ESOMAR-certified market research and consulting firm predicts the global digital transaction management market is projected to grow at a compound annual rate (CAGR) of 25% between 2022 and 2032. The market is expected to reach US$ 93.25 Bn by the end of 2032.
From 2015 to 2021, the industry experienced an incline at a CAGR of over 22%, surpassing US$ 8 Bn. Electronic technologies have seen an indispensable increase in use following the COVID-19 pandemic and global lockdown. Around the world, people and organizations have had to adapt to new ways of living and doing business. Globally, businesses are focusing on paperless approvals for funding transactions as well as the issuance of guarantees.
Transaction processing is smoother and faster with DTM. Electronic signatures are increasingly used in business transactions, which bodes well for the market’s growth. North America dominated the market in 2021, especially the US. However, the Asia-Pacific region is expected to dominate the market during the forecast period.
Key Takeaways from the Market Study
- By the end of 2022, the market is projected to achieve a global market size of US$ 10.01 Bn.
- Globally, North America accounted for over 33.5% of revenue in 2022.
- Hardware based digital transaction management systems to dominate the market in 2022, with a revenue share of over 40.5%
- More than 38.4% of market revenue was generated by the electronic signatures segment in 2021
- Over 55.5% of the market revenue in 2022 will be accounted for by large enterprises.
Increasing business sizes amid rising interconnectedness has prompted all enterprises to incorporate highly robust transaction management solutions, paving way for digital transaction management platforms, opines a Senior Research Analyst.
Competitive Landscape
The digital transaction management solutions provided by market players have been enhanced with innovative features such as automated reminders, seamless document generation, automated tracking, and customizable workflows. Furthermore, vendors are developing solutions that are in compliance with various standards regarding security conditions globally as well as auditing agreements.
- In September 2021, OneSpan announced that BankID, a personal electronic identification that is used by all Norwegian banks, will utilize OneSpan’s anti-fraud and cloud authentication solutions.
- Nintex introduced its Nintex Workflow Generator as part of its Nintex Promapp service in 2019 to automate the process of creating workflows.
- Dropbox acquired HelloSign in March 2019 for $230 million US dollars. HelloSign’s flagship service, WelcomeWorks WCA, is one of the reasons for its success.
Key Segments Covered in the Digital Transaction Management Industry SurveyÂ
By Component
Digital Transaction Management Software
Digital Transaction Management Hardware
Digital Transaction Management Services
By Solution
Digital Transaction Document Archival
Digital Transaction Workflow Automation
Digital Transaction Authentication
Digital Transaction Management Solutions for Electronic Signatures
By End User
Digital Transaction Management for SMEs
Digital Transaction Management for Large Enterprises
By Vertical
Digital Transaction Management for BFSI
Digital Transaction Management for IT & Telecom
Digital Transaction Management for Real Estate
Digital Transaction Management for Retail
Digital Transaction Management for Healthcare
Digital Transaction Management for Government
