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, restraints, 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 $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 digitizing 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.
Get A Sample Copy of this Report!
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 increase 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 US
- 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 US is expected to grow at a prolific CAGR over the next ten years.
- The digital transaction management market in Asian-Pacific is likely to exhibit a CAGR of 27% during the forecast period.
- Paradigm shift towards workflow and process automations across various industries is increasing 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.
Need an Exclusive Report for Your Unique Requirement!
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 October 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 UK 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 from 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:
- North America
- Latin America
- Middle East & Africa
Interested to Procure The Data? inquire here
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?
Explore Fact.MR’s Coverage on the Technology Domain
Transaction Monitoring Market: As per Fact.MR, the global transaction monitoring market is projected to reach US$39.5 billion by 2032 and exhibit growth at a CAGR of 10.4% during the forecast period from 2022 to 2032. The transaction monitoring industry is expected to grow as a result of the use of advanced analytics to give proactive risk warnings and growing need for enterprises to comply with stringent regulatory agreements.
Cash Management System Market: Global demand for cash management systems is expected to grow exponentially during the forecast period, owing to the rising need for systems that can provide more strategic and advisory processes to enhance cash management of businesses. The use of a cash management system enables businesses to precisely forecast their cash flow as well as reduce and stop any fraudulent behavior.
Wireless Broadband in Public Safety Market: The global wireless broadband in public safety market is anticipated to grow from $26.3 billion in 2022 to $240.1 billion by 2032, with overall demand accelerating at an impressive CAGR of 24.8% during the forecast period. Growing 5G network adoption and demand for mobile connection will fuel the expansion of wireless broadband in the public safety sector.
Mobile Point of Sale Market: A recent study by Fact.MR on the mobile point of sale market offers a 10-year forecast for 2022 to 2032. The study analyzes crucial trends that are currently determining the growth of the market. Mobile point-of-sale market is likely to record a CAGR of 33.5% during the forecast period.
Check it Out More Reports by Fact.MR on Technology Industry
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to delivering insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That’s why focus on offering insights that can actually make a difference to bottom-lines.
Specialties: Competition Tracking, Customized Research, Syndicated Research, Investment Research, Social Media Research, Business Intelligence, Industry Analysis, Thought Leadership.