Digital transaction management is method of transforming traditional document-based processes to digital/electronic platform. In 2017 the electronic signatures solution segment dominated this market and in terms of regions North America is observed to be the leading contributor in the global market.
This market is majorly strengthened by increasing importance and focus on cloud services and IT security. There is a strong preference in the banking and financial services industry for adoption of digital transaction management solutions due to changing customer requirement. Thus, steady flow in volume of transactions done via digital platforms such as e-wallets, internet banking, etc. presents transaction service providers with a genuine growth opportunity in the digital transaction management market.
Furthermore, extensive adoption and acceptance of various electronic devices along with the convenience of usage and transacting through these devices is pushing enterprises in various industries towards digitally transforming their operations in line with the dynamic consumer requirements and preferences. All these factors are eventually expected to have a positive impact on the progress of digital transaction management market across the world.
The market segments for digital transaction management are based on solutions, industry vertical, end user, and region. The digital transaction management solutions segment includes market for electronic signatures, document digitization, workflow automation, and security & compliance sub segments. Electronic signatures segment is expected to dominate this market in terms of digital transaction management solutions. End user segmentation in the digital transaction management market report covers SMBs and large enterprises. Major industry verticals in this market include BFSI, construction & real estate, education, government, healthcare, and IT & Telecom.
North America is observed to be the leading region in this market during 2017, and is expected to lead the global digital transaction management market throughout forecast period. Presence of established players and cloud infrastructure in this region, and growing trend of investments in cloud-based services drive the market growth in the region. Also, the growing demand from banking sector due to its strong preference for digital platforms, and further technological advancements support market growth in this region.
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