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MarketersMEDIA / Newsroom / Digital Transaction Management Market Size Estimated to Surpass $58.5 Billion Mark by 2026

Digital Transaction Management Market Size Estimated to Surpass $58.5 Billion Mark by 2026

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Increased Adoption of Mobile Point of Sale Driving the Growth of Digital Transaction Management Market.

— The global Digital Transaction Management Market is estimated to surpass $58.5 billion mark by 2026 growing at an estimated CAGR of more than 118.9% during the forecast period 2021 to 2026. Increased use of technology in financial transaction and rise in various e-commerce platforms are expected to accelerate the digital Transaction market, especially cloud based services during forecast period. In 2019, according to report given by Government of India, India has over 16 mobile wallet or e-wallet companies out of which 14 are Indian based mobile wallet companies thus showcasing growing demand for digital transactions. Digital Transaction Management in India are witnessing thriving growth with a compound annual growth rate of 12.7% in the number of non-cash transactions. Similarly, China mobile wallets are growing at rate of 22% with the total transaction volume of $41.1 trillion in 2019. Increasing adoption of non-cash transaction and electronic signature for document verification in documents will likely create the demand for Digital Transaction market.

Digital Transaction Management Market Segment Analysis - By Type of Transaction

During the forecast period, Proximity transactions segment is expected to grow at a CAGR of 28.7%. Mobile phones and POS devices are used to make the proximity Transactions. A number of companies currently offer applications allowing proximity Transactions. It is further referred to as in-store Transactions with respect to Transactions through a merchant's POS terminal in the case of a retail store or in-location Transactions. This Transaction system uses either barcodes or contactless interfaces to initiate the mobile money transaction. This is done through Near-field communication (NFC)-based technology present on an NFC-enabled phone, which has comprehensive details about the mobile wallet placed in the cloud or debit / credit card.

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Digital Transaction Management Market Segment Analysis - By Industry Vertical

In terms of industry, the Digital Transaction Management market is mainly bifurcated into travel and ticketing, banking, and e-commerce services. Further analysis of each segment indicates banking and travel and hospitality to be the fastest growing application segment for the Digital Transaction Management market, which is projected to grow at a CAGR of 24.2% and 27.8%. Companies like MakeMyTrip, Yatra, Ibibo, Cleartrip (for airlines and hotels), redBus (for buses) are examples of online travel booking companies in India, that are fuelling the Digital Transaction Management market, by facilitating booking only through online platforms. A study by India Brand Equity Foundation (IBEF) found that 81% of existing Digital Transaction Management users in India favor the digital and mobile mediums for banking over other non-cash Transaction procedures such as demand drafts or cheques.

Digital Transaction Management Market Segment Analysis - By Geography

North America, which has displayed affinity over the years in adopting newer technologies, is the most lucrative region for the Digital Transaction Management market, generating a global demand share of 34.3% in 2020. With several innovative key market players located in North America such as PayPal Holdings, Inc. and Microsoft Corporation, this region is leading the innovative front with the development of novel technologies such as contactless Transactions and near-field communication.

Digital Transaction Management Market Drivers

Increased Adoption of Mobile POS
Mobile point of sale has really taken advantage of the smartphone's ability to accept Transaction on the spot. mPOS is the technology that frees all businesses from their brick-and - mortar and in-store transactions. mPOS device limits liability because transactions are encrypted and card information is not stored on the mPOS device, which minimises the risk of security breaches and makes it easier and quicker to comply with regulations. Biometrics such as fingerprint and facial recognition can also be used with mPOS to confirm customer identities and threat intelligence during Transaction, adding another level of security to digital Transactions.

Shift to Contactless Transactions due to Covid-19 Pandemic
The COVID-19 pandemic has had a significant impact on the mobile money market, as consumers and businesses are forced to change their buying habits. There has been an incredible spike in the adoption of mobile wallets, as contactless Transactions have become vital for purchases. Avoiding cash and card transactions to keep COVID-19 from spreading has prompted many subscribers to try out mobile wallets. Since the COVID-19 crisis complicates every day, consumers become accustomed to Digital Transaction Management, making mobile money important for each transaction.

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Digital Transaction Management Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Digital Transaction Management Market. Apple, PayPal, Samsung, JP Morgan Chase, Amazon, Tencent, Google, Ant Financial, One97 Communications Limited, Vodafone, Skrill, American Express, Sprint Corporation, Well Fargo, Mastercard, Visa, First Data, and AT&T are considered to be the key players of the Digital Transaction Management Market.

Key Takeaways

The increasing omni-presence of mobile phones is a driving factor in increasing the number of users of mobile money and changing the dynamics of digital finance solutions.

Efficiency in money exchange is one of the major determinants of digital money technology development. Increasing the efficiency of digital transactions can result in an increase in overall expenditure which can encourage companies to work towards the development of this technology.

Use of solutions such as Transaction Gateways has sped up the transaction process. In addition, the development of e-commerce websites has led to an increase in the number of online transactions that can be considered an attraction for the mobile money market.

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Source URL: https://marketersmedia.com/digital-transaction-management-market-size-estimated-to-surpass-585-billion-mark-by-2026/89038266

Source: MarketersMEDIA

Release ID: 89038266

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