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Industry Insights, Market Size, CAGR, High-Level Analysis: Digital Transaction Management Market The global digital transaction management (DTM) market size was valued at USD 4,585.6 million in 2018 and is expected to exhibit a CAGR of 19.7% from 2019 to 2025. The continued adoption of digital solutions for management and automation of business and transaction management processes is expected to drive the market growth over the forecast period. Organizations are eliminating paperwork and other conventional approaches and switching to digital solutions for regular business activities, such as document archival, authentication, threat intelligence, and other transaction management activities, among others. Increasing internet penetration is particularly encouraging organizations to adopt DTM solutions. The growing popularity of digital payment modes is also anticipated to fuel the demand for DTM solutions. DTM envisages digital management of a document-based transaction. It can potentially reduce friction and fasten a transaction that involves data and documents as well as human intervention. In other words, DTM can allow companies to automate their routine tasks that involve frequent paperwork, thereby saving time, freeing resources for more productive tasks, and achieving faster time-to-revenue cycles. As such, digital transaction management solutions can offer an effective alternative for managing documents, sharing of information, and collaborating on projects. The capabilities of DTM solutions have evolved significantly from eSignatures to workflow and content automation (WCA). Companies are leveraging all these improved capabilities to streamline their transaction management processes. Meanwhile, governments across the globe are aggressively investing in DTM solutions as a step toward digital governance. For instance, in the U.K., the government has established GOV.UK Pay, which happens to be a free and secure online payment service for the public sector and government organizations. Advances in technology are paving the way for more secure and stable DTM solutions. For instance, the Blockchain technology is capable of providing a series of timestamped data records in the form of a chain that links together all the records. Each transaction can be considered as proof of consent given by the end user who initiated the transaction using digital signatures. DTM solutions that are built on the blockchain technology utilize a decentralized network for transaction management to thwart malicious attacks. Digital management of a transaction continues to evolve as combinations of latest digital technologies, such as cloud computing, Big Data, Internet of Things (IoT), and artificial intelligence (AI), are leading to innovative DTM solutions. Any advances in these digital technologies would further increase the adoption of DTM solutions. However, data security and information privacy remain to be the major concerns, particularly for the end users of DTM solutions. As such, the growing instances of cyberattacks and security breaches to default a digital transaction are expected to take a toll on the demand for DTM solutions. Component Insights of Digital Transaction Management Market Based on component, the market for digital transaction management has been further segmented into hardware, software, and services. The hardware segment dominated the market in 2018 and is expected to maintain its dominance over the forecast period. The growing demand for Point of Sale (POS) machines for digital transaction management from incumbents of the retail, hospitality, and healthcare industries is primarily driving the growth of the hardware segment. The emergence of electronic signature pads and contactless cards for digital transaction management is also expected to contribute to the growth of the hardware segment. The software segment is expected to register the highest CAGR of 22.1% from 2019 to 2025. This growth can be attributed to the growing demand for various DTM software, such as contract lifecycle management (CLM) software, among others. The cloud computing capability of DTM solutions can aid in the effective management of digital transactions without having to invest in dedicated infrastructure. The services segment is also expected to witness a steady growth and register a CAGR exceeding 20% over the forecast period. Solution Insights of Digital Transaction Management Market Based on solution, the DTM market has been further segmented into electronic signatures, workflow automation, authentication, document archival, and others. The electronic signatures segment dominated the market in 2018 accounting for a market share of more than 30%. The plethora of digital transaction management services being offered by various DTM solution vendors is allowing the segment to dominate the market. The authentication segment also accounted for a significant market share owing to the huge demand for digital transaction authentication solutions, particularly from government agencies and incumbents of the BFSI industry. The workflow automation segment is expected to register the highest CAGR exceeding 21% from 2019 to 2025. Workflow automation allows businesses to save money and time, reduce errors, and deploy resources on more productive tasks. Workflow automation solutions also allow organizations to define specific conditions and rules designed to avoid potential mistakes in a transaction. The growing preference for workflow automation solutions is expected to drive the growth of the workflow automation segment over the forecast period. End User Insights Based on end user, the market for digital transaction management has been