“Continuous adoption of digital solutions for automation and transaction of business processes will boost the market”
The global Digital Transaction Management Market is growing competently, projected to grow at a CAGR of 20.5% during the expected period from 2023 to 2030, starting from US$ 6.21 Bn in 2021.
“Intensifying use of digital solutions for payment gateways among industries worldwide will spark market growth”
The digital transaction management market is dominated by hardware segment in 2021 and is projected to maintain its dominance over the forecast period. Additionally, growing demand for Point of Sale (POS) machines for digital transaction management from numerous incumbents from 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 the 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’s demand, and government regulations worldwide will boost the component segment”
Growing advancement in technologies like bar code scanner, GPS system, NFC, coupled with increasing use of internet and mobile services are the powerful enablers for digital transaction system. 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 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 facilitate a 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 proliferation and success in digital solutions globally. For instance, introduction of unified payment interface (UPI), a government of India (GoI) initiative have boosted the digital payment system.
“Dominance is led by the growing application of digital transactions coupled with presence of global market players.”
North America is expected to emerge as a leading region in global digital transaction management market from 2023 to 2030. The region holds a dominance position, owing to increasing application towards digital transaction management solutions in across various industries in developed countries like the U.S. and Canada. Moreover, presence of numerous players in the global digital transaction management market also support the overall growth in the North America 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 with (2-3) % quicker than its regional GDP for the past four years, owing to the rapid transaction growth and expansion of interest-margin. Additionally, adoption of e-invoicing is driven by large corporations in order to automate their processes such as “AP and AR” will enhance a 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 up the market growth over the forecast period from 2019-2027.
List of Companies Covered:
Key Industry Developments:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Digital Transaction Management market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
