Digital Transaction Management Market Projected to Reach US$ 93.25 Billion by 2032

Revenue from the worldwide digital transaction management market was projected to reach US$ 8.01 billion in 2021, and it is projected to grow at a CAGR of 25% from 2022 to 2032. By the end of 2032, the market is projected to reach US$ 93.25 billion.

Over the course of the forecast period, there is predicted to be an increase in demand for digital transaction managements, and by the end of 2022, the global market is estimated to be valued US$ 10.01 billion.

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The primary driver of this market's growth is the paradigm shift toward workflow automation across a variety of verticals and sectors. Businesses worldwide are seeking to implement seamless, effective business practices that they may use no matter where they are.

A better client experience and shorter transaction times may be the cause of the rising demand for Digital Transaction Management (DTM) solutions, which would likely stimulate the market throughout the projection period.

Key players profiled
• Adobe
• Ascertia
• DocuFirst
• DocuSign Inc.
• Entrust Datacard Corporation
• Wolters Kluwer N.V
• Kofax Inc.
• Nintex U.K Ltd.
• OneSpan
• eDOC Innovations

A source of competitive intelligence and market research, Fact.MR, states that the global market for digital transaction management grew at a compound annual growth rate (CAGR) of 22.03% between 2017 and 2021. The North American market, which held a sizable portion of the worldwide market at this time, led the market.

There has been an inevitable increase in the usage of electronic technology following the COVID-19 epidemic and worldwide lockdown. Globally, businesses and individuals have had to adjust to new lifestyle and business models. Businesses throughout the world are concentrating on paperless financing transaction approvals and guarantee issuances. DTM solutions are anticipated to become popular in a number of different sectors and industrial verticals.

To improve transaction flexibility, a number of reputable institutions are putting digital solutions into practice. Electronic signatures and document certification and transmission are both done using the DTM system. Moreover, in order to guarantee the maximum degree of security for their digital transactions, the majority of businesses are implementing QES (Qualified Electronic Signature). Therefore, DTM makes transaction processing easier and faster.Electronic signatures are being used in business transactions more and more, which is encouraging for the market's projected 9x growth throughout the forecast period.

Arrival of Significant Technological Developments to Promote Adoption

Global companies are concentrating on eliminating traditional methods and manual paperwork related to handling a range of corporate operations, which is anticipated to highlight the market's expansion. More dependable and safe digital transaction management systems may now be implemented thanks to technological advancements.

For example, blockchain technology links together a chain of time-stamped archives. Thus, harmful assaults may be thwarted via a decentralized blockchain network built on digital transaction management.

Increased use of cloud-based services will necessitate expansion

Over the course of the projection period, cloud-based services are anticipated to become more widespread globally, creating growth prospects. The transition to cloud-based document storage and file management can set the stage for paperless documentation.

Moreover, it is thought that encryption and backup capabilities, as well as document capture, indexing, access control, secure sharing and archiving, integration, search, and retrieval capabilities, are necessary elements of document management systems. Furthermore, firms may avoid duplicate data entry by utilizing digital transaction management systems with content analytics features.

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Competitive Landscape

Market participants are adding a lot of cutting-edge features to their digital transaction management systems. The system offers customizable processes, automated tracking, smooth document production, and automated reminders, among other things. In addition, suppliers are creating products that meet different criteria for international security requirements and agreement audits. Market participants are concentrating especially on new product development, strategic alliances, mergers and acquisitions, and business expansions as part of their attempts to strengthen their positions in the market.

•OneSpan declared in September 2021 that it is using anti-fraud and cloud authentication solutions using BankID, a personal electronic identity utilized by all Norwegian banks.

•Nintex launched the Nintex Workflow Generator in 2019 as a component of its Nintex Promapp service, which streamlines the workflow creation process.

•In March 2019, HelloSign was acquired by Dropbox for $230 million US dollars. HelloSign's primary product, WelcomeWorks WCA, is largely responsible for the company's success. The HelloWorks user interface was updated in 2019 to provide clients a smooth and simple onboarding process. It is a full-featured WCA system that uses documents to automate processes.

Key Segments Covered in the Digital Transaction Management Industry Survey

• By Component
o Software
o Hardware
o Services
• By Solution
o Document Archival
o Workflow Automation
o Authentication
o Electronic Signatures
• By End User
o SMEs
o Large Enterprises
• By Vertical
o BFSI
o IT & Telecom
o Real Estate
o Retail
o Healthcare
o Government

In conclusion, the digital transaction management market is poised for substantial growth, driven by the increasing demand for secure, efficient, and paperless transaction solutions. Companies operating in this space must continue to innovate and adapt to evolving customer needs and technological advancements to capitalize on the burgeoning opportunities. As digitalization continues to permeate various sectors, the DTM market is expected to play a pivotal role in shaping the future of business transactions, ensuring efficiency, security, and sustainability.

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This release was published on openPR.