Global Digital Transaction Management Market, By
Solution (E-signature, Authentication, Document Archival, Workflow Automation),
By Component (Hardware, Software, Services), End User (BFSI, Healthcare,
Retail, Government) - Forecast 2023
The management of document-based transactions
digitally is the crux of the purpose of digital transaction management process.
The moving time frame and the advancement in digital technology is creating
huge market opportunities for developers and producers. The market’s growth is
increasingly spurred by the surge in the usage of smart devices such as
wearables, smartphone, mobile applications to name a few. The rising acceptance
of digital transactions by consumers is also influencing the providers to offer
more pioneering and secure platforms for monetary transactions to their
customers. The market is also considerably subjected to the need to achieve
efficiency and development in terms of transactions.
The market is anticipated to achieve revenues worth
USD 5,552.91 million while growing at a CAGR of 25.73 percent in the duration
of the forecast period from 2017 to 2023. The market is a bolstered by the
growing application of IT security and implementation of cloud-based services.
Development and expansion of cloud technology and services has widened the
market’s capabilities and industry outreach. The gradually rising adoption of
digital transaction management in the banking sector is inducing a higher level
of flexibility in its agile business model to meet the changing business as
well as consumer needs that have gained prevalence lately.
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Segmental Analysis
The market for digital transaction management is
segmented on the basis of components, solutions, and end user. The segmentation
on the basis of solutions comprises of document archival, e-signature,
authentication and workflow automation.
By solution, the E-Signature segment is a chief
segment in the digital transaction management growing at 26.47 percent CAGR and
workflow automation market is expected to develop at a rapidly growing 28.85
percent CAGR during the forecast period from 2017 to 2023. The segment on the
basis of component comprises of software, hardware, and services.
By component, the hardware segment is leading in the
digital transaction management with 23.78 percent CAGR and the software market
is projected to develop at a rapidly developing 28.22 percent CAGR during the
forecast period.
By end users, the market is segmented into BFSI,
commercial, retail, healthcare, IT & telecommunication, and government. The
commercial segment is leading the market for digital transaction management in
2017 and is projected to develop at a rapidly growing 28.58 percent CAGR for
the period of forecast.
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Regional Analysis
The regional analysis of the
market includes APAC, Europe, North America and the rest of the world. The
North American region is controlling the digital transaction management market
trailed by the European and Asia Pacific region.
The demand for the market
for digital transaction management is propelled by the existence of a
technically advanced economy and growing adoption of cloud services in the
North American region. Nations such as Canada, U.S, and Mexico have invested
significantly in the research and development of automation and cloud
technologies. U.S. is followed by Canada as the foremost digital transaction
management market in the region and has created a combined revenue of USD
465.89 million in 2017. While Canada is anticipated to develop at a robust
26.66 percent CAGR during the forecast period from 2017 to 2023. The European
region is the next major market for the digital transaction management owing to
the huge market demand for e-commerce and amplified the adoption rate for
automation. The region is a technically advanced region and has a
well-established infrastructure. U.K. has had achieved the top revenue of USD
216.75 million in 2017. Whereas, Germany is likely to develop at a rapidly
growing 28.79 percent CAGR during the forecast period from 2017 to 2023.
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