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The global digital signature market valued at US$ 879.6 Mn in 2018 and is projected to reach US$ 6,128.0 Mn by the end of 2026, exhibiting a CAGR of 28.77% during the forecast period (2019 – 2026).
Owing to the rapid advances in e-business, there is an increasing need for online security and authentication. Many advanced technologies are developing to serve internet authentication. One of the main issues in e-business operations is the need to replace the hand-written signature with the digital signature.
During online communication, digital signature enables organizations to authenticate and assure the client's identity and records. Digital signatures offer highly precious possibilities for organizations to enter into noncommercial contracts. For example, if the law recognizes digital signatures as valid signatures, an e-mailed job offer would be legal, just as if it were sent in hardcopy and signed by the employer.
Digital signatures authenticate electronic documents the same way as the printed handwritten signatures verify documents. The digital signature market growth is driven by the growing use of digital signatures to eliminate fraud, encourage technological innovations, and improve data integrity, scalability, and transparency.
However, some organizations are not fully aware of the advantages of digital signature solutions, which may hamper the market growth. Controlled and seamless workflow, improved operational efficiency, enhanced end-to-end customer experience, rising investments in electronic documents by governments and enterprises and improved security are the major factors driving the market growth.
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"Increasing adoption of cloud-based digital signature solutions is contributing to the growth of the global digital signature market"
A cloud-based digital signature can be viewed as a model for secure, easy, on-demand network access to safety infrastructure performing digital signature cryptographic activities. Cloud-based e-signature solutions are expected to be the most significant deployment segment as they decrease the e-signature execution operating costs.
The primary difference between a conventional digital signature scheme and a cloud-based system is that while the first one worked in a personal computer near setting and dedicated plug-in devices (microchip card and card reader), the cloud-based system includes network information exchange between the signer and signing-enabled cloud setting.
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Cloud-based digital signing solution designed to secure, automate, and control all the document production to make it more cost-effective and efficient. In a secure and safe interface, cloud handles all elements of digital signing. It is expected that the market would grow remarkably for the 2019 – 2026 forecast.
"Increasing financial and legal services across North America would assist the market growth of the digital signature solutions in the region"
The digital signature market in North America generated a revenue of US$ 297.3Mn in 2018 and is anticipated to emerge dominant during the forecast period. The market in the region is likely to be driven by the presence of already established IT infrastructure and the existence of powerful and prominent players across the U.S. working on implementing digital signature systems in different industries.
Moreover, the market in the Asia Pacific generated a revenue of US$ 183.6Mn in 2018 and is expected to witness growth in the investments of the small and medium organizations for adopting the technologically enhanced cloud-based digital signature solutions.
North America Digital Signature Market, 2018
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Due to technological advancements in developing countries such as China and India and government initiatives, the market in Asia Pacific is likely to retain a significant share of the worldwide market in the coming years.
"A growing trend observed in the penetration of the digital signature software across the industries."
The report provides qualitative and quantitative insights on the digital signature industry and detailed analysis of digital signature market size & growth rate for all possible segments in the market. The market is segmented by component, deployment, organization size, end-user, and geography. Based on the component, the market is divided into software, hardware, and services. The service segment of the global market is classified into professional services and managed services. By professional services, the market is divided into consulting, training and education, and support and maintenance. By deployment, the market is segmented into on-premise and cloud.
By organization size, the market is classified into SMEs and large enterprises. By end-user, the market is segmented into banking, financial services, and insurance (BFSI), IT and telecommunication, government, healthcare and life science, education, retail, real estate, and others. Geographically, the market has been analysed across five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the price trend analysis, recent industry developments such as mergers & acquisitions, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape and company profiles.
§ Training and Education
§ Support and Maintenance
By Organization size
As per our (Fortune Business Insights) study, the global digital signature market is predicted to reach USD 6,128.0 Mn by 2026 with a CAGR of 28.8% (2019 -2026).
As per our study, business owners are leveraging digital signature solutions to enhance security systems and protect personal data of individuals. Currently (in 2019), the global digital signature market value at USD 1,044.0 Mn, and it is anticipated to reach USD 6,128.0 Mn by 2026 at a CAGR of 28.8% during the forecast period (2019 -2026).
Globally, spending on digital signature is inflating each year. Some of the regions, such as in North America, generated a revenue of USD 297.37 Mn in 2018 and is expected to generate a remarkable revenue share by 2026
In the Digital Signature Market, digital signature software is the leading segment. Cloud-based e-signature solutions are expected to be the most significant deployment segment as they decrease the e-signature execution operating costs.
Some of the driving factors for the digital signature market are the increasing need for multifactor authentication and multi-level security across the organization.Rising concerns regarding excess use of paper, as well as time and money required for printing and demand for cryptographically encrypted signature solutions to avoid misuse of a physical signature.
In the Digital Signature Market, some of the key players are Adobe, Onespan, Gemalto, Ascertia, Docusign, Entrust Datacard, Signix Inc.,and Identrust. These market players are focusing on agreements, acquisitions, and developments in the digital signature market.
North America is expected to hold the highest market share in the Digital Signature Market.Early adoption of advanced technologies and presence of powerful and prominent players across the U.S. working on implementing digital signature systems in different industries would drive the market growth in North America.
BFSI industry is expected to augment the digital signature market. As the BFSI industry deals with maximum online and offline monetary and other financial actions it is necessary to identify the true customers this drives the need for digital signature solutions.