COVID-19 Vaccine Impact on Digital Transaction Management Market Worth $15.8 Billion 2025
Digital Transaction Management Market Growth & Trends
The global digital transaction management market size is expected to reach USD 15,726.0 million by 2025, registering a CAGR of 19.7% over the forecast period, according to a new report by Grand View Research, Inc. The increasing internet penetration and the growing popularity of digital transactions are expected to trigger the demand for digital transaction management (DTM) solutions over the forecast period. The growing adoption of digital payment modes is also expected to drive the demand for DTM solutions.
The continued digitization of transaction management processes is emerging as one of the key drivers of market growth. As such, the growing adoption of DTM solutions, particularly by BFSI companies and government agencies, to streamline the business processes, is expected to drive the demand for DTM solutions. Adoption of latest technologies, such as Blockchain, Internet of Things (IoT), and Big Data, coupled with the proliferation of cloud services is also expected to play a crucial role in boosting the demand for DTM solutions.
The emergence of workflow automation is emerging as another major factor driving the market growth. Several organizations are aggressively adopting DTM solutions to automate workflows and digitize the repetitive, manual, and paper-intensive processes. Workflow automation solutions can potentially help in avoiding delays, reducing errors, controlling administration costs, and ensuring regulatory compliance.
DTM solutions, such as document archival and electronic signatures, are helping several small- and medium-sized enterprises in managing their documents and digital transactions securely and effectively. DTM solutions are particularly allowing enterprises to reduce administration costs and boost organizational productivity. Such benefits are encouraging more and more businesses around the globe to invest in DTM solutions.
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Digital Transaction Management Market Report
Digital Transaction Management Market Report Highlights
- The workflow automation solution segment is expected to exhibit the highest CAGR exceeding 21% over the forecast period
- In the U.K., the government is primarily focused on shifting from conventional document management to digital technologies for organizing and managing the paperwork digitally
- Growing cyberattacks and risks associated with fraudulent digital transactions are expected to impede the growth of the market over the forecast period
- The BFSI segment dominated the market in 2018 while the government segment is anticipated to witness the fastest growth over the forecast period
- Asia Pacific is expected to emerge as the fastest-growing regional DTM market owing to the high internet penetration and population density existing in emerging economies, such as China and India
- Key players active in the digital transaction management market include Adobe, DocuSign Inc., OneSpan, Kofax Inc., and Entrust Datacard Corporation.