Digital Transaction Management Market Size, Share, Growth, and Industry Analysis, By Type (Electronic Signatures, Workflow Automation, Authentication, Document Archival, Others), By Application (Retail, BFSI, Healthcare, IT & Telecom, Government, Others), Regional Insights, and Forecast To 2032

Updated On: 08 April 2024

DIGITAL TRANSACTION MANAGEMENT MARKET REPORT OVERVIEW

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global digital transaction management market size was USD 14649.73 million in 2021 and market is projected to touch USD 221192.15 million by 2032 at CAGR 27.99% during the forecast period.

Digital event management is a cloud-based service used for digital management of document-based events. DTM eliminates manual or paper operations by using a computer, electronic signature, authentication, document filing and more. Digitization is extremely disruptive to many large and established industries. The DTM solution has more than 50 million users worldwide. It removes friction in paper-based workflows. Growing internet connectivity and continuous adoption of digital solutions to manage and automate business and event management processes are expected to drive the digital management of event market in the forecast years.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The outbreak of the COVID-19 pandemic is expected to boost the adoption of digital event management solutions during the forecast period. Companies around the world are aggressively focusing on paperless verification of both funded transactions and the issuance of securities. As a result, adoption of DTM solutions is expected to gain traction across multiple industries and sectors. The spread of electronic signatures as part of transactions also bodes well for market growth.

LATEST TRENDS

"BFSI Industry Is Expected To Hold A Major Market Share"

Traditional banks have turned to new and strategically focused agile institutions. The multifaceted challenges of ever-changing complex regulations, intense competition and demanding customers have led to a trend towards digital transformation. Additionally, the BFSI industry will see significant changes during the forecast period due to the proliferation of cloud solutions. The banking industry has moved towards digital transformation. In December of this year, Zimpler launched a payment link solution that adds invoices and helps businesses send digital invoices to a banking application through a payment link. The amount is automatically debited from the account and the customer does not need cards to pay.

DIGITAL TRANSACTION MANAGEMENT MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into Electronic Signatures, Workflow Automation, Authentication, Document Archival, Others.

The segment is expected to continue to dominate the market during the forecast period as several vendors are aggressively introducing a wide range of e-signature software and services. Electronic signature technology helps improve efficiency, speed up transactions and reduce overall business costs. The reduction is particularly evident in processing, storage, filing, printing and postage costs, as well as resource costs. 

• By Application

Based on application the global market can be categorized into Retail, BFSI, Healthcare, IT & Telecom, Government, Others.

 Transactional workflows at banks and financial institutions are often agile. Consequently, incumbents in the BFSI industry are aggressively adopting cloud-based digital event management solutions to improve their event management processes and make them more flexible. The multifaceted challenges arising from intensifying competition, customer demands and the evolving regulatory environment have led banks and financial institutions to opt primarily for digital transformation, which will drive the growth of the BFSI segment during the forecast period.

DRIVING FACTORS

"Adoption Of An Embedded Payment Platform to Augment The Market Growth"

The growth of e-commerce and e-commerce is increasing the demand for digital payment solutions. These digital payment methods offer convenience, security and efficiency, making them indispensable to facilitate online shopping. They simplify checkout processes, support global events, improve security and play an important role in mobile commerce (M-commerce). In addition, digital payments provide businesses with valuable information about events that they can use to personalize marketing and improve the customer experience. In short, online shopping and e-commerce are closely related to the growing use of digital payment methods in the digital age.

"Increasing Automation and Digitization of Business Activities to Foster Market Growth"

The increasing automation and digitization of business activities is driving the digital transaction management market growth. The changes in today's world are related to the ever-increasing digitization and automation of companies. The increasing ownership of smart connected devices, increased accessibility and penetration of the Internet, the development of Internet technologies and wider coverage through better IT infrastructure paved the way for the automation of daily services or business operations. Automation improves operational efficiency, workflow, database management, speed, security, safety and accessibility, and reduces costs. More and more companies are going online and improving their digital infrastructure to automate all documents and other document-related transactions to improve the customer experience. Customer demand for safe, secure and fast digital transaction systems due to their ease of use has led more companies to adopt digital transaction management. Consequently, business automation and digitization are boosting the market growth.

RESTRAINING FACTORS

"Lack of International Standards for Cross-Border Payments to Impede Market Growth"

Cross-border trade has been growing steadily every year, and organizations are increasingly buying goods and services from different parts of the world. Despite this opportunity, digital payment providers face challenges in capitalizing on this development. Obstacles include the lack of global payment systems that offer user-friendly experiences, the lack of common standards, and different regulations from different authorities in different countries. Each country has its own unique payment regulations and data retention practices, leading to inefficiencies in cross-border payments. In addition, domestic payment structures are often adapted for purposes other than facilitating cross-border payment transactions. The lack of a globally standardized framework for cross-border payments creates several challenges for international finance. This leads to complex and inefficient processes, high transaction costs, inconsistent user experiences, compliance difficulties, limited financial inclusion, slow transaction processing, security risks, trade barriers, limited innovation and lack of transparency. Several initiatives are working to create global standards to address those Challenges, but achieving consensus and widespread adoption remains a complex and ongoing process with the ultimate goal of making cross-border transactions globally more accessible, cost-effective and secure.

DIGITAL TRANSACTION MANAGEMENT MARKET REGIONAL INSIGHTS

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"North American to Dominate the Market due to Adoption Of Innovative Digital Transaction Management Solutions"

The North American region dominated the global digital event management market and is projected to continue its dominance during the forecast period. There are several major key players in the region that offer effective DTM solutions. The region is also rich in adoption of cloud services, advanced technologies and several banking, financial services and insurance sectors that are expected to lead the market. The region is also an early adopter of innovative digital transaction management solutions that are expected to boost market growth. North America is expected to hold the largest digital transaction management market share in the global digital payments market. The preferred method of payment in this area is cash or debit/credit card. The region consists of the best financial institutions in the world. Also, the user prefers online banking because of its security and policy. With various strategies implemented by digital payment service providers, the growth of digital wallets is likely to increase during the forecast period.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The digital transaction management market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Ascertia (U.K.)
• Nintex Global Ltd. (U.S.)
• Entrust Datacard Corporation (U.S.)
• OneSpan; Kofax Inc.(China)

INDUSTRIAL DEVELOPMENT

June 2023: As the world's first choreographer of secure digital events, TrustCloud has fearlessly evolved. TrustCloud has identified, researched and tested the potential offered by Choreography, especially its agility, flexibility and technological neutrality, which are necessary to ensure trust-based digital transactions. Their platform and expansion follows their customers and#039; digital and process change plans that focus on a few important areas without considering the importance of the individuality and special requirements of each customer. Managing large-scale applications using Choreography has been proven efficient and secure, so it is suitable for our educational institutions and international operations.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.