Digital Transaction Management Market Overview, Forecast And Trends 2024-2033

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Overview and Scope

Digital transaction management (DTM) refers to the process of managing, facilitating, and streamlining various types of digital transactions and document-based processes within an organization. DTM involves the use of digital technologies to handle and optimize workflows related to documents, signatures, and approvals.

Sizing and Forecast

The digital transaction management market size has grown exponentially in recent years. It will grow from $11.32 billion in 2023 to $14 billion in 2024 at a compound annual growth rate (CAGR) of 23.6%. The growth in the historic period can be attributed to digitization of business processes, E-signature legislation, mobile technology advancements, cloud computing, cybersecurity concerns and compliance.

The digital transaction management market size is expected to see exponential growth in the next few years. It will grow to $32.4 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%. The growth in the forecast period can be attributed to blockchain integration, artificial intelligence and automation, advanced authentication methods, extended ecosystem integration, regulatory and compliance evolution. Major trends in the forecast period include integration of advanced security measures, expansion of cross-border DTM solutions, rise of industry-specific DTM solutions, greater emphasis on user collaboration and workflows, continued evolution of mobile DTM solutions.

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Segmentation & Regional Insights

The digital transaction management market covered in this report is segmented –

1) By Component: Hardware, Software, Services

2) By Application: Retail, Healthcare, Information Technology (IT) And Telecommunications, Manufacturing, Banking, Financial Services And Insurance (BFSI), Travel And Transportation, Government, Other Applications

3) By End-User: Large Enterprises, Small And Medium Enterprises (SMEs)

North America was the largest region in the digital transaction management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital transaction management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The increase in demand for cloud services is expected to propel the growth of the digital transaction management market going forward. Cloud services refer to delivering computing services over the internet (the cloud) to offer flexible resources. The demand for cloud services is increasing rapidly due to their scalability, cost-effectiveness, and flexibility in meeting diverse computing needs. Cloud services facilitate the seamless integration and secure storage of digital transaction data, enhancing efficiency and accessibility in digital transaction management. For instance, in December 2023, according to the European Commission (EC), the Belgium-based executive body of the European Union (EU), 42.5% of enterprises in the European Union (EU) bought cloud computing services. Primarily utilized for email, file storage, and office software, this marked a 4.2% increase compared to 2021. Therefore, the rise in demand for cloud services is driving the growth of the digital transaction management market.

Key Industry Players

Major companies operating in the digital transaction management market are SAP SE, Adobe Inc., Wolters Kluwer N.V., DocuSign Inc., Entrust Corp., Kofax Inc., OneSpan, Mitek Inc., Nitro Software Inc., PandaDoc, GetAccept, PactSafe, eDOC Innovations, InsureSign, Nintex USA Inc., Formstack Sign, Accusoft Corporation, SignNow, SignEasy, Namirial, SignRequest, eSignLive, Legalesign, ZorroSign Inc., HelloSign, Sertifi Inc., DocuFirst

The digital transaction management market report table of contents includes: