The rise in need for digital management for transactions that are based on documents is likely to increase the growth of the global digital transactions management market. The expansion of tech-space and rapid advancements in digital technology are creating immense opportunity for the market to grow. These are making space for developers and producers to invest in innovations or to upgrade the existing system. The growth of the market can also be attributed to the rise in sales of smart gadgets, such as smartphone, wearables, and mobile applications among others. Alongside, it is noted that more number of people are gaining confidence in digital transactions methods. Currently, the high degree of safety and convenience are observed in digital transaction, which is expected to impact the market positively. Rise in number of enterprise deploying cloud-based services and IT security solutions and implementation of cloud based services is noted to contribute to the expansion of the digital transaction management market growth. Expansion in the tech-space is creating opportunities for the market to proliferate.
The market of digital transaction management is segmented by solutions, components, and end user.
By solution, the market has been segmented into document archival, authentication, e-signature, and workflow automation. The e-signature segment is expected to expand at a CAGR of 26.47% and the workflow automation segment is likely to thrive at a CAGR of 28.85% across the evaluation period.
By component, the market has been segmented into software, services, and hardware. The hardware segment is expected to register the highest expansion pace and thrive at a 23.78 % CAGR. The software segment is likely to escalate at a 28.22 % CAGR across the forecast period.
APAC, Europe, North America and the Rest of the World are the regional segments of the digital transaction market. The North American region is expected to spearhead in the growth line of digital transaction management, followed by European and Asia Pacific.
The rise in demand for digital transaction management is expected to underpin its regional market growth. The presence of technological upgradations and the surge in the adoption of cloud services in the North American region is likely to boost the expansion of the regional market. Countries in North America, such as Canada, the U.S, and Mexico are observed to invest heftily in the research and development to develop more effective cloud technologies and automation. The Unites States market is expected to lead in the region market, followed by Canada, owing to rise in the adoption id such technologies. The US market is likely to surpass USD 465.89 million valuation by the end of forecast period and is likely to expand at a CAGR of 26.66 percent across the forecast period.
Strong contenders of the digital transaction management market are Insight Enterprise Inc. (U.S.), EuroNoVate (Switzerland), Namirial Spa (Italy), Assuresign (U.S.), ThinkSmart (U.S.), DocuSign Inc. (U.S.), eOriginal (U.S.), eSignLive (U.S.), and ZorroSign (U.S.). These companies are making efforts to launch innovations that are likely to streamline business processes by automating paper-based and digitizing workflows. Elimination of scanning issues, faxing, signatures, and printing of documents procedures are made seamless with the technology.
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