The North America Digital Transaction Management Market is expected to witness market growth of 23.7% CAGR during the forecast period (2021-2027).
With the rapid advancement of technology, it is necessary to incorporate it into all aspects of business operations. Transactions are the most difficult and important of all. As a result, all industries, including banking, have adopted Digital Transaction Management. This method has been shown to reduce monetary transaction costs, time, and efficiency.
Without the need for currency, a Digital Transaction might include one or more parties in the transaction. Signatures and papers are no longer required for transactions using this approach. The rapidly increasing influence of online transactions has opened the road for this market's expansion. By the day, the financial divisions are drifting toward this system. Cyber-attacks and digital duplicity, on the other hand, pose a hazard to the Digital Transaction system.
As a result of the rising shift of organisations toward cloud usage, exponential mobile use, and the existence of key players with considerable market share, North America owns a significant part of the market. North America is expected to become the most cloud-ready market by 2021, according to Cisco. Government initiatives connected to e-signatures, like the Uniform Electronic Transactions Act (UETA) and the Electronic Signatures in Global and National Commerce Act (E-SIGN), allow for e-signatures to be used for every transaction, hence pushing the industry. E-signatures are also encouraged through trade agreements like the United States-Mexico-Canada Agreement (USMCA).
To stay competitive in the industry, a number of major suppliers are launching new products. The firms have collaborated on technology breakthroughs such as Mitek's Check Intelligence, a signature verification platform located in the United States, which was launched in June 2021. With such fast technological innovation, the government's Improving Digital Identity Act of 2020 has tightened regulation.
The US market dominated the North America Digital Transaction Management Market by Country 2020, and is expected to continue to be a dominant market till 2027; thereby, achieving a market value of $7,484.6 million by 2027. The Canada market is poised to grow at a CAGR of 26.5% during (2021 - 2027). Additionally, The Mexico market is expected to exhibit a CAGR of 25.4% during (2021 - 2027).
Based on Component, the market is segmented into Hardware, Software and Services. Based on Vertical, the market is segmented into BFSI, IT & Telecom, Government, Retail, Healthcare, Real Estate, Utilities and others. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Solution, the market is segmented into Electronic Signatures, Workflow Automation, Authentication, Document Archival and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Ascertia, DocuFirst, eDoc Innovations, Inc., Docusign, Inc., OneSpan, Inc., Entrust Corporation, Kofax, Inc., Nintex, Inc., Wolters Kluwer N.V., and Adobe, Inc.
By Component
By Vertical
By Organization Size
By Solution
By Country: US, Canada, Mexico, and Rest of North America.
With the rapid advancement of technology, it is necessary to incorporate it into all aspects of business operations. Transactions are the most difficult and important of all. As a result, all industries, including banking, have adopted Digital Transaction Management. This method has been shown to reduce monetary transaction costs, time, and efficiency.
Without the need for currency, a Digital Transaction might include one or more parties in the transaction. Signatures and papers are no longer required for transactions using this approach. The rapidly increasing influence of online transactions has opened the road for this market's expansion. By the day, the financial divisions are drifting toward this system. Cyber-attacks and digital duplicity, on the other hand, pose a hazard to the Digital Transaction system.
As a result of the rising shift of organisations toward cloud usage, exponential mobile use, and the existence of key players with considerable market share, North America owns a significant part of the market. North America is expected to become the most cloud-ready market by 2021, according to Cisco. Government initiatives connected to e-signatures, like the Uniform Electronic Transactions Act (UETA) and the Electronic Signatures in Global and National Commerce Act (E-SIGN), allow for e-signatures to be used for every transaction, hence pushing the industry. E-signatures are also encouraged through trade agreements like the United States-Mexico-Canada Agreement (USMCA).
To stay competitive in the industry, a number of major suppliers are launching new products. The firms have collaborated on technology breakthroughs such as Mitek's Check Intelligence, a signature verification platform located in the United States, which was launched in June 2021. With such fast technological innovation, the government's Improving Digital Identity Act of 2020 has tightened regulation.
The US market dominated the North America Digital Transaction Management Market by Country 2020, and is expected to continue to be a dominant market till 2027; thereby, achieving a market value of $7,484.6 million by 2027. The Canada market is poised to grow at a CAGR of 26.5% during (2021 - 2027). Additionally, The Mexico market is expected to exhibit a CAGR of 25.4% during (2021 - 2027).
Based on Component, the market is segmented into Hardware, Software and Services. Based on Vertical, the market is segmented into BFSI, IT & Telecom, Government, Retail, Healthcare, Real Estate, Utilities and others. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Solution, the market is segmented into Electronic Signatures, Workflow Automation, Authentication, Document Archival and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Ascertia, DocuFirst, eDoc Innovations, Inc., Docusign, Inc., OneSpan, Inc., Entrust Corporation, Kofax, Inc., Nintex, Inc., Wolters Kluwer N.V., and Adobe, Inc.
Scope of the Study
Market Segments Covered in the Report:
By Component
- Hardware
- Software
- Services
By Vertical
- BFSI
- IT & Telecom
- Government
- Retail
- Healthcare
- Real Estate
- Utilities
- others
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
By Solution
- Electronic Signatures
- Workflow Automation
- Authentication
- Document Archival
- Others
By Country: US, Canada, Mexico, and Rest of North America.
Key Market Players
List of Companies Profiled in the Report:
- Ascertia
- DocuFirst
- eDoc Innovations, Inc.
- Docusign, Inc.
- OneSpan, Inc.
- Entrust Corporation
- Kofax, Inc.
- Nintex, Inc.
- Wolters Kluwer N.V.
- Adobe, Inc.
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. North America Digital Transaction Management Market by Component
Chapter 5. North America Digital Transaction Management Market by Vertical
Chapter 6. North America Digital Transaction Management Market by Organization Size
Chapter 7. North America Digital Transaction Management Market by Solution
Chapter 8. North America Digital Transaction Management Market by Country
Chapter 9. Company Profiles
Companies Mentioned
- Ascertia
- DocuFirst
- eDoc Innovations, Inc.
- Docusign, Inc.
- OneSpan, Inc.
- Entrust Corporation
- Kofax, Inc.
- Nintex, Inc.
- Wolters Kluwer N.V.
- Adobe, Inc.
Methodology
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