Digital Transaction Management Market - Surge in Demand for DTM Solutions
As per the report published by The Brainy Insights, the global digital transaction management market is expected to grow from USD 10 billion in 2022 to USD 93.13 billion by 2032, at a CAGR of 25% during the forecast period 2023-2032. The North American region emerged as the most prominent global digital transaction management market, with a 27% market revenue share in 2022. the region is home to the most advanced technologies adopted in digital transaction management, giving businesses and other stakeholders access to state-of-the-art software, hardware and solutions catering to their needs and requirements. The well-established and advanced digital infrastructure paves the way for the quick adoption of digital transaction management solutions or systems, driving the market's growth. The increasing collaboration and partnerships towards building a safe, sustainable and secure digital economy drive the market's growth and development.
Leading companies in the industry include Entrust Corp., eDOC Innovations, DocuSign Inc., Ascertia, Adobe Systems Incorporated, eOriginal Inc., HelloSign Inc., Kofax Inc., Nintex UK Ltd., OneSpan, among others, are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The component segment is divided into solutions and services. The solutions segment dominated the market, with a market share of around 63% in 2022. Businesses incorporate solutions best suited to their needs and resort to customization for their unique problems. The presence of several key market players offering such solutions has driven the segment's growth. The application segment is divided into retail, healthcare, IT and telecommunications, manufacturing, BFSI, travel and transportation, government and others. The BFSI segment dominated the market, with a market share of around 36% in 2022. The BFSI sector deals with digital monetary transactions much more than any other sector. The sector is in the driving seat of digital economy transformation. The scale of operation makes digital transaction management a convenient, fast, safe, secure and accessible means of improving customer satisfaction, operational efficiency, productivity and reducing costs, errors and transaction downtime. Digital transaction management enables the BFSI sector to deliver positive results in the fast-paced market. The end-user segment is divided into large enterprises and small and medium enterprises. The large enterprises segment dominated the market, with a market share of around 58% in 2022. Large enterprises dealing with the sheer volume and amount of business, customers, and transactions need a digital transaction management system to streamline their systems and processes to improve efficiency and customer satisfaction. Additionally, unlike small and medium enterprises, they have the necessary capital to employ digital transaction management services, solutions and systems to suit their needs, requirements or objectives.
Rapid urbanization, the uptake of smart technologies, and expanded internet access have raised the demand for and popularity of digital financial services like mobile banking and digital payments, necessitating the adoption of technology by businesses and its integration into their offerings. Faster and more customer-focused services are made possible by business digitization. To maintain their market share, industry firms are forced by increased client expectations to improve their business offerings. Due to the requirement for contact-free transactions caused by the COVID-19 pandemic, the acceptance of digital payments has expanded dramatically. It is projected that the market will expand as a result of this transition towards digital payments. By automating tasks, artificial intelligence may increase security, decrease human error, and support the development of customer-centric strategies. The checks and balances would lower the likelihood of financial misappropriation while raising compliance rates. Long-term client retention will depend on fintech's capacity to streamline processes for users and guarantee transparent business dealings.