Pune, India, July, 2018 /press release/- Market Research Future Published a Cooked Research Report on Global Digital Transaction Management Market Research Report.
The management of document based transactions digitally is the crux of the purpose of digital transaction management process. The moving time frame and the advancement in digital technology is creating huge market opportunities for developers and producers. The market’s growth is increasingly spurred by the surge in the usage of smart devices such as wearables, smartphone, mobile applications to name a few. The rising acceptance of digital transactions by consumers is also influencing the providers to offer more pioneering and secure platforms for monetary transactions to their customers. The market is also considerably subjected to the need to achieve efficiency and development in terms of transactions.
The market is anticipated to achieve revenues worth USD 5,552.91 million while growing at a CAGR of 25.73 percent in the duration of the forecast period from 2017 to 2023. The market is a bolstered by the growing application of IT security and implementation of cloud based services. Development and expansion of cloud technology and services has widened the market’s capabilities and industry outreach. The gradually rising adoption of digital transaction management in the banking sector is inducing a higher level of flexibility in its agile business model to meet the changing business as well as consumer needs that have gained prevalence lately. The upsurge in the amount of transactions carried out by consumers who are using digital tools such as mobile banking, net banking, or from digital wallets is similarly creating a high growth opportunity for digital transaction services providers in the market.
The rising number of active internet users are also contributing to the progress of the market by enhancing the potential user base for the market substantially. The market is expected to be influenced to a great extent due to the escalation in security concerns for digital business transaction that are being noted around the world. However, the need to provide innovative ad secure platforms for payments to customers is expected to drive the growth of the market in the forecast period.
The market for digital transaction management is segmented on the basis of components, solutions, and end user. The segmentation on the basis of solutions comprises of document archival, e-signature, authentication and workflow automation. By solution, the E-Signature segment is a chief segment in the digital transaction management growing at 26.47 percent CAGR and workflow automation market is expected to develop at a rapidly growing 28.85 percent CAGR during the forecast period from 2017 to 2023. The segment on the basis of component comprises of software, hardware, and services. By component, the hardware segment is leading in the digital transaction management with 23.78 percent CAGR and the software market is projected to develop at a rapidly developing 28.22 percent CAGR during the forecast period. By end users, the market is segmented into BFSI, commercial, retail, healthcare, IT & telecommunication, and government. The commercial segment is leading the market for digital transaction management in 2017 and is projected to develop at a rapidly growing 28.58 percent CAGR for the period of forecast.
The regional analysis of the market includes APAC, Europe, North America and the rest of the world. The North American region is controlling the digital transaction management market trailed by the European and Asia Pacific region. The demand for the market for digital transaction management is propelled by the existence of a technically advanced economy and growing adoption of cloud services in the North American region. Nations such as Canada, U.S, and Mexico have invested significantly in the research and development of automation and cloud technologies. U.S. is followed by Canada as the foremost digital transaction management market in the region and has created a combined revenue of USD 465.89 million in 2017. While Canada is anticipated to develop at a robust 26.66 percent CAGR during the forecast period from 2017 to 2023. The European region is the next major market for the digital transaction management owing to the huge market demand for e-commerce and amplified the adoption rate for automation. The region is a technically advanced region and has a well-established infrastructure. U.K. has had achieved the top revenue of USD 216.75 million in 2017. Whereas, Germany is likely to develop at a rapidly growing 28.79 percent CAGR during the forecast period from 2017 to 2023.
The companies in the market are simplifying the business process by digitizing and automating paper-based workflows that include the elimination of issues of scanning, signatures, faxing, and printing of documents. The market is also witnessing a rise in usage of smart devices such as wearable, smartphone, mobile applications and others which are supporting industries in becoming digitally advanced. The Users in the market are also able to execute on-line transactions with the highest security standards with a single credential. The prominent competitors in the market for digital transaction management comprise of Insight Enterprise Inc. (U.S.), Namirial Spa (Italy), EuroNoVate (Switzerland), ThinkSmart (U.S.), Assuresign (U.S.), DocuSign Inc. (U.S.), eSignLive (U.S.), eOriginal (U.S.) and ZorroSign (U.S.).