In order to secure any confidential data, use of digital signature performs a crucial role in attaining it. The increasing number of cases related to online cyber breach and threats have uplifted the demand for digital signature solutions as it enables signing a particular document via online mode without major worries. The global digital signature market was valued at USD 899.3 million in 2020 and is projected to grow at a CAGR of 28.7% during the forecast period.
Market report “Digital Signature Market – Analysis and Forecast (2015 - 2027)
The digital signature market is gaining huge popularity owing to its ability to improve digital workflow and enabling time and cost efficiencies along with strengthening security measures. It has been observed that implementation of digtal signature in workplace is enabling the business organizations to send business and legal documents in an authenticated manner that reduces risk for the enterprises and enables efficient work process. These factors are thereby contributing towards the growth of the market.
In order to reduce fraudulent activities, the digital signature technology is being adopted at a rapid pace, wide adoption of these solutions that are biometrics based in the BFSI segment along with increasing government initiatives pertaining to eliminating the use of paperwork are the major factors that are driving the growth of the digital signature industry. Moreover, the extensive number of government aidedinitiatives along with associations of several industries helps in developing several awareness initiatives for several industries that isfurther expected to bolster the growth of the market.
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Furthermore, it has been observed that there are various developed economies such as Germany and the U.S that uses these technologies for security purposes that are commonly being referred as digital signature-based smart cards. The increasing adoption of bio-metric based signature technology is the most protected feature that enables authentication and identification process of an individual. Moreover, with the use of this technology the act of duplication and stealing of signature can be eliminated as a result to the digital signature market is growing at a rapid pace.
However, redundant technology inconsistency among various technologies is the major factors that are hampering the growth of the digital signature market.
On the basis of application, the digital signature market is segmented into government, healthcare and lifescience, banking, telecom, retail, it, and others. Among all these industries, the extensive demand for these solutions is observed from the banking industry.
On the basis of deployment, digital signature market is segmented into on-premise and cloud-based deployment. Among these categories, the cloud-based deployment model is expected to witness the faster growth owing to extensive utilization of these deployments in various industry verticals from several business organizations. Moreover, excessive flexibility and control along with ease of utilization are other factors that are pertaining towards the growth of this segment, globally.
On the basis of solution, the digital signature market is segmented into hardware, software and services. Among all these segments, software segment is expected to witness fastest growth during the forecast period. Software segment provides cost efficiencies and low transaction time that enables various business enterprises to provide additional benefits to its users along with improved efficiencies. This segment is further expected to bolster the growth of the market 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. The growth of this market is attributed towards increasing avenues for growth that is witnessed due to prosperous demand of digital signatures from financial and legal domain. These sectors are primarily focussing upon adherence to stringent regulatory reforms formulated by the cyber security.
Furthermore, it has been observed that the Asia-Pacific digital signature market is expected to witness the highest CAGR of 31.0% during the forecast period, owing to extensive adoption of digital signature technology in various small and medium and large enterprises. Moreover, the government of India has implemented several measures in order to enhance the growth of the digital signature industry.
Some of the key players in the 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.
Global Digital Signature Market Coverage
Solution Insight and Forecast 2015 - 2027
Deployment Model Insight and Forecast 2015 - 2027
Application Insight and Forecast 2015 - 2027
Digital Signature Market by Region
Rest of the World (RoW)
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