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Software Category to Hold Largest Share in Digital Signature Market till 2030
From $1,534.8 million in 2019, the global digital signature market is expected to grow to $23,949.7 million by 2030, witnessing a CAGR of 28.6% during the forecast period (2020–2030). The key growth drivers for the market are the rising requirement for biometrics, integrated with digital signature, in the banking, financial services, and insurance (BFSI) industry, increasing efforts on eliminating paperwork, and supportive government policies.
Segmentation Analysis of Digital Signature Market
The software category is expected to continue its dominance on the market till 2030, under segmentation by component. This is attributed to the rapid digitization and increasing awareness about improved technologies, among companies across various industries.
During the forecast period, the cloud bifurcation, based on deployment type, would witness the fastest growth in the digital signature market, on account of the market players targeting customers with improved cloud solutions that are more secure and easily manageable. Via such solutions, the digital signature can be authenticated by a signing service deployed on the cloud, thus reducing the need for the installation of a physical device on site.
The BFSI classification held the largest share in the digital signature market in 2019, on the basis of vertical, owing to governments’ focus on digitizing their economy, which is leading to the burgeoning adoption of digital payments. With digital signatures, record keeping is becoming more streamlined and cost-efficient, financial transactions are becoming safer, and the workflow is now auditable and more accurate.
During the historical period (2014–2019), North America was the largest digital signature market, as a result of the quick adoption of this technology in the regional healthcare and BFSI sectors. Moreover, the supportive government regulations in the U.S. and Canada, including the Health Insurance Portability and Accountability Act (HIPAA), Uniform Electronic Transactions Act (UETA), and Electronic Signatures in Global and National Commerce Act (ESIGN), are giving a further push to the digital signature usage.
Integration of Blockchain Technology is Key Market Trend
The major trend in the digital signature market presently is the integration of blockchains in digital signatures. This is being done to secure the data against forgery and other frauds and make the data authentic. A series of timestamped data, which is interlinked via cryptography, is known as a blockchain. The usage of this technology helps eliminate a third-party firm, such as a certification authority, and make it impossible for users to wipe off their fingerprints if they corrupt an entry. By integrating blockchain with digital signatures, any digital object can be signed, multiple users can sign a document, which is received by the users once everyone has signed it, the documents can be verified independently, and requirement for cost-intensive certificates is eliminated.
Supportive Government Policies are Most Important Market Driver
The key growth driver for the digital signature market is the supportive policies enacted by the government of various nations. Among the legislations which promote digital signatures in the U.S. are the Uniform Electronic Transactions Act (UETA) 1999 and Electronic Signatures in Global and National Commerce Act (ESIGN) 2000, which mandate that digital signatures cannot be denied legal validity and enforceability. With the increasing usage of electronic communication and the internet, an increasing number of people are transacting with the government digitally. Further, the federal government encourages the use of cryptography-protected digital signatures, as the country witnesses a large number of cyber attacks.
Growing E-Business Sector Offers Lucrative Market Opportunities
Digital signature market players can leverage the opportunities being offered by the growing e-business sector, of which e-commerce is an important component. The use of this technology in e-business results in stronger partner–client relationships, higher efficiency, and better supply chain integration. With the rapidly growing e-business sector, primarily due to the burgeoning e-commerce sales in China and the U.S., the usage of digital signature is predicted to increase sharply. More opportunities for the market are being created by the rising incorporation of connected devices and surging penetration of the internet.
|Market Size by Segments||Component, Deployment Type, Vertical|
|Market Size of Geographies||U.S., Canada, U.K., Germany, France, U.K., Italy, Japan, China, India, Australia, Brazil, Mexico, U.A.E., Saudi Arabia|
|Market Players||Adobe Inc., OneSpan Inc., Secured Signing Limited, SIGNiX Inc., Entrust Datacard Corporation, Ascertia Limited, Docusign Inc., Gemalto N.V., Thales eSecurity Inc., IdenTrust Inc., RPost Communications Limited, Sertifi Inc., Citrix Systems Inc.|
Market Competitive Landscape Shaped by Product Launches
In recent years, companies in the digital signature market have introduced numerous products and solutions, to attract a wider customer base and give themselves better chances of business growth.
For instance, in April 2020, eSign Genie Software announced the integration of its solution on Google Suit, for customers to use its digital signature on documents from multiple platforms. This integration is aimed at helping clients improve the throughput and save time in getting the documents digitally signed. With this solution, people would be able to digitally sign any document, using eSign’s technology, directly on Google Drive.
Similarly, in May 2018, a tool to make the invoice approval process smooth was launched by Secured Signing Limited. The tool helps in the usage of signature templates and signing of the document, even after it has been rejected, thus eliminating several bottlenecks.
The major players in the global digital signature market are Adobe Inc., Secured Signing Limited, SIGNiX Inc., Entrust Datacard Corporation, Ascertia Limited, DocuSign Inc., Gemalto N.V., Thales eSecurity Inc., IndenTrust Inc., RPost Communications Limited, Glykka LLC, eSign Genie, DocVerify Inc., KeepSolid Inc., GetAccept Inc., Symtrax Holdings Inc., Zoho Corporation Pvt. Ltd., and SignaShare.
Digital Signature Market Size Breakdown by Segment
The digital signature market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Component
Based on Deployment Type
Based on Vertical