"Smart Strategies, Giving Speed to your Growth Trajectory"
The global digital signature market size was valued at USD 3.92 billion in 2022. The market is projected to grow from USD 5.25 billion in 2023 to USD 43.14 billion by 2030, exhibiting a CAGR of 35.1% during the forecast period.
A digital signature helps to prove the origin, identity, and status of an electronic document, transaction, or digital message. The signatory also uses them to verify informed consent. A digital type of signature of an electronic message is created using a form of cryptography and is equivalent to a personal written signature. It provides a unique electronic link between the signer's identity and the message's origin.
Increased government backing is likely to stimulate the digital signature market growth. For instance, until December 2020, the Securities and Exchange Board of India (SEBI), India's market regulator, permitted publicly traded corporations to employ electronic signature certifications for filings to stock exchanges under specified disclosure rules.
Social Distancing Norms Accelerated the Use of Electronic Signature amid Pandemic
The COVID-19 pandemic has boosted the adoption of digital signatures and verification. The growing number of online and remote work commitments is driving industries to use digital technologies to stay in business. Several governments are adopting and encouraging digital type of signatures to limit paper-based transactions and maintain social distance norms.
The Government of India focused on maximizing the use of the digital platform. The government supported the digital means of signing and verification such as electronic signatures, smart ID/card readers, smooth passes, biometric signatures, and others. In addition, the Indian government provided a one-time password norm after completing digital KYC for the short-term electronic signature requirement.
Request a Free sample to learn more about this report.
Blockchain Technology in Digital Signature to be a Prominent Market Trend
The increasing digitalization among several industry workflow systems is likely to revolutionize businesses. The rising acceptance of dematerialization by most companies is one of the key factors driving the market growth. Paperless solutions provide numerous advantages, including convenience, speed, and superior workflow efficiency. Electronic documents help organizations to reduce the expenses of stationery. Similarly, it reduces the risk of misplacing an important document and keeps it secure for a long duration. The growing popularity of the paperless system has created a demand for electronic authorization.
Further, using digital signatures in blockchain assures that the message/information that started from the source and has traveled to the destination is secure. According to October 2021 eMudhra report on blockchain, all transactions are digitally signed to assure transaction integrity and data non-tamperability. As blockchain systems gain traction, identity-backed digital signatures are anticipated to become a vital component in maintaining the traceability of participants to transactions such as Smart Contracts performed on the blockchain.
Need for Improved Security, Operational Efficiency, and Seamless Workflow to Propel Market Growth
Previously, managing, storing, and tracking documents took a long time, further delaying other work processes. Besides, the need for improved operational efficiency and concern regarding data security has led to the emergence of these signatures. For banking and insurance, retail, real estate, and government, the security of digital information transferred among individuals or departments is of utmost importance. Therefore, these large transaction-driven businesses have begun incorporating digitally-enabled signatures in their work process to meet their need for secured online transactions. This technology is considered ideal for highly regulated industries as it can prove the integrity and authenticity of the document. It also assists companies in saving time, space, and money while improving business productivity. Similarly, organizations’ need for authentication and multi-level security encourages them to opt for digitally enabled signatures.
Additionally, various countries in the European Union, Asia, and the Americas are using digital signatures on legal documents to improve the security and efficiency of digital documents. Businesses using this technology are able to achieve increased transparency, robust efficiencies, enhanced document integrity, security against fraud, and cost savings. It is helping businesses to cut down document handling costs by at least 80%.
Lack of Awareness Regarding Legality and Benefits of Digital Signature to Hinder Market Growth
The demand for digitalization is rapidly growing across industries. However, the adoption of electronic signatures is lower in some developing economies as compared to developed countries. This is due to lack of awareness of the benefits of these signatures. Lack of knowledge and misconceptions regarding its legality are impeding its adoption. Companies are doubtful to utilize the technology owing to various rules & regulations associated. Further, rising number of cyberattacks and growing security concerns of data are likely to limit the digital execution of business processes. Therefore, such factors are likely to hinder the market growth.
Growing Developments in Cloud Technology to Boost Cloud-based Digital Signature Demand
Based on deployment, the market is categorized into on-premises and cloud. The cloud segment is expected to gain maximum market share during the forecast period with technological development and security advancement. Further, to form new standards for cloud-based electronic signatures in-line with business and government regulations, business providers have created an international group of Cloud Signature Consortium. However, the on-premises segment is also expected to hold a significant market share owing to the increasing concerns about cloud security. This has been one of the reasons for preferring on-premises deployment.
Increasing E-Business Trend to Boost the Large Enterprises Market Share
Based on enterprise size, the market is segmented into large enterprises and small & medium enterprises. Large enterprises segment is expected to dominate the market during the forecast period. The growing implementation of e-business and the paperless system is fueling the adoption of these solutions among large enterprises. Besides, an increasing IT budget also boosts the implementation of advanced digitalized solutions across large enterprises. Small and medium enterprises are expected to show the highest CAGR during the forecast period. The growing acceptance of digitalization to improve efficiency in the business process is one of the significant factors for the growth of the SME segment.
