|Status : Published||Published On : Jan, 2021||Report Code : VRICT5008||Industry : ICT & Media||Available Format :||Page : 151|
A digital signature uses asymmetrical cryptography that is used for the purpose of documenting the digtal message. This technology is extremely beneficial for solving interference related problem in digital impersonation and communication. They are extensively being used for the purpose by the business organizations to certify and support contents such as word documents, emails, and PDFs. The global digital signature market is projected to contribute the largest revenue of USD 6.8 billion by 2027 and is further expected to grow at a CAGR of 28.7% during the forecast period. The growth of this market is attributed towards structured workflow, greater security measures and deduced cost that leads to efficient operational efficiencies for the organizations.
Moreover, the extensive number of government-aided initiatives along with associations of several industries helps in developing several awareness initiatives for several industries that are further expected to bolster the growth of the digital signature industry. It has been observed that the workflow of business organizations with the use of digital signature is evolving at a rapid pace, for instance, enterprises are able to send legal and business documents via an authenticated platform that causes reduced risk.
Insight by Solution
On the basis of solution, the market is segmented into hardware, software, and services. Among all these segments, software segment is expected to witness the fastest growth at a CAGR of 28.5% during the forecast period. The growth of this segment is attributed towards reduced transaction time and costs associated with this technology. Furthermore, increased application of this technology across different industries in order to improve efficiencies and enhance benefit of users is expected to further fuel the growth of the digital signature market.
Insight by Deployment Model
On the basis of deployment, digital signature market is segmented into on-premise and cloud-based deployment. Among these segments, the cloud-based deployment model is expected to witness faster growth owing to increasing utilization of these deployments by several business enterprises across various industry verticals. Moreover, these deployments offer
Moreover, the cloud-based model is also expected to contribute the larger share in the market with revenue of around USD 3.7 billion by 2027. The users find this deployment quiet convenient and provide the options to the organizations to develop multi-dimensional signatures by deducing the operational costs and transaction time, which is ultimately driving the growth of digital signature market across the globe.
GLOBAL DIGITAL SIGNATURE MARKET SHARE, BY DEPLOYMENT MODEL (2017)
Insight by Application
On the basis of application, the digital signature market is segmented into government, healthcare and lifescience, telecom, it, banking, retail, and others. Among all these industries, the extensive demand for digital signature market is observed from the banking industry. The demand for this technology in this sector is attributed towards increasing benefits of digital signature such as steady process of invoice, enriched compliances and deducted turnaround time for a particular document.
Increasing adoption of digital signature solutions in order to decrease fraudulent acts, implementation of elimination of paperwork act by the government and extensive adoption of biometrics-based signatures in BFSI sector are the major factors driving the growth of the digital signature market. The bio-metric based signature technology is observed as the most protected measure in order to precede the authentication and identification process of an individual. Additionally, the pattern of the signature cannot be duplicated or stolen as a result of which it is gaining huge momentum across several organizations across the globe.
Implementation of stringent norms by the government authorities leading to uncertainties regarding electronic and digital signatures is expected to hamper the growth of the digital signature market. Additionally, redundant technology adopted in the development of digital signature along with the inconsistency among various technologies of these signatures is expected to further hinder the growth of the digital signature market.
Globally industry players of in the digital signature market are leveraging market growth through technological advancements in upgrading the security measures of these signatures. The key players in this industry are further emphasizing upon new product development and launches along with entering into partnership agreements in order to expand their consumer base across the globe.
Geographically, North America is the largest digital signature market with more than 40% revenue contribution to the global market in 2020 and the market is projected to witness significant growth in the coming years, owing to extensive growth opportunities observed due to flourishing demand of these signatures from legal and financial sector along with adhering of strict cyber regulatory reforms.
Furthermore, it has been observed that the Asia-Pacific digital signature market is expected to witness the highest growth owing to extensive adoption of this technology in various small and medium and large enterprises. Additionally, the government of India has implemented several measures in order to enhance the growth of the digital signature market in this region.
GLOBAL DIGITAL SIGNATURE MARKET, BY REGION (2017)
Some of the key players in the global digital signature industry are Adobe Systems, Inc, Ascertia, Microsoft Corporation, Docusign, Inc., Entrust Datacard Corp, Gemalto, Inc, IdenTrust, Inc, International Business solutions llc, Kofax Limited, Korea SYSTEM’s TECH Inc, Kotrade Inc, Right Signature LLC, Secured Signing Limited, Signix Inc and Oracle Corporation.
*Also, Have a look at our Gamification Market Report