Digital Transaction Management Market Size Worth $61.10 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, March 8, 2022 /PRNewswire/ -- The global digital transaction management market size is expected to reach USD 61.10 billion by 2030, growing at a CAGR of 25.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growth of the market can be attributed to the increasing need to manage all document-based transactions digitally. The growing adoption of cloud-based services across various industries and industrial verticals is also expected to propel the growth of the market over the forecast period.
Key Insights & Findings from the report:
- The hardware segment dominated the market in 2021 owing to the increasing demand for Point of Sale (POS) systems for digital transaction management from the incumbents of the hospitality, healthcare, and retail industries.
- Aggressive investments in electronic documents by enterprises and government agencies across the globe are expected to propel the growth of the electronic signatures segment over the forecast period.
- Continued digital transformation across Small & Medium Enterprises (SMEs) across the globe is expected to drive the growth of the SMEs segment over the forecast period.
- The BFSI segment dominated the market in 2021 owing to the increasing adoption of digital transaction management solutions by banks and financial institutions as part of their efforts to reduce paperwork and improve the efficiency of their processes.
- Asia Pacific is expected to emerge as the fastest-growing regional market owing to the high internet penetration rate and population density in emerging countries, such as China and India.
Read 160-page market research report, "Digital Transaction Management Market Size, Share, & Trends Analysis Report By End User (Large Enterprises, SMEs), By Component (Hardware, Software), By Vertical (BFSI, Govt.), By Solution, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Digital Transaction Management Market Growth & Trends
Digital transaction management solutions can potentially digitize, and subsequently, accelerate the process of signing business contracts and agreements accurately and securely.
These solutions can help in signing and transmitting documents online instantly rather than signing the documents physically and dispatching those by post or scanning and emailing the signed documents. Apart from accelerating the overall process of signing contracts and agreements, digital transaction management solutions can also help in reducing mistakes, thereby lowering operating costs. Businesses across the globe are focusing on adopting digital transaction management solutions to reduce errors, and operating costs thereby, while reducing transaction times and augmenting productivity. Moreover, as these solutions are cloud-based, employees can access important business documents irrespective of their device or location.
These solutions can also create digital signatures, which are considered highly authentic and secure, thereby making them more legally applicable than conventional signatures. The outbreak of the COVID-19 pandemic is expected to play a decisive role in driving the market. Given the restrictions on in-person interactions, shipping, and traveling in the wake of the outbreak of the pandemic, businesses are gradually switching to alternative procedures for settling down their trade and financial transactions. At the same time, the adoption of document archival and workflow automation solutions is also expected to gain traction across numerous end-use industries and industry verticals as businesses are unable to deliver, examine, and handle physical documents owing to remote operations and the restrictions on the staff allowed to be present within the premises.
Digital Transaction Management Market Segmentation
Grand View Research has segmented the global digital transaction management market report based on component, solution, end user, vertical, and region:
DTM Component Outlook (Revenue, USD Million, 2017 - 2030)
- Hardware
- Software
- Services
DTM Solution Outlook (Revenue, USD Million, 2017 - 2030)
- Electronic Signatures
- Workflow Automation
- Authentication
- Document Archival
- Others
DTM End-user Outlook (Revenue, USD Million, 2017 - 2030)
- Large enterprises
- SMEs
DTM Vertical Outlook (Revenue, USD Million, 2017 - 2030)
- Retail
- BFSI
- Healthcare
- IT & Telecom
- Government
- Real Estate
- Utilities
- Others
DTM Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Asia Pacific
- China
- India
- Japan
- South America
- Brazil
- Colombia
- Chile
- Middle East & Africa
List of Key Players of Digital Transaction Management Market
- Adobe
- Ascertia
- DocuFirst
- DocuSign, Inc.
- eDOC Innovations
- Entrust Corp.
- Wolters Kluwer N.V.
- Kofax Inc.
- Nintex U.K. Ltd.
- OneSpan
Check out more related studies published by Grand View Research:
- Digital Payment Market - The global digital payment market size is expected to reach USD 361.30 billion by 2030, expanding at a CAGR of 20.5% over the forecast period, according to a new report by Grand View Research, Inc. The market growth can be attributed to the growing volume of cashless transactions worldwide. The rising demand for digital payments has encouraged several smartwatch providers to introduce enhanced smartwatches capable of making contactless payments.
- Contactless Payment Market - The global contactless payment market size is expected to reach USD 6.25 trillion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 20.3% from 2021 to 2028. Various benefits, such as improved service delivery and reduction in transaction time offered by contactless payments, are expected to propel the market growth over the forecast period.
- Payment Processing Solutions Market - The global payment processing solutions market size is expected to reach USD 98.01 billion by 2027, registering a CAGR of 14.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. The market growth can be attributed to the emergence of digital technology and customers' demand for immediacy of transactions. The customers are looking for faster and convenient money transfer options, thereby driving the adoption of payment processing solutions.
- Payment As A Service Market - The global payment as a service market size is expected to reach USD 25.7 billion by 2027, expanding at a CAGR of 16.9%, according to a new report by Grand View Research, Inc. Digital disruption in the money transfer ecosystem, combined with the rise in need for quick money transfer methods, has transformed the payment gateway model. As a result of digital money transfer methods, consumers now demand secure digital transaction processing systems to transfer money to their merchants and individuals. With the rising digital financial transactions, a need for secure cloud-based architecture has increased among platform providers. The cloud-based money transfer platforms allow industry participants to manage higher volumes of transactions at high speed and low cost.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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