With a staggering CAGR of 31.7% from the forecast period of 2022 to 2032, the global market for digital transaction management is anticipated to reach a valuation of US$ 47,170 Mn in 2032. By the end of 2022, it is predicted that the market for digital transaction management (DTM) solutions will have grown significantly, reaching an estimated US$ 3,129 Mn. The use of digital transformation technologies is expanding, which accelerates market expansion even more.
DTM is a component of cloud services that was created specifically to manage transactions based on digital documents. Numerous organisations can benefit from digital transaction management in a variety of ways, including collaborative document management and streamlining document-based procedures to enhance customer experience. DTM solutions have shown to be very beneficial in a number of areas, including HR, finance, sales, IT, legal, and procurement.
The modernization of the workplace and the elimination of antiquated procedures and administrative paperwork have received a lot of attention recently. These elements have given the digital transaction management market a number of highly profitable opportunities. Additionally, ongoing technological development is producing more dependable and secure digital transaction management systems, which supports market expansion.
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Moreover, the elevated usage of cloud-based solutions is expected to bode well for the digital transaction management market. A cloud-based system optimizes the workflow management for both large and small enterprises and helps make digital transaction management affordable and less complicated. Moreover, features like document capture, indexing, secure sharing and multi factor authentication, encryption, searching and retrieval, integration, and backup boost the demand for digital transaction management in the global market during the assessment period.
In order to improve their income and profitability, more and more enterprises are adopting digital transaction management solutions and services. With the rapid growth of the target market, it is likely to assimilate within itself a large portion of paper records in the near future. All of these factors hint towards a positive market environment for the digital transaction management.
“The continuous integration and implementation of different technologies is likely to drive the global growth of the digital transaction management market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Profitability associated with the adoption of digital transaction management facilitates market growth.
- Risk of cyber attacks and security breaches may hinder the market growth.
- By component type, the solution category is expected to dominate the market.
- In 2022, the large enterprises subsegment will hold about 34.5% of the market share.
- BFSI sector will acquire 22.5% of the market share by the end of 2022.
- Presence of major key players to drive the market growth in North America.
- The Asia Pacific digital transaction management market will record a CAGR of 31%.
Competitive Landscape
Adobe Systems Incorporated, Namirial SPA, DocuSign Inc., Nintex Global Ltd., HELLOSIGN, ZorroSign, Inc., AssureSign LLC, ThinkSmart LLC., Kofax, Inc., eOriginal, Inc., OneSpan, Mitek, Entrust Datacard Corporation, and DocuFirst., and others are some of the major players in the digital transaction management market profiled in the full version of the report.
Major market players are focusing on product enhancements by releasing new features. Strategic collaborations, mergers, and acquisitions are also deployed by these businesses.
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More Insights into Digital Transaction Management Market Report
In its latest report, FMI offers an unbiased analysis of the global digital transaction management market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on component (solutions, services), end user (large enterprises, small and medium businesses), vertical (retail, BFSI, healthcare, IT & telecommunication, travel & transportation, manufacturing, government, others), and region.
According to the latest FMI reports, based on region, the digital transaction management market in the Asia Pacific region is predicted to thrive over the forecast period. The regional market is set to witness a prolific CAGR of 31% during 2022-2032. This growth can be attributed to the elevated usage of the target product in countries like India and China. With the expanding e-commerce industry in these countries, the target market will also grow and develop at a rapid rate.
Based on segmentation, the solution component segment is likely to dominate the market. In terms of end-user, large enterprises are expected to lead the market over the forecast period.
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Table of Content
1. Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis and Recommendations
1.4. Wheel of Fortune
2. Market Introduction
2.1. Market Definition
2.2. Market Taxonomy
3. Market Background
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