The global digital transaction management market size is expected to reach USD 15,726.0 million by 2025, registering a CAGR of 19.7% over the forecast period, according to a new report by Grand View Research, Inc. The increasing internet penetration and the growing popularity of digital transactions are expected to trigger the demand for digital transaction management (DTM) solutions over the forecast period. The growing adoption of digital payment modes is also expected to drive the demand for DTM solutions.
The continued digitization of transaction management processes is emerging as one of the key drivers of market growth. As such, the growing adoption of DTM solutions, particularly by BFSI companies and government agencies, to streamline the business processes, is expected to drive the demand for DTM solutions. Adoption of latest technologies, such as Blockchain, Internet of Things (IoT), and Big Data, coupled with the proliferation of cloud services is also expected to play a crucial role in boosting the demand for DTM solutions.
The emergence of workflow automation is emerging as another major factor driving the market growth. Several organizations are aggressively adopting DTM solutions to automate workflows and digitize the repetitive, manual, and paper-intensive processes. Workflow automation solutions can potentially help in avoiding delays, reducing errors, controlling administration costs, and ensuring regulatory compliance.
DTM solutions, such as document archival and electronic signatures, are helping several small- and medium-sized enterprises in managing their documents and digital transactions securely and effectively. DTM solutions are particularly allowing enterprises to reduce administration costs and boost organizational productivity. Such benefits are encouraging more and more businesses around the globe to invest in DTM solutions.
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