The market for Digital Transaction Management Market is expected to reach US$ 3.85 Bn By 2027.
Continuous adoption of digital solutions for automation and transaction of business processes will boost the marketThe global Digital Transaction Management Market is growing competently, projected to grow at a CAGR of 19.6% during the expected period from 2019 to 2027, starting from US$ 3.85 Bn in 2018.
Component Analysis
Intensifying use of digital solutions for payment gateways among industries worldwide will spark market growth.
The digital transaction management market is dominated by the hardware segment in 2018 and is projected to maintain its dominance over the forecast period. Additionally, the growing demand for Point of Sale (POS) machines for digital transaction management from numerous incumbents from the hospitality, retail, and healthcare industries is largely driving the growth of the hardware segment. Moreover, the emergence of contactless cards and electronic signature pads for digital transaction management is also expected to subsidize market growth. For instance, in July 2018, Mitek, a digital identity verification solutions provider, and eDOC Innovations announced their partnership towards "Mobile Deposit®" and its advanced risk mitigation for "eDOCMobile RDC."
The increasing trend of technological advancement, customer demand, and government regulations worldwide will boost the component segment.
Growing advancements in technologies like barcode scanners, GPS systems, and NFC, coupled with increasing use of the internet and mobile services, are powerful enablers for digital transaction systems. In addition, distributed ledger technology (DLT), Internet of Things (IoT) based devices, application programming interface (API), point of sale (POS), tokenization, and digital wallets is digitally integrating every industry with the payment landscape in order to create a seamless payment gateway system. Increasing customer demand towards non-physical interfaces, including financial services and FinTechs, are continuously facilitating seamless and faster payment services, thereby driving the market for hardware services on a global scale. Moreover, rising government regulations played a crucial role in the proliferation and success of digital solutions globally. For instance, the introduction of a unified payment interface (UPI), a government of India (GoI) initiative, has boosted the digital payment system.
Dominance is led by the growing application of digital transactions coupled with the presence of global market players.
North America is expected to emerge as a leading region in the global digital transaction management market from 2019 to 2027. The region holds a dominant position, owing to the increasing application of digital transaction management solutions across various industries in developed countries like the U.S. and Canada. Moreover, the presence of numerous players in the global digital transaction management market also supports the overall growth in the North American region. For instance, Lone Wolf Technology, a residential real estate software solution provider, announced its acquisition with zipLogix™, a transaction management enterprise, in order to provide eSignatures and electronic forms solutions for the real estate industries across the region. Furthermore, in April 2018, Science Inc., a US-based startup incubator company, made its partnership with SIGNiX to enter into the "Blockchain technology" using complex cryptographic constructs for smart contracts called PKI.
In North America, online transactions and payments gateways are growing by (2-3) % quicker than its regional GDP for the past four years, owing to the rapid transaction growth and expansion of interest-margin. Additionally, the adoption of e-invoicing is driven by large corporations in order to automate their processes, such as "AP and AR," which will enhance faster processing, higher efficiency, and lower costs. Moreover, the market demand is likely to accelerate owing to the adoption and investments in research and development (R&D) on cloud-based technologies across developed economies such as the U.S., Canada, and Mexico. The aforementioned factors are projected to boost market growth over the forecast period from 2019-2027.
This study report represents an analysis of each segment from 2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
ATTRIBUTE DETAILS
Research Period 2017-2027
The base Year 2018
Forecast Period 2019-2027
Historical Year 2017
Segmentation Component Type (2017–2027; US$ Bn)
Vertical Type (2017–2027; US$ Bn)
End-user (2017–2027; US$ Bn)
Geography (2017–2027; US$ Bn)
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better market understanding of the overall digital transaction management market. Additionally, the global report also comprises a graphical representation of the competitive landscape based on their market initiatives and strategies, product portfolio, and business strengths.
The market for Digital Transaction Management Market is expected to reach US$ 3.85 Bn By 2027.
The Digital Transaction Management Market is expected to see significant CAGR growth over the coming years, at 19.6%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Adobe Systems Incorporated, Namirial SPA, DocuSign Inc., Nintex Global Ltd.,ZorroSign, Inc. are some of the major players in the global market.