The Latin America, Middle East and Africa Digital Transaction Management Market would witness market growth of 30.3% CAGR during the forecast period (2021-2027).
The market's expansion can be ascribed to the growing demand to digitally handle all document-based interactions. Over the projection period, the market is likely to increase due to the increasing acceptance of cloud-based services across different sectors and industrial verticals. Digital transaction management systems have the ability to digitise and, as a result, speed up the process of correctly and securely signing corporate contracts and agreements.
These solutions can assist in signing and transmitting papers electronically rather than signing them physically and sending them by mail or scanning and emailing them. Aside from accelerating the procedure of signing agreements and contracts, digital transaction management services may also assist reduce errors, saving operational expenses. Businesses all around the world are focused on implementing digital transaction management systems to cut down on mistakes and operational expenses while also shortening transaction times and increasing productivity.
Saudi Arabia has a strong digital infrastructure that has helped the country deal with COVID-related issues by assuring corporate and educational activities, as well as allowing residents to satisfy their needs and go about their everyday lives. Furthermore, the country has improved the quality of digital services by collaborating with the private industry to provide fiber-optic distribution network to over 3.5 million homes, growing internet traffic by 30% during the COVID-19 pandemic outbreak, and boosting internet speed from 9 Mbps in 2017 to 109 Mbps in year 2020.
Furthermore, the Saudi Vision 2030 strategy puts information and communication technology (ICT) at the heart of the country's future growth. For the past several years, a number of Saudi ministries have already been aggressively pursuing an ICT agenda, and this effort is poised to intensify as they attempt to accomplish the National Transformation Programme's recent short-term targets (NTP).
The Brazil market dominated the LAMEA Digital Transaction Management Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $594.9 million by 2027. The Argentina market is estimated to grow at a CAGR of 31% during (2021 - 2027). Additionally, The UAE market would witness a CAGR of 29.9% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Digital Transaction Management Market is Predict to reach $30.5 Billion by 2027, at a CAGR of 25.5%
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.
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