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Digital Transaction Management Market
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Digital Transaction Management Market

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Digital Transaction Management Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2018–2028, Segmented By Component (Hardware, Software, Services), By Solution (Electronic Signatures, Workflow Automation, Authentication, Document Archival, and Others), By End-User (Large Enterprises, SMEs), By Vertical (Retail, BSFI, Healthcare, IT & Telecom, Government, Real Estate, Utilities, Others), By Region (North America, Europe, The Asia-Pacific, Latin America, The Middle East and Africa)

  • Published Date: August 2022
  • Report ID: BWC22282
  • Available Format: PDF
  • Page: 131

Report Overview

Global Digital Transaction Management Market is flourishing owing to rising remote working, expanding digital transformation in enterprises, along with the growing usage of DTM solutions in several industries.

Global Digital Transaction Management Market - Industry Trends & Forecast Report 2028

Global Digital Transaction Management Market was worth USD 7.79 billion in 2021 and is further projected to reach USD 31.13 billion by the year 2028, exhibiting a CAGR of 21.5% during the forecast period (2022-2028). The rapid expansion of the market is predominantly due to the paradigm shift toward workflow and process automation across several sectors and industries. Businesses all across the world are eager to embrace effective and seamless business practices that can be used wherever they are. Additionally, Digital Transaction Management (DTM) solutions can assist businesses in enhancing client experiences while shortening transaction times, opening doors for the market to expand over the projection period. Moreover, the governments of the United Kingdom and the United States are providing substantial financing to players creating digital transaction management solutions and services for them. Governments are implementing these technologies into their operations because they provide great security and advanced algorithms for reliably storing transaction records. As a result of the widespread usage of digital transaction management software and services, the worldwide digital transaction management market is predicted to rise steadily over the forecast period.

Digital Transaction Management Market

Digital Transaction Management - Overview

The cloud service category is known as "Digital Transaction Management" (DTM). It is created to manage document-based transactions digitally. DTM eliminates the friction present in interactions involving individuals, written materials, and digital data to produce quicker, simpler, more streamlined, and more secure procedures. Moreover, business digitalization is being impacted by the software industry's expanding technological breakthroughs. Developers may include digital technology in their applications thanks to XTDM, an industry standard for providers of digital transaction management software and services. Furthermore, combining the newest digital technologies, such as cloud computing, Big Data, Internet of Things (IoT), and artificial intelligence (AI), results in creative DTM solutions as digital transaction management (DTM) continues to develop.

Global Digital Transaction Management Market Forecast and Trends

Growth Drivers

Rapid Technological Advancement accelerates Market Expansion

The development of more secure data transaction management solutions is being facilitated by technological improvements. Blockchain technology, for instance, offers a chain of time-stamped data records that connects all information. Every transaction can be seen as evidence of approval given by a user who started it using a digital signature. Additionally, blockchain-based digital transaction management systems leverage a decentralized network for transaction management to fend off hostile attacks. A handwritten signature might theoretically be replaced in any process by electronic signature technology. Additionally, it aids in enhancing productivity, speeding up transactions, and decreasing the overall cost of business operations. DocuSign Inc., for example, is involved in the development of e-signature technology. It includes an eSignature as part of the DocuSign Agreement Cloud. An electronic signature is one of the most convenient ways to electronically sign documents from any device, at any time, and from any location. DocuSign Agreement Cloud also includes several other applications for automating post- and pre-signature processes, such as negotiation workflow support, automatically generating an agreement from data stored in other systems, and collecting payment after signatures, all of which are increasing demand for digital transactions.

Quick and Simple Banking Procedures in the BFSI Sector

BSFI sector is gaining significant traction. Due to its role in reducing paperwork and facilitating quick and simple banking transactions, DTM is very well-liked in the banking and finance sectors. Additionally, a lot of banks have started using digital transaction banking solutions, which primarily help in lowering reliance on conventional banking channels, impacting mobile banking more and improving customization. Additionally, the solutions make it easy to carry out standard operations including transfers and payments, liquidity management, and payroll processing. Moreover, the financial services and insurance industries are progressively implementing digital solutions due to the growing consumer preference for digital banking solutions. For instance, to give consumers a digital experience, Raiffeisen Bank International (RBI) announced the introduction of RaiConnect in September 2020. RaiConnect is a virtual branch service that includes a comprehensive suite of collaborative modules and ePaper workflows in partnership with Moxtra. To preserve high-security standards, clients can utilize RaiConnect to contact their relationship managers, exchange documents, hold video talks, receive information via screen sharing, and more.

