Sep 20, 2022, 11:30 ET
Electronic Signatures to Contribute Over 2/5th of Revenue in Digital Transaction Management Market
Fact.MR latest study provides unbiased analysis on the digital transaction management market for the forthcoming decade. It provides compelling insights into growth drivers, restraint3s, and consumer demands influencing digital transaction management sales. Besides this, it provides information about opportunities across various segments including component, solution, end user, vertical, and region.
NEW YORK, Sept. 20, 2022 /PRNewswire/ -- The global digital transaction management market is estimated to reach a valuation of US$ 10.01 Billion in 2022, exhibiting growth at a CAGR of 25% during the forecast period (2022-2032). Sales in the market are expected to total around US$ 93.25 billion by 2032.
Rising usage of digital transaction management solutions across various industries including BFSI, retail, IT & telecom, government, and healthcare is a key factor driving growth in the global market.
Digital transaction management is a cloud computing service that allows businesses to digitally manage document-based transactions. Its aim is to speed up the signing of business agreements and contracts by digitalizing the process in a way that is fast, secure, and accurate.
Adoption of this technology reduces mistakes, lower operating costs, and saves time and money of business by eliminating the need for paper documents and manual processes.
Thus, rising need for improving customer experience and reducing transaction times as well as growing penetration of digitalization will continue to propel the demand for digital transaction management solutions during the forecast period.
Similarly, an increase in the use of cloud-based solutions is expected to bolster market growth during the forthcoming years.
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In addition to this, rising focus towards getting rid of manual paperwork and conventional approaches associated with managing a variety of business activities is expected to foster growth of the digital transaction management market.
Demand is expected to remain high for electronic signatures in the global digital transaction management market as a result of extensive portfolios of software and services offered by several vendors. Further, growing usage of electronic signatures solution by various industries to improve productivity of operations will also boost the market.
As per Fact.MR, the electronic signatures segment accounted for nearly 2/5th of market revenue in 2021 and it is expected to continue dominating the market over the forecast period.
Regionally, North America will continue to dominate the global digital transaction management market during the forecast period. This is owing to the increasing shift of organizations towards cloud usage, exponential mobile penetration, and the existence of prominent players in countries such as the U.S.
- By component, the hardware segment is expected to account for a revenue share of over 40.5% in the global digital transaction maintenance market in 2022.
- Based on solutions, the electronic signatures segment dominated the digital transaction management market with more than 38.4% of market revenue in 2021.
- North America is expected to dominate the global digital transaction management market, accounting for a revenue share of over 33.5% in 2022.
- Demand for digital transaction management solutions in the U.S. is expected to grow at a prolific CAGR over the next ten years.
- The digital transaction management market in Asia Pacific is likely to exhibit a CAGR of 27% during the forecast period.
- Paradigm shift towards workflow and process automations across various industries is boosting the growth.
- Introduction of more secure and reliable digital transaction management solutions due to advancement in technology will further push demand.
- Rising adoption of cloud-based services across the globe is expected to create opportunities for digital transaction management providers over the next ten years.
- Increasing demand for digital transaction management (DTM) solutions for better customer experience and a reduction in transaction times will propel the sales.
- Rising threats of cyberattacks is a key factor restraining growth in digital transaction management market.
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Leading digital transaction management providers are investing in research and development, incorporating cutting-edge technology into their products, and providing improved products for customers to maintain their dominance. Besides this, they adopt strategies such as strategic alliances, contracts, mergers, and partnerships.
- In September 2020, ZorroSign Inc. announced a new cooperation with Trusona, a well-known provider of password-less identification solutions to authenticate user identities. By integrating identity-as-a-service architecture, digital signature, and a document management system, this creative cooperation extends the company's capacity as a leading provider of identity proofing solutions.
- In May 2021, ContractRoom, the leading provider of contract lifecycle management (CLM) systems, was acquired by Mitratech. Mitratech's end-to-end portfolio of legal and compliance solutions, which already included Enterprise Legal Management (ELM) products for managing core legal functions, TAP Workflow Automation, and VendorInsight for reducing third-party vendor risk, is now even more comprehensive as a result of this acquisition.
Key Companies Profiled by Fact.MR
- DocuSign Inc.
- Entrust Datacard Corporation
- Wolters Kluwer N.V
- Kofax Inc.
- Nintex U.K Ltd.
- eDOC Innovations
More Valuable Insights on Digital Transaction Management Market
In the latest study, Fact.MR offers a detailed study on the global digital transaction management market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of digital transaction management through detailed segmentation as follows:
- Document Archival
- Workflow Automation
- Electronic Signatures
By End User:
- Large Enterprises
- IT & Telecom
- Real Estate
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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Key Questions Covered in the Digital Transaction Management Market Report
- What is the projected value of the digital transaction management market in 2022?
- At what rate will the global digital transaction management market grow until 2032?
- Which are the factors hampering the growth in the digital transaction management market?
- Which region is expected to lead in the global digital transaction management market during 2022-2032?
- Which are the factors driving the digital transaction management market during the forecast period?
- What is the expected market value of the digital transaction management market during the forecast period?
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