The rising preference for shifting business processes to digital platforms, rising usage of cloud solutions, growing spending power of end users, and advancements in technology are the major growth drivers for the digital transaction management market in Saudi Arabia. Due to the aforementioned factors, the market is projected to generate $1,288.27 million revenue in 2030, advancing at a CAGR of 35.7% during 2020–2030.
The COVID-19 pandemic exposed serious fault lines and vulnerabilities in the society, institutions, and economy of the country in the first half of 2020. However, the initiatives taken by the government of Saudi Arabia for digital transformation under the Vision 2030 have increased the gross domestic product (GDP) of the country. Moreover, digital transactions contributed around $119.6 billion (SAR 449 billion) to the country’s GDP in 2020, and this number is expected to reach $156.1 billion (SAR 586 billion) by 2025. This has been pushing businesses and the government to establish the best digital strategies for digital transformation, which, in turn, has positively impacted the market for DTM.
The digital transaction management market is categorized into banking, financial services, and insurance (BFSI), healthcare, retail, information technology (IT) and telecommunications, and others, based on industry. Among these, the healthcare industry is expected to witness the fastest growth during the forecast period (2021–2030). This will majorly be due to the rapid adoption of DTM solutions in healthcare settings for digitally managing patients’ records and documents. Moreover, the implementation of e-health and e-information systems has already started in a number of hospitals and related organizations, including King Faisal Specialist Hospital and Research Centre (KFSH and RC), National Guard Health Affairs, and medical services of the army forces and university hospitals.
Moreover, the healthcare market for DTM is categorized into small- and medium-sized enterprises (SMEs) and large enterprises, based on organization size. Of these, the SMEs category is expected to be the faster-growing category during the forecast period because SMEs are particularly preferring next-generation DTM solutions based on the latest technologies, such as artificial intelligence, to reduce risks and control administrative costs.
Moreover, the healthcare market for DTM is categorized into authentication, document archiving, digital signature, workflow automation, and document management system (DMS), on the basis of solution. Out of these, the digital signature category dominated the market in 2020, and it is expected to witness the fastest growth during the forecast period. This will mainly be due to the rising demand for digital signatures in the case of document sharing with digital transaction management solutions. Digital signatures help maintain the authenticity of the document by providing the verified signature of the authority or person and help improve and simplifying audits and compliance.
Geographically, the central region held the largest share in the digital transaction management market in 2020, and it is expected to maintain its position in the forecast period as well. This is mainly because Al Rajhi, BSF, Riyad Bank, Arab National Bank, Samba Financial Group SJSC, Saudi Investment Bank, Saudi British Bank, Alinma Bank, and several other large BFSI companies are based here. Additionally, the central region of the country is home to many hospitals, including Prince Mohammad Bin Abdul Aziz Hospital, Al Jazeera Hospital, King Salman Bin Abdulaziz Hospital, King Saud Medical City, and Prince Sultan Military Medical City.
Players in the Saudi Arabian DTM industry are involved in product launches and partnerships and collaborations to gain a significant position. For instance, in March 2021, airSlate Inc. announced that signNow is available across the Microsoft cloud, comprising Microsoft Teams, Microsoft Dynamics 365, and Microsoft Azure. This signNow integration allows Microsoft users to electronically manage and sign documents directly in Dynamics 365, Teams, and Microsoft Power Automate, anywhere, anytime, and from any device.
Similarly, in May 2021, airSlate Inc. announced that signNow has been integrated with Procore, a provider of construction management software. With this integration, Procore customers are in a position to create and send documents for signing to multiple recipients, track their completion status, and securely store the executed documents without leaving the Procore platform.
Major players operating in the digital transaction management market include DocuSign Inc., Adobe Inc., HelloSign, PandaDoc Inc., eMudhra Inc., Arabian Internet and Communications Services Company (solutions by stc), Baud Telecom Company (BTC Networks), airSlate Inc., OdooTec KSA, Fastman, Kofax Inc., Ascertia Limited, ZorroSign Inc., eMcREY, OneSpan Inc., and Citrix Systems Inc.