The digital transaction management industry should
ROCKVILLE, Md., Feb. 9 2022 (GLOBE NEWSWIRE) — According to a recently released Fact.MR report, the global digital transaction management software market is expected to grow at a compound annual rate (CAGR) of 25% between 2022 and 2032. The market is expected to reach 93, US$25 billion by the end of 2032.
the demand for digital transaction management software is expected to increase over the forecast period and the market is expected to reach a global market size of US$10.01 billion by the end of 2022.
The growth of this market is primarily due to a paradigm shift towards workflow automation across a wide range of industries and various verticals. Companies all over the world are looking to adopt effective and transparent business methods, which can be applied wherever they are. The growing demand for digital transaction management (DTM) solutions could be due to improved customer experience and reduced transaction times, thereby driving the market during the forecast period.
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In the wake of the COVID-19 pandemic and global lockdown, electronic technologies have seen an inevitable increase in their use. Organizations and people around the world have had to adapt to new ways of doing business and living. Companies around the world are focusing on paperless approvals for financing transactions as well as issuance of guarantees. DTM solutions are expected to gain traction in a variety of industries and verticals.
Several reputable banks are implementing digital solutions to increase transaction flexibility. In the DTM system, documents are transferred and certified electronically, as well as electronic signatures. In addition, most companies implement QES (Qualified Electronic Signature) to ensure the highest level of security for their digital transactions. The DTM therefore enables smoother and faster transaction processing. Business transactions are increasingly using electronic signatures, which bodes well for the market growth over the forecast period by 9 times.
High adoption of cloud-based services will require growth
Cloud-based services are expected to become more prevalent across the world during the forecast period, generating growth opportunities. Adopting cloud-based file management and document storage can lay the foundation for paperless documentation.
In addition, document capture, indexing, access control, secure sharing and archiving, document integration, search and retrieval capabilities, as well as encryption and backup capabilities are considered essential components of document management systems. Additionally, digital transaction management solutions that offer content analysis capabilities can also eliminate redundant data entry for businesses.
What will be the outlook for the North American market?
North America is expected to dominate the global digital transaction management market, with a revenue share of over 33.5%. North America is home to both established players and emerging companies offering digital transaction management services. A number of innovative digital solutions for transaction management have been adopted early in the region. The North American regional market accounts for a significant share of the global market due to these factors.
Statistics from 2018 in the United States, for example, show that debit and credit cards continue to represent the majority of overall transactions. Paper-based payments accounted for 70% of total payment volume in 2013, while electronic payments accounted for 59% of total payment value in 2018. According to the FED, a total of $93.45 trillion was transferred electronically. electronically from October to December by the country’s banks.
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Key segments covered by the Digital Transaction Management industry survey
- Digital Transaction Management Software
- Digital Transaction Management Hardware
- Digital Transaction Management Services
- Digital archiving of transaction documents
- Automation of the digital transaction workflow
- Authentication of digital transactions
- Digital transaction management solutions for electronic signatures
Per end user
- Digital Transaction Management for SMBs
- Digital Transaction Management for Large Enterprises
- Digital Transaction Management for BFSI
- Digital Transaction Management for IT and Telecommunications
- Digital Transaction Management for Real Estate
- Digital Transaction Management for Retail
- Digital Transaction Management for Healthcare
- Digital Transaction Management for Government
The digital transaction management solutions provided by market players have been enriched with innovative features such as automated reminders, seamless document generation, automated tracking and customizable workflows. Additionally, vendors develop solutions that comply with various standards regarding global security conditions as well as auditing agreements.
- In September 2021, OneSpan announced that BankID, a personal electronic identification used by all Norwegian banks, will use OneSpan’s anti-fraud and cloud authentication solutions.
- Nintex introduced its Nintex Workflow Builder as part of its Nintex Promapp service in 2019 to automate the process of creating workflows.
- Dropbox acquired HelloSign in March 2019 for US$230 million. HelloSign’s flagship service, WelcomeWorks WCA, is one of the reasons for its success.
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Key players in the digital transaction management market
- DocuSign Inc.
- Entrust Datacard Corporation
- Wolters Kluwer AG
- Kofax Inc.
- Nintendo UK Ltd.
- eDOC innovations
Key insights from market research
- By the end of 2022, the market is expected to reach a global market size of US$10.01 billion.
- Globally, North America accounted for more than 33.5% of revenue in 2022.
- Hardware-based digital transaction management systems will dominate the market in 2022, with a revenue share of over 40.5%
- Over 38.4% of market revenue was generated by the e-signature segment in 2021
- More than 55.5% of market revenue in 2022 will be represented by large companies.
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