Restraints

Increasing Worry about Hackers and Fraudulent Purchases

A significant problem is data security and information privacy, especially for end users of DTM systems. As a result, it is anticipated that the demand for DTM solutions is negatively impacted by the rising number of cyberattacks and security breaches in digital transactions. However, digitally based online services and solutions are frequently open to fraud and hacks. Online transactions are frequently the target of fraudulent activity such as counterattacks, pagejacking, affiliate and clean scams, phishing, merchant and triangulation frauds, and identity theft. As a result, during the projection period, the market's expansion is anticipated to be hampered by the growing worries regarding fraudulent transactions and cyberattacks. It is particularly anticipated that there would be an increase in security breaches and cyberattacks that lead to faulty digital transactions.

Impact of COVID-19 on Global Digital Transaction Management Market

Due to the COVID-19 pandemic's forced changes in consumer and company spending patterns, the market has benefited globally. Mobile wallet usage has dramatically increased as contactless transactions have taken on more significance for purchases. Many customers have experimented with mobile wallets to steer clear of cash and card transactions to stop the spread of COVID-19. In addition, one of the key factors propelling the growth of the digital transaction management market is the rising global online penetration. The use of video streaming services like Netflix and Hotstar increases during the COVID periods. These applications' subscription costs can be readily paid with digital payment methods. Moreover, during this epidemic period, the e-commerce industry has grown. To safeguard both customers and employees, e-commerce platforms such as Flipkart, Myntra, and Amazon have prohibited cash payments and are encouraging users to make digital purchases. All of the aforementioned reasons are contributing to the market's global expansion. Even after the COVID-19 crisis, consumers were used to digital transactions due to their convenience of access and to prevent the disease from spreading further.

Global Digital Transaction Management Market - By Component

Based on the component, the Global Digital Transaction Management Market is segmented into Hardware, Software, and Services. Among these, hardware accounts for the largest share in the Global Digital Transaction Management. This is due to the growing demand for Point of Sale (POS) equipment for Digital Transaction Management from the healthcare, hotel, and retail industries. All these factors propel the growth of the Global Digital Transaction Management Market during a forecast period (2022-2028).

Digital Transaction Management Market Share

Global Digital Transaction Management Market – By Solution

Based on the solution, the Global Digital Transaction Management Market is segmented into Electronic Signatures, Workflow Automation, Authentication, Document Archival, and Others. Among these, the electronic signatures segment holds the largest market share owing to its high stability and ability to perform in a wide range of temperatures. The numerous Digital Transaction Management services provided by different DTM solution suppliers are one of the contributing causes. Since process automation enables organizations to save money and time, eliminate errors, and allocate resources to more productive duties, it is projected to experience the fastest CAGR growth. All these factors boost the growth of the Global Digital Transaction Management Market during the forecast period (2022-2028).

Global Digital Transaction Management Market - By Vertical

Based on vertical, the Global Digital Transaction Management Market is segmented into Retail, BSFI, Healthcare, IT & Telecom, Government, Real Estate, Utilities, and Others. The market share is expected to be dominated by the retail and healthcare sector. The reasons for the e-commerce sector's explosive expansion and hospitals' adoption of DTM solutions for keeping patient information and documents digitally can be attributed to these considerations.

Global Digital Transaction Management Market – By Region

Geographically, the Global Digital Transaction Management Market is segmented into North America, Europe, Asia-Pacific, Latin America, The Middle East and Africa. Due to the early adoption of the newest digital solutions for transaction management and the presence of numerous major market participants as well as emerging businesses offering DTM solutions, North America is expected to hold the greatest share of the market.

Competitive Landscape

The leading market players in the Global Digital Transaction Management Market are Adobe, Ascertia, DocuFirst, DocuSign Inc, eDOC Innovations, Entrust Corp, Kofax Inc, OneSpan, Wolters Kluwer N.V, Nintex UK Ltd, eOriginal Inc, and other prominent players.

The Global Digital Transaction Management Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.

 

Recent Development

  • In September 2020 - ZorroSign Inc., announced a new partnership with Trusona, a prominent company in password-less identity solutions, to authenticate user identities. This innovative partnership expands the company’s capability as a prominent digital signature solution with identity proofing capabilities, uniquely combining identity-as-a-service architecture with digital signature and a document management system.
  • In May 2021 - Mitratech announced the acquisition of ContractRoom, a developer of leading contract lifecycle management (CLM) solutions. The acquisition further expands Mitratech’s end-to-end portfolio of legal and compliance solutions, including Enterprise Legal Management (ELM) products for managing core legal functions, TAP Workflow Automation, and VendorInsight for mitigating third-party vendor risk.

