Press release
North America Led the Digital Transaction Management Market
The digital transaction management industry has had a positive impact from the pandemic of COVID-19 because the pandemic has forced businesses and customers to transform their ways of purchasing. There has been a significant surge in the acceptance of mobile wallets because contactless transactions have become ever more important for purchases. To prevent COVID-19 spread, numerous users have experimented with mobile wallets to avoid card and cash transactions.
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Furthermore, the growth of the digital transaction management industry is being propelled by the increased global penetration of online platforms. This trend has been particularly evident during the COVID-19 pandemic, with a surge in the utilization of video streaming services like Netflix and Hotstar. These platforms offer convenient digital payment methods, facilitating the easy payment of subscription fees.
The progress of technology is also playing an important role in the development of more secure solutions for managing data transactions. One example is the advancement of blockchain technology, which establishes a chronological chain of timestamped data records. This chain links all the records together, and each transaction can be seen as proof of consent provided by the user who initiated the transaction, due to the utilization of digital signatures.
Based on end users, the BFSI category held the largest digital transaction management market revenue share, in the past few years. This is because BFSI companies are implementing cloud-based digital transaction management solutions to advance and streamline their transaction management processes.
Moreover, the challenges posed by the evolving regulatory environment, growing competition, and demanding consumers, are mainly encouraging banks and financial establishments to pursue digital transformation, as a result boosting the growth of this category.
The workflow automation category, based on solution, will observe the fastest growth, progressing at a 30.1% compound annual growth rate, in the years to come.
In recent years, North America accounted for the largest digital transaction management industry share, and it will propel at a compound annual growth rate of approximately 22.2% in the years to come.
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The growth in the North American industry is because the region is renowned for its early acceptance of advanced digital transaction management solutions. With numerous innovative major industry players existing in North America, the region is acknowledged to have an innovative front with technology development, for instance, contactless transactions and near-field communication.
It is because of rapid technological advancement, as well as the shifting consumer preference to contactless transactions, the digital transaction management industry will continue to advance in the year to come.
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