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"Global Digital Transaction Management market was valued at US$ XX Mn in 2019 and it is anticipated to reach more than US$ 24.48 Bn by 2028, likely to grow with a CAGR at 18.2 % during the Forecast Period."
The global Digital Transaction Management market has shown tremendous growth since last few years. The market is expected to witness significant growth during the period of the research study. Some of the factors fuelling the growth of the global market include inclination towards business automation, elimination of paperwork, and a wide range of applications.
Advanced Features Associated with Digital Transaction Management is driving the demand for Digital Transaction Management
The digital transaction management systems are designed to employ multiple applications in different industries such as banking, finance, and government. These systems offer several benefits is compared with tradition paper-based transaction processes. Therefore, enterprises are switching towards paperless digital solutions to fasten their business activities including threat intelligence, document archival, and verification. Moreover, the rising penetration of digital payment methods promotes the usage of digital transaction management solutions. For instance, the U.K. government has introduced a free and secure online payment platform named GOV.UK Pay for government organizations and public sectors. These factors are anticipated to create ample opportunities for the growth of the global digital transaction management market during the period of a research study.
Hardware Segment had dominated the Global Digital Transaction Management Market in 2019
On the basis of component, the global digital transaction management market is dominated by the hardware segment by holding significant market share in 2019. The dominance of the hardware segment can be attributed to the growing demand for point-of-sale machines in several end-use verticals including healthcare, hospitality, and retail. Moreover, the rising popularity of contactless cards and e-signature is expected to favour the growth of the hardware segment in the coming years.
On the other hand, the software segment is estimated to witness the fastest growth during the forecast timespan. This is mainly due to the technological advancements and development of different digital transaction management software such as contract lifecycle management, and some others. The DTM software also offers a cloud computing facility which reduces the expenditure in infrastructure. Furthermore, the services industry is also expected to show noteworthy growth during the time of the research study.
E-Signature Segment Held Significant Share in Global Digital Transaction Market in 2019
Based on the solution, the e-signature segment accounted for the largest market share in 2019. This makes the segment the dominant one. The DTM solution providers offer a wide range of DTM services, allow the segment to dominate the market. The authentication segment is also expected to occupy a remarkable share due to the rising demand from the government industry and BFSI occupants.
Conversely, the workflow automation segment is projected to grow at the highest CAGR between 2020-2028. Workflow automation offers several advantages such as increase productivity, reduce errors, and save time and money. Hence, the growing prevalence of workflow automation is expected to fuel the segment growth at a decent pace.
Large Enterprises is the Dominant Segment in the Global Digital Transaction Market
By organisation size, the large enterprises segment dominated the global market. However, small and medium enterprises have also started integrating DTM software gradually. The dominance of large enterprises is mainly due to the complexity occurred during the transaction management in these enterprises. The companies prefer easier and cost-effective ways to avoid these complications. This is expected to create new growth opportunities for the segment.
BFSI Segment Estimate to Be the Dominant Segment during the Forecast Period
On the basis of end-use industry, the BFSI segment held significant market share and is anticipated to show tremendous growth in the coming years. The transaction process in the financial center and banks is very crucial in nature. Hence, these industries are rapidly adopting cloud-based solutions under the campaign of digital governance initiatives.
North America Accounted for Significant Market Share in 2019
In terms of region, North America dominates the global digital transaction management market by holding the largest share in 2018. The growth of the region can be attributed to the early adoption of technology and the presence of major players in the region.
Moreover, Asia Pacific is estimated to witness significant growth in the future. This is mainly due to the rising popularity of digital solutions in emerging economies such as China, India, and Japan.
Some of the prominent companies operating in the global Digital Transaction Management market include eOriginal, Inc., Adobe, DocuFirst, DocuSign Inc., Ascertia, OneSpan, Nintex Global, Ltd., Entrust Datacard Corporation, and Kofax Inc.
Global Digital Transaction Management Market by Solution
- Electronic Signatures
- Document Archival
- Workflow Automation
Global Digital Transaction Management Market by Component
Global Digital Transaction Management Market by Organization Size
- Large Enterprises
- Small & Medium Enterprises
Global Digital Transaction Management Market by End-Use Industry
- IT & Telecom
Global Digital Transaction Management Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America