further segmented into large enterprises and SMEs. The large enterprises segment dominated the market in 2018 and is expected to maintain its dominance over the forecast period. Large enterprises find it more critical to organize their transaction workflows and ensure efficient and cost-effective business processes. Hence, large organizations are more likely to opt for DTM solutions for transaction management. However, SMEs have also started adopting DTM solutions gradually for effective transaction management and automation. As a result, the SMEs segment is anticipated to register a significant CAGR of approximately 20% from 2019 to 2025. The growth can be attributed to the technological shift SMEs have been pursuing from conventional transaction management to digital transaction management. SMEs are particularly preferring state-of-the-art, next-generation DTM solutions based on the latest technologies, such as artificial intelligence, to reduce risks and control administration costs. Vertical Insights Based on vertical, the digital transaction management market has been further segmented into retail, BFSI, healthcare, IT & telecom, government, and others. The market has been witnessing significant growth, particularly as incumbents of the retail and healthcare industries are increasingly opting for digital transaction management. For instance, hospitals are adopting DTM solutions for digitally managing patients’ records and documents. The rapid growth of the e-commerce industry is also anticipated to drive the market over the forecast period. The BFSI segment dominated the market in 2018 and is expected to maintain its dominance over the forecast period. Transaction workflow of banks and financial centers often tends to be agile in nature. Hence, incumbents of the BFSI industry are aggressively adopting cloud-based DTM solutions to improve and add flexibility to their transaction management processes. The government sector is also expected to adopt digital transaction management solutions rapidly as part of the digital governance initiatives being pursued by various governments around the world. Hence, the government segment is anticipated to exhibit a CAGR exceeding 21% from 2019 to 2025. Regional Insights of Digital Transaction Management Market Based on region, the market for digital transaction management has been further segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. North America accounted for a market share of more than 35% in 2018. North America is home to several key market players as well as emerging companies providing DTM solutions. Moreover, the region is also known for early adoption of the latest digital solutions for transaction management. Such factors are allowing the North America regional market to account for a substantial share of the global market. The European regional market also held a significant revenue share in the global market and is expected to grow at a noticeable CAGR over the forecast period. The growth can be attributed to the noteworthy adoption of DTM solutions across the government sector. However, the Asia Pacific regional market is expected to witness substantial growth and register the highest CAGR of approximately 21% from 2019 to 2025. The continued rise in the adoption of digital solutions for transaction management in developing countries, such as India and China, is expected to drive the growth of the regional market. Market Share Insights of Digital Transaction Management Market Market players are expanding the capabilities of DTM solutions by adding various innovative features to their solutions. Such features may include seamless document generation, automatic reminders, configurable workflows, and automated tracking, among others. Market players are also emphasizing on developing DTM solutions complying with various government regulations, global security standards, and auditing agreements, among others, particularly in line with the evolving requirements of BFSI companies and government agencies. As a result, the market is turning out to be highly competitive. Some of the notable players in the market include Adobe; DocuSign Inc.; OneSpan; Kofax Inc.; and Entrust Datacard Corporation. Other market incumbents, such as Nintex Global Ltd.; Ascertia; DocuFirst; and eOriginal, Inc.; are also investing aggressively in research and development to enhance their product portfolio. Market players are pursuing various strategies to expand their geographical reach and strengthen their foothold in the market. As such, they are particularly focusing on new product developments, mergers and acquisitions, strategic partnerships, and business expansions. Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Digital Transaction Management Market Research Report The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global digital transaction management market report based on component, solution, end user, vertical, and region. Component Outlook (Revenue, USD Million, 2019 - 2030) Hardware Software Services Solution Outlook (Revenue, USD Million, 2019 - 2030) Electronic Signatures Workflow Automation Authentication Document Archival Others End User Outlook (Revenue, USD Million, 2019 - 2030) Large Enterprises SMEs Vertical Outlook (Revenue, USD Million, 2019 - 2030) Retail BFSI Healthcare IT & Telecom Government Others
Table of Contents Chapter 1 Methodology and Scope 1.1 Market Segmentation 1.2 Report Scope 1.3 Research Methodology 1.4 Research Scope and Assumptions 1.5 List of Data Sources 1.6 List of AbbreviationsChapter 2 Executive Summary 2.1 Market Outlook 2.2 Segmental OutlookChapter 3 Market Variables, Trends & Scope 3.1 Market Lineage Outlook 3.1.1 Parent Market Outlook 3.1.2 Related/Ancillary Mar | read more...