Digital Transaction Management Market Growth & Trends [2031]

Report Description

The global digital transaction management market size was valued at USD 4,584.8 million in 2020 and is projected to surpass a CAGR of 19.9% during the forecast period, 2021–2028. The growth of the market is attributed to the increased use of digital payment methods is also expected to drive demand for advanced digital payment solutions.

Digital transaction management (DTM) is a cloud computing solution that allow customers to handle document-based transactions digitally. It offers several advantages such as minimizing friction and accelerating a transaction involving data, papers, and human participation. In other words, DTM is enable businesses to automate repetitive operations by saving time and executing frequent paperwork, releasing staff for more productive duties, and achieving quicker time for revenue cycles.

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Companies are making use of all of these enhanced features to expedite their transaction management operations. Technological advancements are paving the way for more secure and robust DTM systems. For example, the Blockchain technology can provide a set of time stamped data records in the form of a chain that connects all of the records.

The COVID-19 pandemic has had a considerable impact on different businesses, resulting in a sluggish global economic situation. Government-imposed lockdowns had resulted the rapid advancement for digital payments solutions to ensure smooth functioning of transaction amid the present pandemic crisis. People have begun to use mobile devices to make payments instead of cash since digital transactions reduce physical interaction and offer safe payment procedure.

Market Trends, Drivers, Restraints, and Opportunities

• Improved security and reduction of the transaction time as compared to conventional methods of using cash transaction present key drivers of the market growth.
• Rising adoption of cloud services by businesses across industries is a major factor boosting the market.
• Rapid use of smooth payment process and workflow automation in a variety of sectors are expected to drive market expansion.
• Users have become more cautious as a result of cyber-attacks and fraudulent purchases. These are key challenges anticipated to hamper the market growth.
• Using cutting-edge technology such as Artificial Intelligence (AI) and Blockchain is creating lucrative opportunities for market expansion.

Scope of Digital Transaction Management Market Report

The report on the global digital transaction management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Digital Transaction Management Market Segment Insights

Electronic signatures segment is projected to expand at a considerable CAGR

On the basis of solutions, the market is segregated into authentication, document archival, electronic signatures, workflow automation, and others. The electronic signatures segment is projected to expand at a considerable CAGR during the forecast period due to the availability of variety of digital transaction management services provided by various DTM solution manufacturers. On the other hand, the workflow automation segment is anticipated to account for a major market share during the forecast period owing to businesses specifying precise criteria and rules to eliminate any errors in a transaction.

Hardware segment to hold a large proportion of the market share

In terms of components, the digital transaction management market is divided into software, services, and hardware. The hardware segment is anticipated to hold a large proportion of the market share during the forecast period. The introduction of electronic signature pads and contactless cards for digital transaction management are key factors projected to boost the segment growth further. On the other hand, the software segment is projected to grow at a fast rate during the projection period due to the rising demand for lifecycle management software across the globe.

Large enterprises segment is expected to grow at a rapid pace

Based on enterprises, the market is bifurcated into large enterprises and small & medium-sized enterprises. The large enterprise segment is expected to grow at a rapid pace during the forecast period. Large organizations place a greater emphasis on organizing transaction workflows along with ensuring efficient and cost-effective business operations. As a result, multinational corporations are more inclined to use DTM solutions for transaction management. However, the small & medium segment is anticipated to hold a key share of the market in the coming years to control administration costs.

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Retail & healthcare segment is projected to expand at a considerable CAGR

On the basis of end-users, the digital transaction management market is segregated into healthcare, IT & telecom, government, retail, BFSI, and others. The retail & healthcare segments are projected to expand at a considerable CAGR during the forecast period owing to wide adoption of digital transaction management in these sectors. However, the BFSI segment is expected to constitute a key market share in the coming years due to rising demand for smooth transaction processes of financial institutions.

North America is anticipated to constitute a key market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period as the adoption of new technologies increases by the key regional market players. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period for rapid implementation of transaction management solutions among several startups in the region.

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