 

Scope of the Report

 

Attributes Details
Years Considered Historical data – 2018-2021
Base Year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in USD Billion
Product Service/Segmentation By Component, By Solution, By End-user, By Vertical, By Region
Key Players Adobe, Ascertia, DocuFirst, DocuSign Inc, eDOC Innovations, Entrust Corp, Kofax Inc, OneSpan, Wolters Kluwer N.V, Nintex UK Ltd, eOriginal Inc, and other prominent players.

 

 

By Component

  • Hardware
  • Software
  • Services

By Solution

  • Electronic Signatures
  • Workflow Automation
  • Authentication
  • Document Archival
  • Others

By End-User

  • Large Enterprises
  • SMEs

By Vertical

  • Retail
  • BSFI
  • Healthcare
  • IT & Telecom
  • Government
  • Real Estate
  • Utilities
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa
  1. Research Framework
    1. Research Objective
    2. Solution  Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents
    5. Assumption & Limitation
  3. Executive Summary
  4. Global Digital Transaction Management Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Technological Advancement/Recent Development
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  5. Global Digital Transaction Management Market Overview
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
        1. Hardware
        2. Software
        3. Services
      2. By Solution
        1. Electronic Signatures
        2. Workflow Automation
        3. Authentication
        4. Document Archival
        5. Others
      3. By End-User
        1. Large Enterprises
        2. SMEs
      4. By Vertical
        1. Retail
        2. BSFI
        3. Healthcare
        4. IT & Telecom
        5. Government
        6. Real Estate
        7. Utilities
        8. Others
      5. By Region
        1. North America
        2. Europe
        3. The Asia-Pacific
        4. Latin America
        5. The Middle East and Africa
  6. North America Digital Transaction Management Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Solution
      3. By End-User
      4. By Vertical
      5. By Country
        1. United Component
        2. Canada
  7. Europe Digital Transaction Management Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Solution
      3. By End-User
      4. By Vertical
      5. By Country
        1. Germany
        2. United Kingdom
        3. Italy
        4. France
        5. Spain
        6. The Netherlands
        7. Rest of Europe
  8. The Asia-Pacific Digital Transaction Management Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Solution
      3. By End-User  
      4. By Vertical
      5. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Australia
        6. Indonesia
        7. Singapore
        8. Rest of Asia-Pacific
  9. Latin America Digital Transaction Management Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Solution
      3. By End-User
      4. By Vertical
      5. By Country
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  10. The Middle East & Africa Digital Transaction Management Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Solution
      3. By End-User
      4. By Vertical
      5. By Country
        1. Saudi Arabia
        2. UAE
        3. South Africa
        4. Qatar
        5. Kuwait
        6. Nigeria
        7. Rest of the Middle East & Africa
  11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership, etc.)
  12. Impact of Covid-19 on Global Digital Transaction Management Market
  13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. Adobe
    2. Ascertia
    3. DocuFirst
    4. DocuSign Inc
    5. eDOC Innovations
    6. Entrust Corp
    7. Kofax Inc
    8. OneSpan
    9. Wolters Kluwer N.V
    10. Nintex UK Ltd
    11. eOriginal Inc
    12. Other Prominent Players
  14. Key Strategic Recommendations

 

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List of Figures

 

Figure 1: Global Digital Transaction Management Market Segmentation

Figure 2: Global Digital Transaction Management Market Industry Value Chain Analysis

Figure 3: Global Digital Transaction Management Market Size, By Value (USD Million), 2018-2028

Figure 4: Global Digital Transaction Management Market Share (%), By Component, By Value, 2018-2028

Figure 5: Global Digital Transaction Management Market Share (%), By Solution, By Value, 2018-2028

Figure 6: Global Digital Transaction Management Market Share (%), By End-User, By Value, 2018-2028

Figure 7: Global Digital Transaction Management Market Share (%), By Vertical, By Value, 2018-2028

Figure 8: Global Digital Transaction Management Market Share (%), By Country, By Value, 2018-2028

Figure 9: North America Digital Transaction Management Market Size, By Value (USD Million), 2018-2028

Figure 10: North America Digital Transaction Management Market Share (%), By Component, By Value, 2018-2028

Figure 11: North America Digital Transaction Management Market Share (%), By Solution, By Value, 2018-2028

