Digital Transaction Management Market to Touch USD 5,552.91 Million by 2027
Market Analysis
The Digital Transactions Market size will touch USD 5,552.91 million at a healthy CAGR in the forecast period (2020- 2027), as per the latest Market Research Future (MRFR) report.
Digital Transactions Market Drivers/Digital Transactions Market Trends
Constant Adoption of Digital Solutions to Boost Market Growth
The constant adoption of digital solutions for management of business and transaction management processes and automation coupled with increasing internet connectivity may boost market growth over the forecast period.
Opportunities:
Shift towards Digitalization to offer Robust Opportunities
The shift towards digitalization coupled with the growing popularity of digital payment modes may offer robust opportunities for this market in the forecast period.
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Restraints:
Threat to Cyber-Attacks May act as Market Restraint
The impending threat of cyber-attacks may impede the global digital transaction management (DTM) market growth over the forecast period.
Challenges:
Digital Fraudulence to act as Market Challenge
Different forms of digital fraudulence may act as a market challenge over the forecast period.
COVID-19 Analysis
The entire globe has been hit via the COVID-19 crisis. Industries have been impacted resulting in the slowdown of the economy across the globe. Government imposed lockdowns in maximum countries have confined people inside their homes to stop the spread of the deadly disease. Thus digital transaction management has gone up to avoid physical interaction and above all ensure a secure payment process. Besides, the increase in video streaming platforms and growing demand for e-commerce are also adding to the Digital Transactions Market share in the region.
Market Segmentation:
The Digital Transactions Market has been segmented based on solution, component, and end user.
By solution, the e-signature segment will lead the market over the forecast period followed by the workflow automation segment.
By component, the hardware segment will dominate the market over the forecast period for the increasing demand for POS machines for digital transaction management from retail industries, hospitality, and healthcare.
By end user, the retail and healthcare segment will spearhead the market over the forecast period for the growing adoption of DTM solutions by hospitals for digitally managing patients’ documents and records and rapid growth of the e-commerce industry.
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Regional Analysis:
North America to Precede Digital Transactions Market
North America will precede the market over the forecast period. Early adoption of the latest digital solutions especially for transaction management, the region being the home to several key market players, emerging companies offering DTM solutions, and growing applications of digital transaction management solutions for sharing information in an organized manner in various industries in Canada and the US are adding to the global Digital Transactions Market growth in the region.
Key Players:
Eminent market players profiled in the global Digital Transactions Market report include DocuSign Inc. (U.S.), Insight Enterprise Inc. (U.S.), Namirial Spa (Italy), ThinkSmart (U.S.), Assuresign (U.S.), EuroNoVate (Switzerland), ZorroSign (U.S.), eSignLive (U.S.), eOriginal (U.S.).
The global Digital Transactions Market is fragmented and also competitive for the presence of different international domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches, and more.
Industry Updates:
ACI Worldwide has teamed up with PayPal to offer bill payments through digital wallet thus giving its customers higher choices in bill payment methods.
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