The global digital signature market is projected to reach $3,410.8 million by 2023. Considerable growth in demand for digital signatures is being witnessed across the world to reduce the incidence of frauds. Besides, the rising government focus toward eliminating the use of paper and boost the adoption of digital signature-based biometrics in various industries is supporting the market growth.
Insights into the market segments
When segmented by solution, the digital signature market is categorized into software, hardware, and services. Among these, services contributed the largest revenue to the market in 2017. However, during the forecast period, the market is expected to witness the fastest growth in the software category, with 27.5% CAGR. This can be mainly ascribed to the growing demand for accessibility of such signatures in connected devices, including smartphones, tablets, and laptops, in the banking, financial services, and insurance (BFSI) and government sectors.
Based on deployment type, the digital signature market is divided into on-premises and cloud-based solutions. Between the two, cloud-based digital signature solutions dominated the market in 2017, owing to their high adoption as they facilitate mobility and help reduce the IT cost.
North America has been the largest market for digital signatures
The digital signature market was led by North America in 2017, wherein it accounted for more than 40.0% revenue, primarily owing to the advancements in digital technology and implementation of several laws and policies across the region. For instance, the Uniform Electronic Transactions Act (UETA) and the Electronic Signatures in Global and National Commerce Act (E-SIGN) make the use of these signatures legal in each state within the U.S. Similarly, the Personal Information Protection and Electronic Documents Act (PIPEDA) is one of the major laws related to the use of digital signature technology in Canada.
Asia-Pacific (APAC) is expected to be the fastest-growing market, globally
The digital signature market is expected to witness the fastest growth in the APAC region, where it is predicted to advance at a CAGR of 31.0% during the forecast period. The major factors behind the market growth in APAC are expanding BFSI sector and initiatives taken by the governments of various countries, including India and China, to reduce paper use and increase the reliance on digital technology.
Improving healthcare infrastructure in the region has led to an increase in the demand for signatures based on digital technology. Moreover, growing investments by digital signature software developers have spurred the progress of the digital signature market. This can be attributed to the easy availability of skilled manpower and low development cost in emerging economies, including India, China, and Thailand.
Browse report overview with detailed TOC on "Digital Signature Market by Solution (Software, Hardware, Services [Managed, Professional]) by Deployment Type (Cloud Based, On-Premises), by Application (Government, IT, Healthcare & Life Sciences, BFSI, Retail, Telecom), by Region (U.S., Canada, Germany, U.K., France, Italy, China, Australia, Japan, India, Brazil, U.A.E.) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/digital-signature-market
Growing product demand in the BFSI sector to prevent fraudulent activities is driving the market
The growth of the market is being bolstered by the growing acceptance of digital signature-based biometric components in the BFSI sector. The technology is widely used in biometric systems as one of the most secure methods for identification and authentication, owing to the exclusive characteristics of users’ signatures. Moreover, advancements in security based on encryption technology eliminate the possibility of duplication. These advanced and innovative applications of digital signatures in the BFSI sector are helping the digital signature market to prosper.
Further, the technology aids in lessening the time taken in the filling of forms, such as insurance forms, legal and advisory forms, and banking forms. After being digitized once, a scanned signature can be utilized multiple times for various processes. The growing use of online forms for opening savings and credit accounts in banks, buying insurance, and filing income tax returns has increased the demand for digital signatures.
Moreover, these signatures are essential for checking frauds and thefts in several industries. By authenticating the signatures of healthcare professionals, prescriptions can be sent by the doctor to the hospital’s server digitally, and then further to the patient's pharmacy, thus limiting a person’s ability to forge the prescription. Pharmacists possess an online copy of the doctor’s signature for comparing patient’s digitized prescriptions.
Digital signature market’s competitive landscape
At present, competition in the global digital signature market is moderate. Major players operating in the market are actively engaged in product launches and entering into partnerships to improve the security features of their products and reach a wider consumer base around the world.
Gemalto N.V., DocuSign Inc., Ascertia, Entrust Datacard Corporation, SIGNiX Inc., Secured Signing Limited, and Adobe Systems Incorporated are some of the key digital signature market players.