A recent Fact.MR analysis projects that between 2022 and 2032, the global market for digital transaction management will expand at a compound annual growth rate (CAGR) of 25%. By the end of 2032, the market is anticipated to reach US$ 93.25 billion.
The industry saw an increase with a CAGR of over 22% from 2015 to 2021, surpassing US$ 8 Bn. Following the COVID-19 epidemic and the subsequent global lockdown, electronic technology usage has unquestionably increased. People and organisations all across the world have had to adjust to new methods of residing and conducting business. Businesses all across the world are concentrating on issuing assurances and approving funding transactions without using paper.
With DTM, transaction processing is quicker and more streamlined. Business transactions are using electronic signatures more frequently, which is encouraging for the market’s expansion. In 2021, North America—particularly the US—dominated the market. But over the projection period, the Asia-Pacific region is anticipated to lead the market.
Important conclusions from the market study
- The market is anticipated to reach a US$10.01 billion global market size by the end of 2022.
- In 2022, North America generated more than 33.5% of global sales.
- Hardware-based digital transaction management systems are expected to rule the market in 2022, accounting for more than 40.5% of total revenue.
- The electronic signatures market category produced more than 38.4% of market revenue in 2021.
- In 2022, major businesses will account for almost 55.5% of market revenue.
Innovative features including automated reminders, seamless document generation, automated tracking, and customizable workflows have been added to the digital transaction management services offered by market participants. Vendors are also creating solutions that adhere to a variety of international standards for auditing agreements and security circumstances.
- All Norwegian banks employ BankID, a personal electronic identification system, according to a September 2021 announcement from OneSpan. BankID will make use of OneSpan’s anti-fraud and cloud authentication systems.
- In order to simplify the workflow creation process, Nintex launched its Nintex Workflow Generator as part of its Nintex Promapp service in 2019.
- In March 2019, Dropbox purchased HelloSign for $230 million USD. One of HelloSign’s major factors is its main offering, WelcomeWorks WCA.
What is the Large Enterprises Segment’s Outlook?
Large businesses will be responsible for more than 55.5% of the market’s revenue in 2022. For large businesses, the capacity to manage transaction workflows and guarantee effective business procedures is still essential. Therefore, for effective handling of transactions and transaction documentation, large firms are more inclined to employ digital transaction management solutions.
To provide sufficient user authentication, log time-stamped modifications, and engage with reviewers, most large organisations utilise digital transaction management solutions. This helps to speed up the entire business process.