The global digital transaction management market was valued at $8,051.2 million in 2021, which is set to reach $53,339.4 million by 2030, advancing at a 23.4% CAGR from 2021 to 2030. This is owing to the increasing adoption of cloud-based payment processing solutions and skyrocketing consumer demand for digital banking solutions. Other major drivers for this market include a gradual shift toward workflow and process automation across various industrial sectors.Â
Enterprises all around the globe are seeking to employ efficient business procedures that can be executed with utmost precision. Thus, DTM solutions can assist organizations to enhance customer experience by reducing transaction times, and creating opportunities for the digital transaction management market growth over the forecast period. In the future, the market is predicted to grow because of the increasing adoption of various methods and electronic tools by businesses around the world to improve everyday document-based tasks. Â
In 2021, the BFSI sector accounted for 29% revenue share in the market, under segmentation by end use. Since DTM assists in pacing the banking process, by eliminating a lot of paperwork, it has become popular in the banking and finance industry. Moreover, banks are beginning to adopt digital consumer solutions for bringing down the dependency on conventional banking methods, influencing mobile banking, and improving personalization. Almost all banks now have a mobile app or allow for electronic payments via cards or internet banking.
With the outbreak of COVID-19, the digital transaction management market dynamics and consumer behavior have changed tremendously, but the BFSI and retail sector had already adopted digital payments on a wide scale by then. To curb the spread of the pandemic, there was a paradigm shift to contactless transactions with mobile wallets, thus providing a boost to the cashless economy. Additionally, OTT platforms have accumulated large shares in the market, thus driving the market as the subscription for the same is paid digitally.Â
Hence, the increasing adoption of cloud-based solutions and skyrocketing consumer demand for digital banking solutions will together propel the market.