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Asia Pacific Digital Signature Market Size, Share & COVID-19 Impact Analysis, By Deployment (Cloud and On-Premise), By Enterprise Type (Small and Medium Enterprises and Large Enterprises), By Level (Advanced Electronic Signatures (AES) and Qualified Electronic Signatures (QES)), By End User (BFSI, IT & Telecommunication, Government, Healthcare and Life Science, Education, Retail, Real Estate, and Others (Defense & Legal)), and Regional Forecast, 2023-2030

Last Updated: May 27, 2024 | Format: PDF | Report ID: FBI107409

 

KEY MARKET INSIGHTS

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The Asia Pacific digital signature market share is the second largest in the global digital signature market. It is projected to grow at a CAGR of 36.8% during the forecast period. The global market is projected to grow from USD 3.92 billion in 2022 to USD 43.14 billion by 2030.


Digital signatures are rapidly gaining popularity as they enhance the authority and security of each sender's electronic documents. It is the process of obtaining public and private keys and a digital certificate for an additional fee. Rapid digitization is expected to transform several industrial workflow systems. Moreover, the Asia Pacific digital signature market growth is expected to be driven by the increasing adoption rate of digitization by many companies.


Our report on the Asia Pacific digital signature market covers the following countries/regions – China, India, Japan, South Korea, ASEAN, Oceania, and the Rest of Asia Pacific.


LATEST TRENDS


Integration of Advanced Technologies Propels Asia Pacific Market Growth


Integrating advanced technologies in the digital signature solution is considered a market trend in Asia Pacific. Digital signatures are integrated into Enterprise Resource Planning (ERP), customer relationship management, and more. They are already finding use in several industries and will become more popular as they reduce the time required for organization documentation. These factors are creating new growth avenues for the market players during the forecast period.


DRIVING FACTORS


Rising Adoption of Cloud-based Solutions & Services in Asia Pacific is Driving Market Growth


Cloud-based solutions and services are the latest in industry technology. Cloud-based solutions are primary objectives in digitally managing business transactions involving critical data and documents. Digital solutions enable employees at various levels to receive and send documents, share information, and collaborate on projects. Cloud-based solutions increase employee productivity and business operations, whether working from home, remotely, or office. This is driving the digital signature market in Asia Pacific.


RESTRAINING FACTORS


Increasing Number of Cyber Attacks in Asia Pacific Countries to Limit the Market Growth


Security concerns related to data and rising cyber threats in various verticals such as BFSI, healthcare, government, and retail hinder the market growth. For instance, according to Forrester, 68% of Asia Pacific organizations were breached in 2021 and 61% in 2020. This highlights that the entire Asia Pacific region is unprepared for cybersecurity breaches. 


KEY INDUSTRY PLAYERS


In terms of the competitive landscape, Secured Signing Limited, Zoho Corporation, and Entrust Asia Pacific Ltd. are the key players in the Asia Pacific market, focused on strengthening their product portfolio, active involvement in R&D investments, and distribution network through strategic collaboration and partnerships for the acceleration of product launches.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • September 2022: Zoho announced a partnership with Singapore Government to integrate Zoho’s sign with Singpass, Singapore’s national digital identity. Zoho Sign launched Sign with Singpass to allow users to sign any document, from brokerage agreements or sales contracts to procurement and mortgage forms, without requiring any physical presence.

  • August 2022: Zoho collaborated with Microsoft to integrate Zoho’s Sign with Microsoft Power to automate everyday tasks and effortless management of anything that requires to be signed.

  • June 2022: Entrust acquired Evidos, an digital identity verification and electronic signature service provider that will integrate Evidos’ cloud-based signature workflow software and face biometric verification with Entrust’s certificate-based digital signature software.

  • June 2022: Symtrax launched a new version of Compleo WebSign, Compleo Hybrid. Compleo Hybrid supports SaaS services such as electronic data interchange and digital signatures. Users can forward signatures, allow several signers for each document, and add comments. It also helps users add proof files after the signing document process is complete. 


REPORT COVERAGE


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The research report provides qualitative and quantitative insights into the market and a detailed analysis of the Asia Pacific digital signature market size & growth rate for all possible segments in the market. Along with the market forecast, the research report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of the adoption of technology, an overview of price analysis, an overview of the regulatory scenario by key countries, new product launches, key industry developments – mergers, acquisitions & partnerships, and the impact of COVID-19 on the market.


Report Scope & Segmentation






























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 36.8% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Deployment, Enterprise Type, Level, End User, and Country



By Deployment




  • Cloud

  • On-Premise



By Enterprise Type




  • Small Medium Enterprise

  • Large Enterprise



By Level




  • Advanced Electronic Signatures (AES)

  • Qualified Electronic Signatures (QES)



By End User




  • BFSI

  • IT & Telecommunication

  • Government

  • Healthcare and Life Science

  • Education

  • Retail

  • Real Estate

  • Others (Defense & Legal)



By Region




  • Asia Pacific (Deployment, Enterprise Type, Level, End User, Country)


    • China (By End User)

    • Japan (By End User)

    • India (By End User)

    • South Korea (By End User)

    • ASEAN (By End User)

    • Oceania (By End User)

    • Rest of Asia Pacific (By End User)







Frequently Asked Questions

Growing at a CAGR of 36.8%, the market will exhibit steady growth in the forecast period (2023-2030).

The rising adoption of cloud-based solutions & services in APAC is driving the growth of the market.

Secured Signing Limited and Zoho Corporation are the major market players in the Asia Pacific.

China dominated the market in 2022.

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