Need for Higher Level Security Contributing to AES Segmental Growth
Based on level, the market is analyzed into Advanced Electronic Signatures (AES) and Qualified Electronic Signatures (QES).
Advanced Electronic Signature (AES) segment dominated the market in 2022 as it offers a higher level of security, with signer protection and verification from tampering. It is the simpler of the two types of digital electronic signatures defined by the U.K. and European regulations. Qualified Electronic Signature (QES) is expected to grow at the highest CAGR during the forecast period (2023-2030) owing to an increased need for high-risk and high-value documents, such as high-dollar agreements, including mortgages or loans.
To know how our report can help streamline your business, Speak to Analyst
BFSI to Show Rapid Growth Owing to Increasing Demand for Better Customer Services
By end user, the market is divided into BFSI, IT and telecom, government, healthcare & life science, education, retail, real estate, and others.
The BFSI segment is expected to show exponential growth, owing to the rapid shift toward platforms to provide streamlined services. This boosted the sales of the industry. Similarly, healthcare is expected to show significant growth owing to the rising adoption of digital systems for medical documentation and payment invoices. In addition, adopting electronic signatures in the retail industry is improving employee and customer satisfaction. The rising trend of e-governance across countries will likely drive the market growth over the forecast period.
North America Digital Signature Market Size, 2022 (USD billion)
To get more information on the regional analysis of this market, Request a Free sample
Regionally, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
North America is expected to dominate with the largest digital signature market share during the forecast period. The region is the early adopter of digital technologies, thus boosting the market growth. Since electronic signatures are lawful in every state and U.S. territory where federal law applies, according to the U.S. Electronic Signatures in Global and National Commerce (ESIGN) Act of 2000. Further, where federal law does not apply, the Uniform Electronic Transactions Act (UETA) has been approved by majority of the U.S.
Asia Pacific is expected to grow significantly owing to increasing government initiatives to improve digitalization across industries. The government of India is focusing on providing e-signature facilities and has passed a law under IT 2000 to legalize e-signature. In China, the government has proposed E-signature Law and highly promotes digitized signatures for documentation. This is likely to drive the market growth in Asia Pacific.
Europe is expected to grow rapidly during the forecast period owing to increasing e-business systems across industries. New regulations, such as eIDAS, a regulation on electronic identification, and trust services for electronic transactions formed by the European Union, are implementing precise requirements for securely signed documents. This is expected to influence the entire market across the region. The cloud signature consortium aims to make it easy for European governments and businesses to comply with the eIDAS solution effectively.
To know how our report can help streamline your business, Speak to Analyst
The Middle East & Africa is steadily growing during the forecast period. GCC is expected to gain traction owing to increasing investment in the region. For instance, Adobe, Inc. has collaborated with the federal telecommunications regulatory agency of the United Arab Emirates (UAE) and the Telecommunications Regulatory Authority (TRA) to provide electronic and digital signature technology. Similarly, Latin America will likely show significant growth during the forecast period.
Growing Strategic Collaborations among Companies to Expand the Product Portfolio
The key market players, such as OneSpan Inc., Thales Group, Ascertia, DocuSign Inc., Adobe Inc., and others, are focusing on providing efficient signing solutions. The companies are collaborating to extend their presence. They are entering into strategic partnerships to provide advanced cloud-based solutions. The companies are also investing in offering a mobile-based app for digital signing solutions. In addition, the digital signature creator also offers free service for some of the documents.
March 2021: OneSpan, Inc. partnered with the Belgium mobile ID (itsme) to implement Qualified E-Signatures by issuing certificate-based digital IDs that validate the identity signers (QES). This partnership enables clients the flexibility to operate with even more TSPs while maintaining the highest standards of signer authentication compliance and assurance.
An Infographic Representation of Digital Signature Market
To get information on various segments, share your queries with us
The report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry trends and analyzes technologies being deployed at a rapid pace at the global level. It further highlights some growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.
CAGR of 35.1% from 2023 to 2030
Value (USD billion)
By Deployment, Enterprise Size, Level, End User, and Region
By Enterprise Size
By End User
The market is projected to reach USD 43.14 billion by 2030.
In 2022, the market was valued at USD 3.92 billion.
The market is projected to grow at a CAGR of 35.1%.
The cloud segment is expected to hold a significant share in the global market
Need for improved security, operational efficiency, and seamless workflow to propel market growth.
Adobe, Inc., OneSpan Inc., DocuSign, Inc., Thales Group, Ascertia, SIGNiX, Inc., and more are some of the major players in the market.
North America is expected to hold the highest market share.
Europe is expected to grow with the highest CAGR.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- UGlobal hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry