Digital Transaction Management Market Based on Component (Hardware, Software, Services), End-User (BFSI, Healthcare, Retail, Government), Solution (E-Signature, Authentication, Document Archival, Workflow Automation), and Geography – Global Forecast to 2026
The digital transaction management system significantly expands work processes' efficiency and pace and varieties them more conveniently. Improved Internet penetration and the growing popularity of digital payment modes, particularly in fast-growing counties with a high population density, are key drivers of market development. Concurrently, the rapid adoption of cloud-based services and the introduction of stricter IT security frameworks also positively reflect digital transaction management prospects. The banking sector is predisposed towards cloud services that are likely to create opportunities for the market players in the forthcoming years. The Digital Transaction Management Market is assumed to grow at the rate of 20.8% CAGR by 2026.
Digital Transaction Management Market, by Component
Digital Transaction Management Market, by End-user
- IT & Telecom
Digital Transaction Management Market, by Solution
- Document Archival
- Workflow Automation
Digital Transaction Management Market, by Geography
- North America
- Rest of the World
Technological advancements are paving the means for more secure and stable DTM solutions. Each transaction can be measured as proof of consent specified by the end-user who started the transaction using digital signatures. DTM solutions built on blockchain technology operate a decentralized network for transaction management to thwart malicious attacks.
As per the component segment, digital transaction management has been segmented into hardware, services, and software. The hardware segment conquered the market in 2018 and is projected to preserve its dominance over the estimated period. The increasing demand for Point of Sale machines for digital transaction management from incumbents of the hospitality, retail, and healthcare industries drives the hardware segment's development. Electronic signature pads and contactless cards for digital transaction management are also expected to contribute to the hardware segment's growth.
Based on the solution of the digital transaction management market has been further segmented into workflow automation, authentication, electronic signatures, document archival, and others. The plethora of digital transaction management services offered by various DTM solution vendors agrees on the segment to dominate the market. The authentication segment also accounted for a substantial market share due to the huge demand for digital transaction authentication solutions, particularly from government agencies and incumbents of the BFSI industry.
In the regional market, digital transaction management has been further segmented into North America, Asia Pacific, Europe, and the rest of the world. The presence of several key market players and developing companies providing DTM solutions in North America drives the market growth. Furthermore, the region is also known for adopting the latest digital solutions for transaction management. Such features allow the North American regional market to account for a substantial share of the global market.
Adobe, DocuSign Inc, OneSpan, Kofax Inc, and Entrust Datacard Corporation. Other market incumbents like Nintex Global Ltd, Ascertia, DocuFirst, eOriginal, Inc. are key players covered in the report.
- This Digital Transaction Management market report presents the geographical region and sub-segments expected to have the fastest growth and share.
- This report describes the factors driving and restricting market growth and the market's challenges and opportunities.
- This report gives information on the market-leading players and their position in the market.
- This report also provides continuous market developments and innovations taking place in the Digital Transaction Management market.