Electronic signatures to contribute over 2/5th of revenue in the digital transaction management market
Fact.MR The latest study offers an unbiased analysis of the Digital Transaction Management market for the upcoming decade. It provides compelling insights into growth drivers, restraints3 and consumer demands affecting digital transaction management revenue. In addition, it provides information about opportunities in different segments including Component, Solution, End User, Industry and Region.
NEW YORK, September 20, 2022 /PRNewswire/ — The global digital transaction management market is estimated at a valuation of $10.01 billion in 2022, growing at 25% CAGR over the forecast period (2022-2032). Sales in the market are expected to total around $93.25 billion until 2032.
Increasing usage of digital transaction management solutions in various industries including BFSI, Retail, IT & Telecom, Government and Healthcare is a key factor driving the growth in the global market.
Digital transaction management is a cloud computing service that enables businesses to digitally manage document-based transactions. The goal is to accelerate the signing of business agreements and contracts by digitizing the process quickly, securely and accurately.
Adopting this technology reduces errors, lowers operational costs, and saves companies time and money by eliminating paper documents and manual processes.
Therefore, the increasing need for improving customer experience and reducing transaction times along with increasing penetration of digitalization will further drive the demand for digital transaction management solutions during the forecast period.
Similarly, increasing use of cloud-based solutions is expected to fuel market growth in the coming years.
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In addition still rising The focus on doing away with manual paperwork and conventional approaches associated with managing a variety of business activities is expected to fuel the growth of the digital transaction management market.
Demand for e-signatures in the global digital transaction management market is expected to remain high due to extensive portfolios of software and services offered by multiple vendors. In addition, the increasing use of e-signature solutions by various industries to improve operational productivity will also boost the market.
According to Fact.MR, the e-signature segment accounted for almost 2/5 of the market revenue in 2021 and is expected to continue to dominate the market during the forecast period.
Regional, North America will continue to dominate the global digital transaction management market during the forecast period. This is due to the increasing shift of companies towards cloud usage, the exponential proliferation of mobile devices and the existence of prominent players in countries like the US
The central theses:
- By component, the hardware segment is expected to account for over 40.5% revenue share of the global digital transaction maintenance market in 2022.
- Based on solutions, the e-signatures segment dominated the digital transaction management market with more than 38.4% of the market revenue in 2021.
- North America is projected to dominate the global digital transaction management market, accounting for over 33.5% revenue share in 2022.
- Demand for digital transaction management solutions in the US is expected to grow at a productive CAGR over the next decade.
- The Digital Transaction Management Market in Asia Pacific will likely show a CAGR of 27% during the forecast period.
- The paradigm shift towards workflow and process automation in various industries is driving growth.
- The introduction of more secure and reliable digital transaction management solutions due to technological advances will further fuel the demand.
- The increasing adoption of cloud-based services around the world is expected to create opportunities for digital transaction management providers over the next decade.
- Increasing demand for digital transaction management (DTM) solutions to improve customer experience and reduce transaction times will boost sales.
- The rising threat of cyber attacks is a key factor restraining the growth in the digital transaction management market.
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Leading digital transaction management vendors invest in research and development, incorporate cutting-edge technology into their products, and provide enhanced products for customers to maintain their dominance. They also pursue strategies such as strategic alliances, treaties, mergers and partnerships.
- in the Sept 2020, ZorroSign Inc. announced a new collaboration with Trusona, a well-known provider of passwordless identification solutions for authenticating user identities. By integrating Identity-as-a-Service architecture, digital signature and a document management system, this creative collaboration expands the company’s capacity as a leading provider of identity verification solutions.
- in the May 2021, ContractRoom, the leading provider of Contract Lifecycle Management (CLM) systems, has been acquired by Mitratech. Mitratech’s end-to-end portfolio of legal and compliance solutions, which already included Enterprise Legal Management (ELM) products for managing core legal functions, TAP workflow automation and VendorInsight to reduce third-party risk, is now even more comprehensive result of this takeover.
Key companies profiled by Fact.MR
- DocuSign Inc.
- Trust Datacard Corporation
- Wolters Kluwer NV
- Kofax Inc.
- Nintex UK Ltd.
- eDOC innovations
More valuable insights on Digital Transaction Management Market
In the latest study, Fact.MR provides a detailed study of the global Digital Transaction Management Market for the forecast period of 2022 to 2032. This study also highlights the key drivers boosting the sales of Digital Transaction Management through detailed segmentation as follows:
- document archiving
- Workflow automation
- Electronic Signatures
By End User:
- IT & Telecom
- retail trade
- North America
- Latin America
- Asia Pacific
- middle East & Africa
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Important Key questions covered in Digital Transaction Management market report
- What is the forecast value of the Digital Transaction Management market in 2022?
- How fast will the global digital transaction management market grow by 2032?
- What factors are restraining the growth of the Digital Transaction Management market?
- Which region is expected to be the leader in the global Digital Transaction Management market between 2022 and 2032?
- What factors are driving the Digital Transaction Management market during the forecast period?
- What is the expected market value of the Digital Transaction Management market during the forecast period?
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