USD 11.61 billion
Digital Transaction Management Market Size, Share, Growth Analysis, By Type(Hardware and Software), By Component(Electronic Signatures and Workflow Automation), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG45E2116 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|Tables:
59
|Figures:
75
Digital Transaction Management Market Insights
Digital Transaction Management Market size was valued at USD 14.61 Billion in 2023 and is poised to grow from USD 18.39 Billion in 2024 to USD 116.14 Billion by 2032, growing at a CAGR of 25.9% during the forecast period (2025-2032).
The use of DTM grows in but it is predicted that in the future it will replace several parts of paper documents as well. More companies are welcoming digital channels to raise their revenue and profitability. As such, Salesforce implemented digital transaction management, and the sales team saw US $20 in savings per document and a 60% decrease in time-to-completion. The company also implemented electronic signature digitalization within their sales process and deal time close was brought down from around two days to the deal time close being 90% within a day and 71% within an hour.
Business automation is a method of improving company’s efficiency through the usage of digital technologies such as software, robots and similar instruments to conduct all the business processes with the minimum human participation required. Technological innovations that include RPA and low-code Automation are opening new ideas and ways to make transaction management solutions more secure. For instance, the Blockchain Technology is providing a chain of the timestamped data records bound together with the document chain links. By the transaction, every transaction can be considered a digital signature showing that the user who initially started the transaction has given consent. The digital transaction management solutions that are developed based on blockchain technology utilize an extensive network that operates in a decentralized way thereby helping to ward off malicious attacks.
Greater deployment of cloud-based solutions is expected to present a further the positive impact on the digital transaction management market. Any size business, be it small or large, has workflow management to take care of. Intra- and inter-departmental and cross-agency workflows are problematic in that an employee or manager can be operating on a different system which does large transfers, among others. A cloud system that would enable every team member to work with documents would greatly enhance the digital transaction management process while at the same time minimize the cost. These cloud systems simplify signing business documents faster by skipping the circulation confirmation and adding a digital signature through a verification process with a high level of security.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Hardware
Growth Rate
25.9% CAGR
Global Digital Transaction Management Market ($ Bn)
Country Share for North America Region (%)
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Digital Transaction Management Market Segmental Analysis
Global Digital Transaction Management Market is segmented by type, component, and region. Based on type, the market can be segmented into hardware and software. Based on component, the market is segmented into electronic signature and workflow automation. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Digital Transaction Management Market Analysis by Type
By type, the market can be segmented into hardware and software. The hardware segment dominated the global market. The primary growth driver for the segment is the increasing demand for Point of Sale (POS) machines from vendors operating in diverse industries, including retail, hospitality, and healthcare. These POS machines are specifically designed to facilitate the efficient tracking of inventory records, sales orders, customer profiles, POS transactions, and other crucial activities within retail stores. Furthermore, the rise of electronic signature pads and contactless technologies like Near Field Communication (NFC) has further bolstered the demand for hardware components in the Digital Transaction Management (DTM) sector.
The software segment is expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period. This growth is driven by the increasing demand for a range of software solutions, including Contract Lifecycle Management (CLM) software, aimed at facilitating effective management of digital transactions. These software offerings play a crucial role in capturing legally compliant electronic signatures, monitoring and controlling the document flow between contractual parties, ensuring secure document-based transactions, and facilitating information storage. The cloud-based capabilities of digital transaction management solutions, in particular, empower users to efficiently manage their business processes.
Digital Transaction Management Market Analysis by Component
By component, the market can be segmented into electronic signature and workflow automation. The electronic signatures segment emerged as the market leader, capturing a substantial revenue share exceeding 38.0%. This segment is projected to maintain its dominance throughout the forecast period, primarily due to the robust portfolios of electronic signature software and services being actively introduced by numerous vendors. The adoption of electronic signatures technology enables significant enhancements in efficiency, transaction speed, and cost reduction across various aspects of business operations. Notably, the implementation of electronic signatures results in notable reductions in processing costs, recording costs, archiving costs, printing and mailing costs, as well as resource expenses, among other areas.
The workflow automation segment registered the highest compound annual growth rate (CAGR). Workflow automation plays a crucial role in enabling businesses to achieve time and cost savings while mitigating the risks of errors in their processes. Errors in documents and transactions can result in significant financial losses. However, the utilization of workflow automation solutions with customizable conditions and rules can effectively prevent such errors. As a result, organizations are increasingly adopting workflow automation to streamline their operations, which is anticipated to fuel the growth of this segment throughout the forecast period.
Global Digital Transaction Management Market By Type
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Digital Transaction Management Market Regional Insights
North America dominated the Global Digital Transaction Management (DTM) market. The region is characterized by a high adoption rate of advanced technologies across industries and a strong emphasis on streamlining business processes. The United States, in particular, is a major contributor to the North American DTM market, driven by the presence of several key market players and the increasing demand for secure and efficient transaction management solutions. The region's well-established IT infrastructure and the willingness of businesses to adopt digital transformation strategies further contribute to its dominance. North America is also at the forefront of technological advancements, including blockchain-based DTM solutions, which enhance security and reliability.
