According to a new report, published by KBV research, The Global Digital Transaction Management Market size is expected to reach $30.5 billion by 2027, rising at a market growth of 25.5% CAGR during the forecast period.
The Hardware segment acquired maximum revenue share in the Global Digital Transaction Management Market by Component 2020, thereby, achieving a market value of $13.7 billion by 2027. The expansion of the hardware category is largely driven by increasing demand for Point of Sale (POS) equipment from suppliers across various industries, such as retail, hotel, and healthcare. Inventory records, customer profiles, sales orders, POS transactions, and other such operations performed out in a retail business are all tracked by POS devices. Electronic signature pads and contactless solutions like Near Field Communication (NFC) have greatly boosted DTM hardware demand.
The BFSI market is generating high revenue in the Global Digital Transaction Management Market by Vertical 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $6.7 billion by 2027. Banks and financial organizations’ transaction workflows are frequently agile. As a result, incumbents in the BFSI business are rapidly embracing cloud-based digital transaction management solutions to simplify and streamline their transaction management procedures. Banks and financial institutions are increasingly opting for digital transformation in response to a variety of issues arising from increased competition, demanding clients, and a developing regulatory environment, which is driving the BFSI segment's growth throughout the projection period.
The Small & Medium Enterprises segment is showcasing CAGR of 27.3% during (2021 - 2027). For effective transaction administration and automation, SMEs are rapidly embracing digital transaction management systems. As a result, the segment's rise may be ascribed to SMEs' technical change from traditional transaction management towards digital transaction management. Furthermore, to decrease risks and limit administrative expenses, SMEs prefer state-of-the-art, next-generation solutions based on the newest technology, like Artificial Intelligence (AI).
The Electronic Signatures segment is leading the Global Digital Transaction Management Market by Solution 2020, thereby, achieving a market value of $9.9 billion by 2027. Due to the vast ranges of electronic signature software and services getting actively pushed out by various vendors, the category is projected to continue to dominate the market during the projection period. Electronic signatures assist in enhancing efficiency, speeding up transactions, and lowering the total cost of corporate operations. Processing costs, archiving costs, recording costs, resource expenses, and printing & mailing costs among other areas, have all seen reductions.
The North America is fastest growing region the Global Digital Transaction Management Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $10.3 billion by 2027. The Europe market is anticipated to grow at a CAGR of 24.6% during (2021 - 2027). Additionally, The Asia Pacific market would exhibit a CAGR of 27.4% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/digital-transaction-management-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Ascertia, DocuFirst, eDoc Innovations, Inc., Docusign, Inc., OneSpan, Inc., Entrust Corporation, Kofax, Inc., Nintex, Inc., Wolters Kluwer N.V., and Adobe, Inc.
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By Vertical
By Organization Size
By Solution
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Companies Profiled
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