around the world is among the major factors driving the digital transaction management market growth. During the COVID times, there is an increase in the usage of video streaming platforms, such as Netflix and Hotstar. Subscription fees for these applications can be easily made using digital payment methods.
Furthermore, the e-commerce industry has also expanded during this pandemic time. E-commerce platforms, such as Flipkart, Myntra, and Amazon, have restricted cash payments and are encouraging customers to make digital payments, in order to protect both customers and employees. All the above-mentioned factors are augmenting the growth of the market globally. Even after the post-COVID-19 crisis, consumers become accustomed to digital transactions, due to their ease of access and to avoid the further spread of the disease.
| Report Attribute | Details |
Historical Years |
2017-2021 |
Forecast Years |
2022-2030 |
Market Size in 2021 |
$8,051.2 Million (Estimated) |
Revenue Forecast in 2030 |
$53,339.4 Million |
Growth Rate |
23.4% CAGR |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Segmentation Analysis of Countries; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Segments Covered |
By Solution; By End Use; By Region |
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Rapid Advancement in Technology Will Augment the Growth of the Market
Technology advancements are paving the way for more secure data transaction management solutions. For instance, blockchain technology provides a series of timestamped data records in the form of a chain that connects all records. Every transaction can be viewed as proof of consent given by a user who initiated the transaction through the use of digital signatures. Moreover, to prevent malicious attacks, blockchain-based digital transaction management solutions use a decentralized network for transaction management.
In addition, electronic signatures technology can potentially replace a handwritten signature virtually in any process. Moreover, it also helps in improving efficiency, increasing the speed of transactions, and reducing the overall cost of business operations.
For instance, DocuSign Inc. is engaged in the development of e-signature technology. As part of this DocuSign Agreement Cloud, it provides an eSignature. An electronic signature is one of the most convenient ways to sign documents electronically from any device, at any time, and from anywhere. DocuSign Agreement Cloud also includes a variety of other applications for automating post- and pre-signature processes, such as supporting negotiation workflow, automatically generating an agreement from data stored in other systems, and collecting payment after signatures, all of which are bolstering the demand for digital transactions.
Quick and Easy Banking Process of BFSI Category Will Spur the Market Growth
In 2021, the BSFI category accounted for over 29% revenue share in the market. DTM is highly popular in the banking and finance industry, as it helps in eliminating a lot of paperwork, making the banking process quick and easy. Even, many banks have also started adopting digital transaction banking solutions, which mainly assist in reducing the dependency on traditional banking channels, further influencing mobile banking and enhancing personalization. Moreover, the solutions are also convenient for performing routine transactions such as transfers and payments, liquidity management, and payroll processing.
With the rising consumer propensity toward digital banking solutions, the financial services and insurance sectors are increasingly adopting digital solutions. For instance, in September 2020, Raiffeisen Bank International (RBI) announced the launch of RaiConnect, a virtual branch service featuring a full suite of collaborative modules and ePaper workflows in collaboration with Moxtra, in order to provide a digital experience for customers. Therefore, customers can use RaiConnect to communicate with their relationship managers, exchange documents, have video conversations, receive information via screen sharing, and also maintain high-security standards.
Tremendous Growth in the North American Market
Based on region, North America is the largest revenue generator in the market, accounting for approximately $3,087.2 million revenue in 2021, which is projected to grow at a CAGR of around 22.2% during the forecast period. This is because the region is well-known for its early adoption of cutting-edge DTM solutions. With several innovative key market players based in North America, such as PayPal Holdings Inc. and Microsoft Corporation, the region is known to have an innovative front with technology development, such as near-field communication and contactless transactions.
Moreover, a high rate of internet penetration, as well as a rise in e-commerce activities and micropayment options, has contributed to the growth of the regional market.
To Increase Market Share, Companies Have been Involved in Product Launches, Acquisitions, and Collaborations
The digital transaction management market has the presence of several players and in recent years, they are launching new products and involved themselves in acquisitions and collaborations in order to stay ahead of their competitors. For instance:
- In June 2021, Nintex Global Ltd. acquired AssureSign, an electronic signature developer and a digital transaction management software provider, to meet the consumer demand for a native eSignature capability within the Nintex Process Platform.
- In April 2021, Adobe Inc. introduced Adobe Experience Manager Asset Essentials to make cross-team collaboration easier. It makes digital asset discovery, storage, and distribution easier for creative and marketing teams.
- In April 2021, Deluxe, a business technology company, announced an agreement to acquire the First American Payment Systems. This aids in accelerating the company’s transformation into a payment technology company as part of its One Deluxe strategy. With the help of this, customers will have easy access to a wider array of valuable and robust technology services and solutions.
- In September 2020, ZorroSign Inc. collaborated with Trusona, a business that specializes in password-less identification solutions. This alliance combines identity-as-a-service architecture with digital signature and a document management system, enhancing the company's capability as a provider of digital signature solutions with identity proofing capabilities.
Key Players in the Global Digital Transaction Management Market Are:
- Adobe Inc.
- DocuSign Inc.
- Nintex Global Ltd.
- DocuFirst
- Kofax Inc.
- OneSpan
- Ascertia
- Entrust Corporation
- Namirial S.P.A
Market Size Breakdown by Segment
The report offers comprehensive market segmentation analysis along with market estimation for the period 2017–2030.
Based on Solution
- Electronic Signatures
- Workflow Automation
- Authentication
- Document Management System
- Document Archival
Based on End Use
- Retail
- BFSI
- Healthcare
- IT and Telecommunication
- Government
- Real Estate
- Utilities
Based on Organization Size
- Small & Medium
- Large
Geographical Analysis
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Asia-Pacific (APAC)
- China
- India
- Japan
- Latin America (LATAM)
- Brazil
- Columbia
- Chile
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
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