Figure 12: North America Digital Transaction Management Market Share (%), By End-User, By Value, 2018-2028

Figure 13: North America Digital Transaction Management Market Share (%), By Vertical, By Value, 2018-2028

Figure 14: North America Digital Transaction Management Market Share (%), By Country, By Value, 2018-2028    

Figure 15: Europe Digital Transaction Management Market Size, By Value (USD Million), 2018-2028

Figure 16: Europe Digital Transaction Management Market Share (%), By Component, By Value, 2018-2028

Figure 17: Europe Digital Transaction Management Market Share (%), By Solution, By Value, 2018-2028

Figure 18: Europe Digital Transaction Management Market Share (%), By End-User, By Value, 2018-2028

Figure 19: Europe Digital Transaction Management Market Share (%), By Vertical, By Value, 2018-2028

Figure 20: Europe Digital Transaction Management Market Share (%), By Country, By Value, 2018-2028

Figure 21: The Asia-Pacific Digital Transaction Management Market Size, By Value (USD Million), 2018-2028

Figure 22: The Asia-Pacific Digital Transaction Management Market Share (%), By Component, By Value, 2018-2028

Figure 23: The Asia-Pacific Digital Transaction Management Market Share (%), By Solution, By Value, 2018-2028

Figure 24: The Asia-Pacific Digital Transaction Management Market Share (%), By End-User, By Value, 2018-2028 

Figure 25: The Asia-Pacific Digital Transaction Management Market Share (%), By Vertical, By Value, 2018-2028 

Figure 26: The Asia-Pacific Digital Transaction Management Market Share (%), By Country, By Value, 2018-2028

Figure 27: Latin America Digital Transaction Management Market Size, By Value (USD Million), 2018-2028

Figure 28: Latin America Digital Transaction Management Market Share (%), By Component, By Value, 2018-2028

Figure 29: Latin America Digital Transaction Management Market Share (%), By Solution, By Value, 2018-2028

Figure 30: Latin America Digital Transaction Management Market Share (%), By End-User, By Value, 2018-2028

Figure 31: Latin America Digital Transaction Management Market Share (%), By Vertical, By Value, 2018-2028

Figure 32: Latin America Digital Transaction Management Market Share (%), By Country, By Value, 2018-2028

Figure 33: The Middle East & Africa Digital Transaction Management Market Size, By Value (USD Million), 2018-2028

Figure 34: The Middle East & Africa Digital Transaction Management Market Share (%), By Component, By Value, 2018-2028

Figure 35: The Middle East & Africa Digital Transaction Management Market Share (%), By Solution, By Value, 2018-2028

Figure 36: The Middle East & Africa Digital Transaction Management Market Share (%), By End-User, By Value, 2018-2028

Figure 37: The Middle East & Africa Digital Transaction Management Market Share (%), By Vertical, By Value, 2018-2028

Figure 38: The Middle East & Africa Digital Transaction Management Market Share (%), By Country, By Value, 2018-2028

Figure 39: Global Digital Transaction Management Market Share Analysis, 2021

 

List Of Tables

 

Table 1: Global Digital Transaction Management Market Size, By Component, By Value (USD Million), 2018-2028

Table 2: Global Digital Transaction Management Market Size, By Solution, By Value (USD Million), 2018-2028

Table 3: Global Digital Transaction Management Market Size, By End-User, By Value (USD Million), 2018-2028

Table 4: Global Digital Transaction Management Market Size, By Vertical, By Value (USD Million), 2018-2028

Table 5: Global Digital Transaction Management Market Size. By Country, By Value (USD Million), 2018-2028

Table 6: North America Digital Transaction Management Market Size, By Component, By Value (USD Million), 2018-2028

Table 7: North America Digital Transaction Management Market Size, By Solution, By Value (USD Million), 2018-2028

Table 8: North America Digital Transaction Management Market Size, By End-User, By Value (USD Million), 2018-2028

Table 9: North America Digital Transaction Management Market Size, By Vertical, By Value (USD Million), 2018-2028

Table 10: North America Digital Transaction Management Market Size (USD Million), By Country, By Value 2018-2028 

Table 11: Europe Digital Transaction Management Market Size, By Component, By Value (USD Million), By Value 2018-2028

Table 12: Europe Digital Transaction Management Market Size, By Solution, By Value (USD Million), By Value 2018-2028

Table 13: Europe Digital Transaction Management Market Size, By End-User, By Value (USD Million), By Value 2018-2028

Table 14: Europe Digital Transaction Management Market Size, By Vertical, By Value (USD Million), By Value 2018-2028

Table 15: 40 Europe Digital Transaction Management Market Size (USD Million), By Country, By Value 2018-2028

Table 16: The Asia-Pacific Digital Transaction Management Market Size, By Component, By Value (USD Million), By Value 2018-2028

Table 17: The Asia-Pacific Digital Transaction Management Market Size (USD Million), By Component, By Value 2018-2028

Table 18: The Asia-Pacific Digital Transaction Management Market Size (USD Million), By Solution, By Value 2018-2028

Table 19: The Asia-Pacific Digital Transaction Management Market Size (USD Million), By End-User, By Value 2018-2028

Table 20: The Asia-Pacific Digital Transaction Management Market Size (USD Million), By Vertical, By Value 2018-2028

Table 21: The Asia-Pacific Digital Transaction Management Market Size (USD Million), By Country, By Value 2018-2028

Table 22: Latin America Digital Transaction Management Market Size, By Component, By Value (USD Million), By Value 2018-2028

Table 23: Latin America Digital Transaction Management Market Size, By Solution, By Value (USD Million), 2018-2028

Table 24: Latin America Digital Transaction Management Market Size, By End-User, By Value (USD Million), 2018-2028

Table 25: Latin America Digital Transaction Management Market Size, By Vertical, By Value (USD Million), 2018-2028

Table 26: Latin America Digital Transaction Management Market Size (USD Million), By Country, By Value 2018-2028  

Table 27: The Middle East & Africa Digital Transaction Management Market Size, By Component, By Value (USD Million), 2018-2028

Table 28: The Middle East & Africa Digital Transaction Management Market Size, By Solution, By Value (USD Million), 2018-2028

Table 29: The Middle East & Africa Digital Transaction Management Market Size, By End-User, By Value (USD Million), 2018-2028

Table 30: The Middle East & Africa Digital Transaction Management Market Size, By Vertical, By Value (USD Million), 2018-2028

Table 31: The Middle East & Africa Digital Transaction Management Market Size (USD Million), By Country, By Value 2018-2028 

Table 32:  List of Key Players and Their Offerings

Table 33:  Competitive Benchmarking, by Operating Parameters

Table 34        Adobe Company Overview

Table 35        Adobe Financial Overview

Table 36        Ascertia Company Overview

Table 37        Ascertia Financial Overview

Table 38        DocuFirst Company Overview

Table 39        DocuFirst Financial Overview

Table 40        DocuSign Inc Company Overview

Table 41        DocuSign Inc Financial Overview

Table 42        eDOC Innovations Company Overview

Table 43        eDOC Innovations Financial Overview

Table 44        Entrust Corp Company Overview

Table 45        Entrust Corp Financial Overview

Table 46        Kofax Inc Company Overview

Table 47        Kofax Inc Financial Overview

Table 48        OneSpan Company Overview

Table 49        OneSpan Financial Overview

Table 50        Wolters Kluwer N.V Company Overview

Table 51        Wolters Kluwer N.V Financial Overview

Table 52        Nintex UK Ltd Company Overview

Table 53        Nintex UK Ltd Financial Overview

Table 54        eOriginal Inc Company Overview

Table 55        eOriginal Inc Financial Overview

Market Segmentation

By Component

  • Hardware
  • Software
  • Services

By Solution

  • Electronic Signatures
  • Workflow Automation
  • Authentication
  • Document Archival
  • Others

By End-User

  • Large Enterprises
  • SMEs

By Vertical

  • Retail
  • BSFI
  • Healthcare
  • IT & Telecom
  • Government
  • Real Estate
  • Utilities
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa
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Frequently Asked Questions (FAQs):

Ans: North America has the largest share in the Global Digital Transaction Management Market.
Ans: The hardware segment accounted for the largest share in the Global Digital Transaction Management Market.
Ans: Electronic signatures has the largest share in the Global Digital Transaction Management Market.
Ans: Global Digital Transaction Management Market reached 7.79 billion in 2021.
Ans: The major factors driving the growth of the Global Digital Transaction Management Market are the rising remote working, expanding digital transformation in enterprises, along with the growing usage of DTM solutions in several industries.
Ans: The key players in the Global Digital Transaction Management Market are Adobe, Ascertia, DocuFirst, DocuSign Inc, eDOC Innovations, Entrust Corp, Kofax Inc, OneSpan, Wolters Kluwer N.V, Nintex UK Ltd, eOriginal Inc, and other prominent players.