ID: MRFR/ICT/0597-CRR | July, 2018 | Region: Global | 110 pages | Cooked Research Reports
Global Digital Transaction Management Market, By Solution (E-signature, Authentication, Document Archival, Workflow Automation), By Component (Hardware, Software, Services), End User (BFSI, Healthcare, Retail, Government) - Forecast 2023
In 2017, the global digital transaction market value stood at over USD 1,400 Mn and the figure is likely to grow to USD 5,552.91 Mn by the end of 2023, reflecting a double-digit CAGR during the review period (2017-2023). Digital transaction management system significantly improves the efficiency and pace of work processes and make them more convenient. Increased internet penetration and growing popularity of digital payment modes, especially in fast-developing counties with high population density is a major factor supporting the growth of the market. At the same time, rapid adoption of cloud based services and introduction of more stringent IT security frameworks is also reflecting favorably on the prospects of digital transaction management. The baking sector continues to incline towards cloud services, which is likely create opportunities for market player is forthcoming years. However, the impending threat cyber-attack and digital fraudulence are some of formidable challenges for the market.
This MRFR study examines the global market landscape of digital transaction management and offers a viewpoint on the growth opportunities of the market over the next five years, until 2023. It also assesses the opportunities and threats that market players are likely to come across during the review period. The study also covers an analysis of all the important parameters pertinent to digital transaction management market. A discussion on all the major digital transaction management solutions (e-signature, authentication, document archival and workflow automation) has been presented in the research document. The scope of discussion also covers digital transaction management components such as hardware, software and services. A revenue analysis has been made on the basis of primary end-users of digital transaction management systems, which include commercial, BFSI, retail, IT & telecommunication, healthcare and government.
Historical market trends, market dynamics, forecast, market value by region as well as by segmentation, country level analysis for each market segment, key player’s market share analysis and market factor analysis which covers supply chain and porter’s five forces analysis of the market.
Global Key Player Market
Market Research Future includes following key players for digital transaction management market research study: DocuSign Inc. (U.S.), Insight Enterprise Inc. (U.S.), Namirial Spa (Italy), ThinkSmart (U.S.), Assuresign (U.S.), EuroNoVate (Switzerland), ZorroSign (U.S.), eSignLive (U.S.), eOriginal (U.S.).
Market Research Future (MRFR) deploys its proven and fail-safe research frameworks for providing extensive analysis of relevant industries, drawing insights into the competitive landscape of markets. Our data analysts conduct market research using two fundamental methods-primary research and secondary research. The primary data is collected by conducting first hand interviews with operational and management level executives across the value chain. The secondary research ensures the authenticity and accuracy of data curated through primary research by referring to white paper references, research publications, and, SEC filings among others. Our top-down and bottom-up approaches assure the deliverance of objectivity and high-quality of the derived market data. The utilization of sophisticated analytic tools fosters intelligent assessment of the key market dynamics to provide our clients with holistic perspective on the opportunities and restraints of the market.
For the scope of the research, MRFR’s report offers a comprehensive segmental analysis of the global market for digital transaction management
The global digital transaction management (DTM) market valued USD 1,405.85 Mn in 2017 and is projected to achieve an outstanding CAGR of 25.73% during the forecast period of 2017 to 2023. This projects notable growth for the market and will lead the market to an estimated evaluation of USD 5,552.91 Mn by the end of 2023. Global digitalization is among the key factors driving the growth of the market.
In the past few years, there have been noteworthy advancements in digital technology which have contributed to the shaping of considerable market opportunities across various sectors. Crucial sectors such as manufacturing, telecommunication, banking, IT and others are digitizing in an effort to achieve greater efficiency in day-to-day operations. Moreover, with the widespread penetration of smartphones and other personal electronic devices, combined with the growing usage of wearable devices are encouraging end-user industries to digitize operations to keep up with changing consumer demands and expectations. In light of this, end-use industries, particularly the banking sector, have swiftly adopted digital transaction management solutions. The demand for digital transaction solutions is increasing further due to the growing use of cloud-based services and the implementation of IT across various end-use industry verticals. Cloud-based technology has come a long way in broadening its capabilities and in providing solutions that make data retrieval, data management, and other digital transactions highly efficient. The lack of physical infrastructure costs, and the use of third-party services allows organizations to focus on core business operations. Use of digital transaction management which is deployed using cloud-based solutions allow efficient data transactions which lead to improved offerings to consumers. The banking sector uses DTM solutions for digital banking services such as the integration of real-time customer data, incorporating third-party services and building a safe environment for digital transactions of money. Other examples of digital transaction solutions in the banking sector include mobile banking, digital wallets, ATMs and other banking services. Using cloud-based DTM solutions has proven to reduce costs, and improve performance, agility and efficiency.
Digital transaction platforms are gaining preference among consumers and industries. However, the security of the platform is of utmost importance, and there is a risk of involvement of unauthorized users and hackers who may corrupt or steal data. Breach of financial transactions is another concern which can create complications for both consumers and organizations making cyber-attacks a notable restraint of global market growth. Notably, the increasing sophistication of cyber-attacks has proportionately increased the development activities regarding highly complex security measures, thus mitigating the challenge to some extent. Moreover, the increasing adoption of consumers using digital platforms across industries other than banking is expected to reveal opportunities for market expansion in the foreseeable future.
The global digital transaction management market is segmented on the basis of solution, component, end-user, and region. By solutions, the market is segmented into e-signature, authentication, document archival and workflow automation. The e-signature market presently accounts for the most significant segment and is expected to retain its leading market position throughout the assessment period with a CAGR of 26.47%
By component, the market is segmented into hardware, software, and services. Of these, the software segment is set to grow at the highest CAGR of 28.22% and cross into a billion dollar value by the end of the forecast period. The segments considerable growth is due to the proliferation of cloud-based services.
By end-user, the market is segmented into commercial, BFSI, retail, IT & telecommunication, healthcare, and government. The commercial segment captures the largest share of the total market and is expected to grow from USD 336.82 Mn recorded in 2017 to an estimated USD 1.521.93 Mn by the end of the assessment period in 2023. This growth is owing to the commercial sector being greatly affected by the use of DTM solutions in their business activities. They carry many benefits when used across various industries including the speeding-up of regular business processes, ease in data management & retrieval, allows the automation of workflow and offers greater overall productivity.
North America presently dominates the global DTM market with the largest share and is followed by Europe. These regions are technologically advanced and are swift in their adoption of the latest in digital technology. The high investments being made toward the development and adoption of cloud-based technologies is expected to propel these regions toward significant growth. U.S and Canada lead the North American market and have recorded combined revenue of USD 465.89 Mn in 2017. Meanwhile, U.K has generated the highest revenue in the European region of USD 216.75 Mn in 2017. Germany is projected to grow with the highest CAGR of 28.79% during the review period due to the growing market for e-commerce and growing adoption of processes that allow automation.
Driven by market strategies such as research & development activities, mergers & acquisitions and new product launches, the study of the global DTM market has brought several prominent players to light for their contribution to the competitive landscape of the market. Influential market-leading players in the market include Docusign Inc., EuroNoVate, and Namirial. Other notable players participating in the market include Assuresign, ThinkSmart, ZorroSign, eSignLive, and eOriginal among other.s
Competitive Landscape- Digital Transaction Management
Global digital transaction management market consist of several players, but the market is dominated by five leading companies. DocuSign Inc., Insight, Namirial, EuroNoVate, and Assuresign are the major dominant players in this market. These players are the foremost providers of digital transaction management and electronics signature technology solution and accounted for over 60% of global shares in 2016.
By accounting more than 60% of global shares, DocuSign is dominating the digital transaction management market. The company helps to simplify business process by digitizing and automating paper-based workflows which involve signatures, eliminating the issues of scanning, faxing, and printing of documents. Further, they also provides cloud-based service helps to send and manage agreements, securely sign, anytime, anywhere, from any device. Around 300,000 new users join the DocuSign global trust network every day. For U.S. Federal government of the country, it offers high grade security to government agencies, and offers specialized storage and encryption of agencies' data.
Namirial and EuroNoVate are the major players which are contributing in increasing the market revenue of digital transaction worldwide. Namirial operates through providing trust services, cyber defence, building & construction, and telemedicine. Under digital transaction management, it provides Namirial eSignAnyWhere (eSAW) DTM platform to support all types of e-signature. This platform offers various solution to the companies such as handwritten biometrics, eIDAS compliant qualified electronic signatures with Remote and Local certificates and others. On 30th June 2017, the company launched electronic identity service with the name of SPID for their clients. SPID allows customer to access on line services that are part of the community with the single account. With the help of this service, user can execute on-line transactions with the highest security standards with just a single credential. EuroNoVate, on the other hand, majorly operates in digital transformation solutions which include biometric signature solutions, Ensoft, and biometric software solution among others. The company operates with total revenue of USD 12 million in 2017.