Around the world, governments are focusing on eliminating the paper work and offering support for the deployment of digital signatures. Additionally, the banking, financial services, and insurance (BFSI) sector is also rapidly adopting biometrics equipped with this technique, with an eye on digitization. Due to these factors, the global digital signature market is predicted to grow to $23,949.7 million in 2030, from $1,534.8 million in 2019, at a 28.6% CAGR during 2020–2030 (forecast period).
Digital Signature Market Segmentation
The service category would witness the fastest growth in the digital signature market during the forecast period, as a result of the burgeoning demand for managed and professional services by digital signature users, including implementation, consulting, and cloud.
In 2019, the cloud bifurcation held the larger digital signature market share, as cloud reduces the requirement for a locally installed platform, by enabling the authentication of documents on a cloud-hosted service. In addition, this deployment mode allows users’ signing key to be stored on the cloud, so that users can sign documents from any device with an internet connection, such as a smartphone, laptop, desktop computer, and tablet. In addition, market players are making their cloud-based solutions more easily manageable and secure, in order to target a wider customer base.
Till 2030, Asia-Pacific (APAC) is expected to display the highest CAGR in the digital signature market, due to the increasing focus of organizations and governments in the region on decreasing frauds. Further, the BFSI sector is expanding, the preference for digital payments is rising, and initiatives being taken by the government, to promote the adoption of digital technologies and reduce paperwork, are increasing. For instance, the Indian government launched the Digital India initiative in July 2015 to make government services available to people in the electronic form.
Product Launches are Strongest Strategic Measure in Market
In recent years, digital signature market players have launched an array of new and improved solutions, in order to augment their sales and geographical reach.
For instance, in February 2020, Secured Signing Limited deployed certain improvements in its account reporting and document signing software, with an aim to help users send templates faster, by saving the workflow setting for individual forms. Integration with JobAdder software platform, enhancements to integrated platform with Salesforce.com Inc., and template workflow settings are some of the features of the advanced version of the software.
Browse report overview with detailed TOC on "Digital Signature Market Research Report: By Component (Software, Hardware, Service), Deployment Type (Cloud, On-Premises), Vertical (BFSI, Government, IT & Telecom, Healthcare, Retail) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/digital-signature-market
In the same vein, in October 2018, Gemalto N.V. announced the integration of public key infrastructure (PKI) credentials into its SafeNet Trusted Access (STA). This allows users to deploy certificate-based authentication, if defined in the access policy of STA. With this feature, businesses, which already have a PKI implementation, are be able to move to the cloud safely, by modifying their existing PKI authentication framework, to gain access to the cloud.
The major global digital signature market players include Secured Signing Limited, Adobe Inc., Entrust Datacard Corporation, SIGNiX Inc., DocuSign Inc., Ascertia Limited, Thales eSecurity Inc., Gemalto N.V., RPost Communications Limited, IndenTrust Inc., eSign Genie, Glykka LLC, KeepSolid Inc., DocVerify Inc., Symtrax Holdings Inc., GetAccept Inc., SignaShare, and Zoho Corporation Pvt. Ltd.