Global Digital Transaction Management Market Size, Trends, and Analysis- Forecasts To 2026 By Component (Services, Hardware, Services), By Solution (Workflow Automation, Document Archival, Electronic Signatures, Authentication, Others), By Vertical (Healthcare, Government, BFSI, IT & Telecom, Retail, Others), By End-User (Small and Medium-sized Enterprises, Large Enterprises), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa); End-User Landscape, Company Market Share Analysis & Competitor Analysis
As companies digitally evolve, digital transaction management (DTM) is rising as a category. It is the method of handling documented-based routine activities by electronic techniques. Digital payment is a payment system in which both payers and payees use digital ways of sending and receiving money. It is a cloud-based service designed for handling document-based transactions digitally. During the forecasted timeframe, the growing demand for DTM solutions and the increasing acceptance of digital payment modes are expected to help market growth. One of the main trends driving the market growth is the growing adoption of digital technologies for the management and automation of company and transaction management processes. Based on blockchain technology, DTM solutions use a decentralized transaction management network to combat malicious attacks. Furthermore, the rising cases of cyber-attacks and security breaches in default of a digital transaction are expected to influence the demand for DTM solutions between 2021 and 2026.
The three distinct categories of components of digital transaction management are services, hardware, and software. Over the projected timeline, the software segment will grow at a fast CAGR rate. The growth of the software segment is primarily due to the increasing demand for different DTM software, such as software for contract lifecycle management (CLM), among others. The cloud computing capabilities of DTM solutions can help to manage digital transactions effectively, despite having to invest in dedicated infrastructure.
The four distinct types of solutions are workflow automation, document archival, electronic signatures, and authentication, among others. In terms of revenue growth, in 2019, the authentication solution was the largest market shareholder. This is due to the massive demand, particularly from government agencies and BFSI industry representatives, for digital transaction authentication solutions.
Small and mid-sized enterprise and large enterprise, are the two different aspects of the end-user. The large enterprises were the largest market shareholder in terms of revenue generation in 2019. Large organizations find it more necessary, to coordinate their transaction workflows and ensure reliable and cost-effective business processes. Large companies are also more likely to opt for transaction management DTM solutions.
Healthcare, government and defense, BFSI, software and technology, manufacturing, retail, and telecom, among others are the different verticals of the market. The healthcare and retail segment is expected to dominate the market over the expected timeline. Hospitals are implementing DTM solutions for managing the records and documentation of patients digitally. The e-commerce industry's rapid growth is also projected to augment over the projected timeframe.
The dominant market segment as per revenue generation is held by the North American region. This is due to the early adoption of the latest digital solutions for transaction management, and emerging companies offering DTM solutions across the government sector. On the other hand, owing to the increasing internet prevalence and urban growth in emerging economies, such as China and India, Asia Pacific is expected to emerge as the fastest-growing region DTM market.
Adobe, DocuFirst, eDOC Innovations, eOriginal, Inc., Nintex UK Ltd., Ascertia, Entrust Datacard Corporation, Onespan, Docusign Inc., and Kofac Inc., among others are the key vendors competing in the digital transaction management market.
Please note: This is not an exhaustive list of companies profiled in the report.
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The Global Digital Transaction Management Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Digital Transaction Management Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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