The global Digital Transaction Management Market size is expected to reach USD 61.10 billion by 2030, growing at a CAGR of 25.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growth of the market can be attributed to the increasing need to manage all document-based transactions digitally. The growing adoption of cloud-based services across various industries and industrial verticals is also expected to propel the growth of the market over the forecast period. Digital transaction management solutions can potentially digitize, and subsequently, accelerate the process of signing business contracts and agreements accurately and securely.
These solutions can help in signing and transmitting
documents online instantly rather than signing the documents physically and
dispatching those by post or scanning and emailing the signed documents. Apart
from accelerating the overall process of signing contracts and agreements,
digital transaction management solutions can also help in reducing mistakes,
thereby lowering operating costs. Businesses across the globe are focusing on
adopting digital transaction management solutions to reduce errors, and
operating costs thereby, while reducing transaction times and augmenting
productivity. Moreover, as these solutions are cloud-based, employees can
access important business documents irrespective of their device or location.
These solutions can also create digital signatures,
which are considered highly authentic and secure, thereby making them more
legally applicable than conventional signatures. The outbreak of the COVID-19
pandemic is expected to play a decisive role in driving the market. Given the
restrictions on in-person interactions, shipping, and traveling in the wake of
the outbreak of the pandemic, businesses are gradually switching to alternative
procedures for settling down their trade and financial transactions. At the
same time, the adoption of document archival and workflow automation solutions
is also expected to gain traction across numerous end-use industries and
industry verticals as businesses are unable to deliver, examine, and handle
physical documents owing to remote operations and the restrictions on the staff
allowed to be present within the premises.
Related Press Release@ Digital Transaction Management Market Report
Digital Transaction
Management Market Report Highlights
- The hardware segment dominated the market in 2021 owing to the
increasing demand for Point of Sale (POS) systems for digital transaction
management from the incumbents of the hospitality, healthcare, and retail
industries
- Aggressive investments in electronic documents by enterprises and
government agencies across the globe are expected to propel the growth of
the electronic signatures segment over the forecast period
- Continued digital transformation across Small & Medium
Enterprises (SMEs) across the globe is expected to drive the growth of the
SMEs segment over the forecast period
- The BFSI segment dominated the market in 2021 owing to the
increasing adoption of digital transaction management solutions by banks
and financial institutions as part of their efforts to reduce paperwork
and improve the efficiency of their processes
- Asia Pacific is expected to emerge as the fastest-growing regional
market owing to the high internet penetration rate and population density
in emerging countries, such as China and India
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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