SAN FRANCISCO, Sept. 3, 2019 /PRNewswire/ -- The global digital transaction management market size is expected to reach USD 15,726.0 million by 2025, registering a CAGR of 19.7% over the forecast period, according to a new report by Grand View Research, Inc. The increasing internet penetration and the growing popularity of digital transactions are expected to trigger the demand for digital transaction management (DTM) solutions over the forecast period. The growing adoption of digital payment modes is also expected to drive the demand for DTM solutions.
Key suggestions from the report:
- The workflow automation solution segment is expected to exhibit the highest CAGR exceeding 21% over the forecast period
- In the U.K., the government is primarily focused on shifting from conventional document management to digital technologies for organizing and managing the paperwork digitally
- Growing cyberattacks and risks associated with fraudulent digital transactions are expected to impede the growth of the market over the forecast period
- The BFSI segment dominated the market in 2018 while the government segment is anticipated to witness the fastest growth over the forecast period
- Asia Pacific is expected to emerge as the fastest-growing regional DTM market owing to the high internet penetration and population density existing in emerging economies, such as China and India
- Key players active in the digital transaction management market include Adobe, DocuSign Inc., OneSpan, Kofax Inc., and Entrust Datacard Corporation.
Read 150 page research report with TOC on "Digital Transaction Management Market Size, Share & Trends Analysis By Component (Hardware, Software, Services), By Solution, By End User, By Vertical, By Region, and Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/digital-transaction-management-market
The continued digitization of transaction management processes is emerging as one of the key drivers of market growth. As such, the growing adoption of DTM solutions, particularly by BFSI companies and government agencies, to streamline the business processes, is expected to drive the demand for DTM solutions. Adoption of latest technologies, such as Blockchain, Internet of Things (IoT), and Big Data, coupled with the proliferation of cloud services is also expected to play a crucial role in boosting the demand for DTM solutions.
The emergence of workflow automation is emerging as another major factor driving the market growth. Several organizations are aggressively adopting DTM solutions to automate workflows and digitize the repetitive, manual, and paper-intensive processes. Workflow automation solutions can potentially help in avoiding delays, reducing errors, controlling administration costs, and ensuring regulatory compliance.
DTM solutions, such as document archival and electronic signatures, are helping several small- and medium-sized enterprises in managing their documents and digital transactions securely and effectively. DTM solutions are particularly allowing enterprises to reduce administration costs and boost organizational productivity. Such benefits are encouraging more and more businesses around the globe to invest in DTM solutions.
Grand View Research has segmented the global digital transaction management market based on component, solution, end user, vertical, and region:
- Digital Transaction Management Component Outlook (Revenue, USD Million, 2014 - 2025)
- Digital Transaction Management Solution Outlook (Revenue, USD Million, 2014 - 2025)
- Electronic Signatures
- Workflow Automation
- Document Archival
- Digital Transaction Management End User Outlook (Revenue, USD Million, 2014 - 2025)
- Large Enterprises
- Digital Transaction Management Vertical Outlook (Revenue, USD Million, 2014 - 2025)
- IT & Telecom
- Digital Transaction Management Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- South America
- Middle East & Africa
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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