NEW YORK, Nov. 29, 2021 /PRNewswire/ -- The Saudi Arabian digital transaction management market revenue stood at $60.88 million in 2020, and it is predicted to rise to $1,288.27 million by 2030, exhibiting a CAGR of 35.7% from 2020 to 2030. The major market growth drivers are the shift of business processes to digital platforms, surging adoption of cloud technologies, and soaring purchasing power of end users.
The market remained unaffected during the COVID-19 pandemic as rapid digitalization and the launch of several initiatives by the Saudi Arabian government under the Vision 2030 for propelling digital transformation caused a massive rise in the gross domestic product (GDP) of the country. Digital transactions made a contribution of nearly $119.6 billion (SAR 449 billion) to the nation's GDP in 2020, and this number is predicted to rise to $156.1 billion (SAR 586 billion) by 2025. This is encouraging the government and businesses to adopt advanced digital strategies, thereby supporting the expansion of the market.
Key Findings of Saudi Arabia Digital Transaction Management Market Report
The banking, financial services, and insurance (BFSI) category contributed the highest revenue to the Saudi Arabian digital transaction management market in the past, within the industry segment. This is credited to the shift of BFSI companies' processes to digital platforms, in order to enhance the convenience of customers and offer them easier access to services.
The digital signature category dominated the market during the last few years, under the solution segment, mainly because of the ability of digital signatures to reduce the time taken for completing internal compliance and contract management. Moreover, digital signatures protect high-value records and documents from unauthorized access.
The market was dominated by the large enterprises category in the years gone by, within the organization size segment. This was because of the growing demand for the efficient management of transaction workflows and cost-effective and efficient business processes.
The central region contributed the highest revenue to the Saudi Arabian digital transaction management market in the past, on account of the presence of several large BFSI firms here.
The growing focus of the government on digitization is a major trend in the market.
The players in the industry are focusing on partnerships, collaborations, and product launches to stay ahead of their competitors.
For instance, airSlate Inc. announced in May 2021 that signNow has been incorporated with Procore, the construction management software of the American construction management software as a service company Procore Technologies. With this incorporation, customers of Procore can create and sign documents, send them to multiple recipients, monitor their status, and store them securely, without exiting the Procore platform.
The major companies in the Saudi Arabian digital transaction management market are DocuSign Inc., HelloSign, Adobe Inc., PandaDoc Inc., Arabian Internet and Communications Services Company (solutions by stc), Baud Telecom Company (BTC Networks), eMudhra Inc., airSlate Inc., Fastman, and OdooTec KSA.
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