Digital Transaction Management Market Expected To Witness A Substantial Growth Of $15.8 Billion By 2025: Grand View Research Inc.
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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The continued adoption of digital
solutions for management and automation of business and transaction management
processes is expected to drive the market growth over the forecast period.
Organizations are eliminating paperwork and other conventional approaches and
switching to digital solutions for regular business activities, such as
document archival, authentication, threat intelligence, and other transaction
management activities, among others. Increasing internet penetration is
particularly encouraging organizations to adopt DTM solutions. The growing
popularity of digital payment modes is also anticipated to fuel the demand for
DTM solutions.
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.
Market players are expanding the
capabilities of DTM solutions by adding various innovative features to their
solutions. Such features may include seamless document generation, automatic
reminders, configurable workflows, and automated tracking, among others. Market
players are also emphasizing on developing DTM solutions complying with various
government regulations, global security standards, and auditing agreements,
among others, particularly in line with the evolving requirements of BFSI
companies and government agencies. As a result, the market is turning out to be
highly competitive.
Market incumbents, such as Nintex
Global Ltd.; Ascertia; DocuFirst; and eOriginal, Inc.; are also investing
aggressively in research and development to enhance their product portfolio.
Market players are pursuing various strategies to expand their geographical
reach and strengthen their foothold in the market. As such, they are
particularly focusing on new product developments, mergers and acquisitions,
strategic partnerships, and business expansions. Some of the prominent players
in the digital transaction management market include:
- Adobe
- DocuSign Inc.
- OneSpan; Kofax Inc.
- Entrust Datacard Corporation.
- Nintex Global Ltd.
- Ascertia
- DocuFirst
- eOriginal Inc
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For
More Information:www.grandviewresearch.com
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