Digital Transaction Management Market Key Players are Adobe, DocuSign, OneSpan and Kofax

Digital Transaction Management Industry Overview

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.

Digital Transaction Management Market Segmentation

Grand View Research has segmented the global digital transaction management market report based on component, solution, end user, vertical, and region:

Based on the Component Insights, the market is segmented into Hardware, Software and Services.

• The hardware segment dominated the market in 2021 and accounted for a revenue share of more than 41.0%.
• The growing demand for Point of Sale (POS) machines from vendors across various industries, including retail, hospitality, and healthcare, is primarily driving the growth of the hardware segment.
• The software segment is anticipated to register the fastest CAGR over the forecast period. The growth of the segment can be attributed to the growing demand for various software, such as Contract Lifecycle Management (CLM) software, among others, which can help in managing digital transactions.

Based on the End-User Insights, the market is segmented into Large enterprises and SMEs.

• The large enterprises segment dominated the market in 2021 and accounted for a revenue share of more than 56.0%. Organizing transaction workflows and ensuring efficient and cost-effective business processes remains critical for large enterprises.
• The SMEs segment is anticipated to register the fastest CAGR over the forecast period. 
• SMEs are particularly preferring state-of-the-art, next-generation solutions based on the latest technologies, such as Artificial Intelligence (AI), to reduce risks and control administration costs.

Based on the Solution Insights, the market is segmented into Electronic Signatures, Workflow Automation, Authentication, Document Archival and Others.

• The electronic signatures segment dominated the market in 2021 and accounted for a revenue share of more than 38.0%.
• Electronic signatures technology helps in improving efficiency, increasing the speed of transactions, and reducing the overall cost of business operations.
• The workflow automation segment is anticipated to register the fastest CAGR over the forecast period. Workflow automation helps businesses in saving time and money while avoiding errors in the processes.

Based on Vertical Insights, the market is segmented Into Retail, BFSI, Healthcare, IT & Telecom, Government, Real Estate, Utilities and Others.

• The BFSI segment dominated the market in 2021 and accounted for a revenue share of more than 28.0%.
• The diverse challenges stemming from the intensifying competition, demanding customers, and an evolving regulatory environment are particularly prompting banks and financial institutions to opt for digital transformation, thereby driving the growth of the BFSI segment over the forecast period.
• The government segment is anticipated to register the fastest CAGR over the forecast period. 

Digital Transaction Management Regional Outlook

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

Vendors are also developing solutions that comply with various regulations pertaining to global security standards and auditing of agreements. Market players are particularly focusing on new product developments, mergers & acquisitions, strategic partnerships, and business expansions as part of the efforts to cement their position in the market.

Some prominent players in the Global Digital Transaction Management market include:

• Adobe
• Ascertia
• DocuFirst
• DocuSign, Inc.
• eDOC Innovations
• Entrust Corp.
• Wolters Kluwer N.V.
• Kofax Inc.
• Nintex U.K. Ltd.
• OneSpan

Order a free sample PDF of the Digital Transaction Management Market Intelligence Study, published by Grand View Research.