U.S. Digital Signature Market to Generate $10,612 Million Revenue by 2030

The U.S. digital signature market size is expected to advance at a CAGR of 31.2% during 2021–2030, to reach $10,612 million by 2030. The key factor that drives the growth of the market is the increasing demand for data security during the transfer of sensitive data. Due to this, many industries and enterprises are adopting digital signature solutions to secure their network, to gain confidence in customers.

The rapid advancement in technology has changed the way of managing documentation. In addition, the growing demand for trending, suitable methods for securing transactions, electronic agreements, and digital signatures has changed the way people transact with each other, business, and even the government.

Increasing Adoption of Digital-Signature-Based Biometrics in BFSI Sector

The increasing adoption of biometric solutions based on digital signatures in the BFSI sector is a key driver for the country’s digital signature market. Biometric systems use advanced and secure digital signature methods for authentication and identification procedures. This technology provides unique keys to the characters of each user’s signature, the pattern of which cannot be stolen or illegally impersonated.

The U.S. BFSI sector is flourishing because customers and businesses are making transactions faster with the help of the digital signing process. Here, customer service is a major aspect of business, and the adoption of digital signatures eases finalizing loans, doing online or mobile banking, and opening new accounts.

Further, in the wealth management and financial planning sectors, advisers are spared from paperwork while performing client management and relationship building tasks, while the document compliance and digital signing processes are automated and can be done remotely and easily, via cloud or mobile. This helps in streamlining approvals and transactions, thereby enhancing an organization’s overall client experience rating.

Cloud-Based Solution Demand Increasing Swiftly

The cloud-based category is expected to witness the faster growth in the next few years due to the increasing penetration of 5G internet services. The key benefit of cloud-based services is stronger and more-centralized security for organizational data and information. Cloud-based digital signing is a highly secure process because, besides the creation of a unique ID and password, it also requires the validation of a one-time password (OTP).

Expansion of Solution Demand in E-Commerce Industry

The expansion of the e-commerce industry in the U.S., due to the rising internet penetration and easing of transactions, is a great opportunity for the country’s digital signature market. The U.S. is already home to the second-largest e-commerce market in the world. The use of digital signatures provides online shopping portals with integrity, confidentiality, authentication, and legal non-repudiation in business transactions. Due to the growing e-commerce market in the U.S., the demand for secure transactions is expected to increase further, which would be a driving force for the market in the years to come.

The most-significant U.S. digital signature market players are Adobe Systems Inc., Secured Signing Limited, Gemalto N.V., SIGNiX Inc., Entrust Datacard Corporation, Ascertia, DocuSign Inc., eSignLive, OneSpan, and GlobalSign.