DUBLIN--(BUSINESS WIRE)--The "Saudi Arabia Digital Transaction Management Market Research Report - Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabian digital transaction management market revenue stood at $60.88 million in 2020, and it is predicted to rise to $1,288.27 million by 2030, exhibiting a CAGR of 35.7% from 2020 to 2030.
The major market growth drivers are the shift of business processes to digital platforms, surging adoption of cloud technologies, and soaring purchasing power of end users.
The market remained unaffected during the COVID-19 pandemic as rapid digitalization and the launch of several initiatives by the Saudi Arabian government under the Vision 2030 for propelling digital transformation caused a massive rise in the gross domestic product (GDP) of the country.
Digital transactions made a contribution of nearly $119.6 billion (SAR 449 billion) to the nation's GDP in 2020, and this number is predicted to rise to $156.1 billion (SAR 586 billion) by 2025. This is encouraging the government and businesses to adopt advanced digital strategies, thereby supporting the expansion of the market.
The banking, financial services, and insurance (BFSI) category contributed the highest revenue to the Saudi Arabian digital transaction management market in the past, within the industry segment. This is credited to the shift of BFSI companies' processes to digital platforms, in order to enhance the convenience of customers and offer them easier access to services.
The digital signature category dominated the market during the last few years, under the solution segment, mainly because of the ability of digital signatures to reduce the time taken for completing internal compliance and contract management. Moreover, digital signatures protect high-value records and documents from unauthorized access.
The market was dominated by the large enterprises category in the years gone by, within the organization size segment. This was because of the growing demand for the efficient management of transaction workflows and cost-effective and efficient business processes.
The central region contributed the highest revenue to the Saudi Arabian digital transaction management market in the past, on account of the presence of several large BFSI firms here.
Market Dynamics
Trends
- Digitization
- Adoption of Blockchain Technology For Smart Contracts
- Demand For Intelligent Content Analytics
Drivers
- Increasing Inclination For Transferring Business Processes To Digital Platforms
- Increasing Adoption of Cloud-Based Solutions
- Advancements In Technology
- Increasing Spending Power of End Users
Restraints
- Exposure To Cyberattacks and Related Risks
Impact of COVID-19
Porter's Five Forces Analysis
Market Segments
By Industry
- BFSI
- Healthcare
- Retail
- IT & Telecommunications
By Organization Size
- SMEs
- Large
By Solution
- Authentication
- Document Archiving
- Digital Signature
- Workflow Automation
- DMS
Company Profiles
- DocuSign Inc.
- Adobe Inc.
- HelloSign
- PandaDoc Inc.
- eMudhra Inc.
- Arabian Internet and Communications Services Company (solutions by stc)
- Baud Telecom Company
- airSlate Inc.
- OdooTec KSA
- Fastman
- Kofax Inc.
- Ascertia Limited
- ZorroSign Inc.
- eMcREY
- OneSpan Inc.
- Citrix Systems Inc.
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