Global Digital Transaction Management Market by Component (Software, Hardware, Services) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global digital transaction management market was valued at USD 4,585.6 Million in 2018. It is projected to grow at a compound annual rate (CAGR of 19.7%) between 2019 and 2025. Market growth is expected to be driven by the continued adoption of digital solutions for the management and automation business and transaction management processes. Organizations are moving away from traditional approaches to paperwork and switching to digital solutions for their regular business activities. These include document archival, authentication and threat intelligence. Organizations are increasingly encouraged to adopt DTM solutions due to the increasing internet penetration. DTM solutions will also be in demand due to the growing popularity of digital payments.

DTM is the digital management of document-based transactions. DTM can reduce friction and speed up transactions that involve data and documents, as well as human intervention. DTM allows companies to automate routine tasks that require a lot of paperwork. This can save time and allow them to free up resources for more productive tasks. Digital transaction management solutions are an efficient alternative to managing documents, sharing information and working together on projects.

DTM solutions now offer a wide range of capabilities, from eSignatures to workflow automation (WCA) and even content automation (WCA). These new capabilities are being used by companies to improve their transaction management. As a step towards digital governance, governments around the world are investing heavily in DTM solutions. GOV.UKPay, a secure and free online payment system for government agencies and the public sector, has been established in the United Kingdom.

Technology advances are opening the door to more stable and secure DTM solutions. The Blockchain technology can provide a series timestamped data records, in the form a chain linking all records. Each transaction can be considered proof that the end-user authorized the transaction to proceed using digital signatures. To prevent malicious attacks, DTM solutions built on the Blockchain technology use a decentralized network to manage transactions.

Combinations of the most recent digital technologies such as cloud computing and Big Data, Internet of Things, IoT, artificial intelligence (AI), and cloud computing continue to improve digital transaction management. These digital technologies will continue to improve the adoption rate of DTM solutions. Data security and privacy are still major concerns for DTM solution users. The increasing incidences of cyberattacks and security breaches that can cause a digital transaction to fail are likely to have a negative impact on DTM solutions' demand.

Component Insights

The market for digital transaction management can be further divided based on its components into hardware, software and services. In 2018, the hardware segment was the dominant market and it is expected to continue its dominance in the future. The hardware segment's growth is driven by the growing demand for Point of Sale machines (POS) for digital transaction management from retailers, hospitality, as well as healthcare industry incumbents. The growth of the hardware segment is expected to be aided by the emergence of contactless cards and electronic signature pads for digital transaction management.

From 2019 to 2025, the software sector is expected to experience the highest CAGR at 22.1%. This is due to the increasing demand for DTM software such as contract management software (CLM), among others. DTM solutions that use cloud computing can help to manage digital transactions efficiently without the need for dedicated infrastructure. Services segment will also see steady growth, with a CAGR of more than 20% during the forecast period.

Solution Insights

The solution has allowed the DTM market to be further divided into workflow automation, electronic signatures, authentication, document preservation, and other segments. In 2018, the electronic signatures market dominated, accounting for more than 30% of the total market. This market is dominated by the wide range of digital transaction management services offered by DTM solution vendors. A significant market share was also held by the authentication segment, mainly due to the high demand for digital transaction authentication solutions from government agencies and incumbents in the BFSI sector.

From 2019 to 2025, the workflow automation segment will see a CAGR of more than 21%. Businesses can save time and money, reduce errors and use resources for more productive tasks with workflow automation. Organizations can also use workflow automation solutions to set specific conditions and rules to prevent potential errors in transactions. Over the forecast period, workflow automation will grow due to increasing demand for workflow automation solutions.

End-User Information

The market for digital transaction management can be further divided by end-user into large enterprises and small businesses. In 2018, the large enterprise segment dominated and will continue to dominate the market. Large companies find it more important to manage their transaction workflows and make sure they are cost-effective and efficient. Large organizations are more inclined to use DTM solutions for transaction management.

DTM solutions have been adopted by SMEs gradually to improve transaction management and automation. The SMEs segment will experience a significant CAGR between 2019 and 2025, which is approximately 20%. This growth is due to the technological shift that SMEs have made from traditional transaction management to digital transaction administration. SME's are increasingly choosing state-of the-art DTM solutions based upon the most recent technologies such as artificial intelligence to lower risks and manage administration costs.

Vertical Insights

The digital transaction management market can be further divided by verticals into IT & telecom (retail), BFSI (healthcare IT & telecom), government and other. This market is experiencing significant growth due to the fact that incumbents in both healthcare and retail are opting for digital transactions management. Hospitals are using DTM solutions to digitally manage patient records and documents. Market growth is expected to be driven by the rapid expansion of e-commerce over the forecast period.

In 2018, the BFSI segment dominated and will continue to dominate the market. Banks and financial centers are known for being agile in their transaction workflow. In order to increase flexibility and improve their transaction management processes, the incumbents in the BFSI sector are rapidly adopting cloud-based DTM technologies. As part of various digital governance initiatives, the government sector will also adopt digital transaction management solutions quickly. The government segment is expected to experience a CAGR of more than 21% between 2019 and 2025.

Regional Insights

The market for digital transaction management is further divided by region into North America and Europe, Asia Pacific, South America and the Middle East & Africa. In 2018, North America held a greater than 35% market share. There are many key players in North America, as well as new companies offering DTM solutions. The region is well-known for its early adoption of digital solutions for transaction management. These factors allow the North American regional market to hold a significant share of the global marketplace.

The European regional market held a substantial revenue share in global markets and is expected grow at a noticeable CAGR during the forecast period. This is due to the widespread adoption of DTM solutions in the government sector. The Asia Pacific region market will see significant growth and record the highest CAGR (approximately 21%) between 2019-2025. This market will continue to grow due to the increasing adoption of digital solutions for transaction control in developing countries like India and China.

Market Share Insights & Key Companies

Market players are increasing the capabilities of DTM solutions through innovative features. These features include seamless document generation and automatic reminders. They can also be configured workflows and automated tracking. Market players also emphasize the development of DTM solutions that comply with various government regulations, global safety standards, auditing agreements, and other requirements, especially in line with evolving requirements from BFSI companies, government agencies, and others. The market is becoming highly competitive.

Market leaders, including Nintex Global Ltd., Ascertia, DocuFirst, and eOriginal, Inc., are investing heavily in research and development to expand their product range. Market players are looking for ways to increase their market reach and strengthen their position in the market. They are focusing their efforts on product development, mergers and acquisitions as well strategic partnerships and business expansions. The following are some of the most prominent players in digital transaction management:

• Adobe

• DocuSign Inc.

• OneSpan; Kofax Inc.

• Entrust Datacard Corporation

• Nintex Global Ltd.

• Ascertia

• DocuFirst

• eOriginal Inc

Up Market Research published a new report titled “Digital Transaction Management Market research report which is segmented by Component (Software, Hardware, Services), By Players/Companies Nintex Global Ltd, Ascertia, DocuFirst, DocuSign Inc, Adobe, Entrust Datacard Corporation, eOriginal Inc, OneSpan; Kofax Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Digital Transaction Management Market Report Segments:

The market is segmented by Component (Software, Hardware, Services).

Digital Transaction Management Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Digital Transaction Management Market

Overview of the regional outlook of the Digital Transaction Management Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Digital Transaction Management Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Digital Transaction Management Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Software

                2. Hardware

                3. Services

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Digital Transaction Management Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Digital Transaction Management Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.