On the other hand, the Asia Pacific (APAC) region is witnessing rapid growth in the DTM market. Countries such as China, Japan, India, and South Korea are emerging as key players in this market. APAC is experiencing significant digital transformation and is embracing automation and digitalization across various industries. The region's large population and expanding e-commerce sector are driving the demand for efficient and secure digital transaction management solutions. Furthermore, increasing government initiatives to promote digitalization and the rising penetration of smartphones and internet connectivity are fueling the growth of the APAC DTM market.
Global Digital Transaction Management Market By Region
- Largest
- Fastest
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Digital Transaction Management Market Dynamics
Digital Transaction Management Market Drivers
Growing need for efficient and seamless business processes across industries
- One key driver of the Digital Transaction Management (DTM) market is the growing need for efficient and seamless business processes across industries. Organizations worldwide are increasingly adopting DTM solutions to automate workflows and streamline transaction management. These solutions enhance customer experiences, reduce transaction times, and ensure easier, faster, and safer business operations. The demand for DTM is fueled by the desire to eliminate conventional approaches and paperwork, leading to increased productivity and cost savings for businesses.
Digital Transaction Management Market Restraints
Concern over cybersecurity and fraudulent activities
- A significant restraint on the Digital Transaction Management (DTM) market is the concern over cybersecurity and fraudulent activities. Online transactions and digital technologies are vulnerable to various types of cyberattacks, including identity theft, phishing, and data breaches. The increasing instances of security breaches and fraudulent transactions pose a significant challenge to the adoption of DTM solutions. Businesses and consumers alike are cautious about the security of their digital transactions, leading to a potential hindrance in the market growth of DTM solutions. Efforts to enhance cybersecurity measures are crucial to addressing this restraint.
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Digital Transaction Management Market Competitive Landscape
The Digital Transaction Management (DTM) market is characterized by a diverse range of solution providers, including both established companies and emerging players. These companies compete based on factors such as product features, innovation, pricing, and customer service. The market is witnessing increased collaboration and partnerships between DTM solution providers and other technology companies to enhance their offerings and expand their market reach. Additionally, market players are investing in research and development activities to develop advanced and secure DTM solutions that cater to the evolving needs of businesses across various industries.
Digital Transaction Management Market Top Player’s Company Profiles
- OneSpan (US)
- Namirial (Italy)
- Zoho Corporation (India)
- SignNow (US)
- Formstack (US)
- HelloSign (US)
- PandaDoc (US)
- AssureSign (US)
- Nitro Software (Australia)
- OpenText Corporation (Canada)
- SignEasy (US)
- Kofax (US)
- eOriginal (US)
- Lightico (Israel)
- Nintex (US)
- Silanis Technology (Canada)
- Esign Genie (US)
Digital Transaction Management Market Recent Developments
- In April 2023, HelloSign, a subsidiary of Dropbox, launched HelloWorks, a workflow automation solution, to simplify complex document processes and increase productivity.
- In March 2023, DocuSign partnered with Salesforce to integrate its e-signature capabilities with Salesforce Work.com, enabling organizations to streamline contract management and accelerate deal cycles.
- In February 2023, Adobe announced the acquisition of SignRequest, a cloud-based e-signature provider, to further expand its presence in the European market and broaden its DTM offerings.
- In January 2023, DocuSign acquired Liveoak Technologies, a digital customer engagement platform, to enhance its capabilities in remote notarization and virtual meeting collaboration.
- In November 2022, Signicat acquired Connectis, a leading provider of digital identity services, to expand its footprint in Europe and strengthen its position in the digital transaction space.
Digital Transaction Management Key Market Trends
- One key market trend in the Digital Transaction Management (DTM) market is the increasing adoption of cloud-based DTM solutions. Businesses are leveraging cloud technology to streamline document management, storage, and access. Cloud-based DTM solutions offer scalability, flexibility, and enhanced collaboration capabilities, allowing organizations to securely manage transactions and documents from anywhere, at any time. This trend is driven by the need for centralized and accessible data, cost-efficiency, and the desire to transition from paper-based processes to digital workflows. Cloud-based DTM solutions enable seamless integration, real-time updates, and improved overall efficiency for businesses.
Digital Transaction Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Digital Transaction Management (DTM) market analysis, the market is witnessing significant growth driven by the shift towards workflow automation, the need for seamless business processes, and the adoption of advanced technologies. DTM solutions enable organizations to improve customer experiences, reduce transaction times, and eliminate conventional paperwork. North America dominated the market due to its mature IT infrastructure, while the Asia Pacific region is experiencing fastest growth, fueled by digital transformation and expanding e-commerce. However, cybersecurity concerns pose a restraint on market growth, necessitating enhanced security measures. Cloud-based DTM solutions are a key market trend, offering scalability, flexibility, and improved collaboration. As businesses strive for efficient and secure transaction management, the market continues to evolve with innovative solutions and partnerships.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 11.61 billion |
| Market size value in 2031 | USD 92.25 billion |
| Growth Rate | 25.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Digital Transaction Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Digital Transaction Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Digital Transaction Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Digital Transaction Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Digital Transaction Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Digital Transaction Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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