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The global digital signature market size is expected to reach USD 7.99 billion by 2027. The growing popularity of paperless workflow and e-businesses will spur lucrative Business opportunities for the market, mentioned in a report, titled “Digital Signature Market Size, Share & COVID-19 Impact Analysis, By Component (Software, Hardware, and Services), By Deployment (Cloud, and On-Premises), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By Industry (BFSI, IT and Telecommunications, Government, Healthcare & Life Science, Education, Retail, Real Estate, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 1.10 billion in 2019 and is expected to exhibit a CAGR of 28.9% between 2020 to 2027.
Collaboration of OneSpan and Avaloq to Aid Market Development
OneSpan™, a major leader in software for trusted identities e-signatures and secure transactions announced that it has signed a partnership agreement with Avaloq, a fintech leader and provider of software as a service (SaaS) and business process as a service (BPaaS) solutions to financial institutions. The partnership will enable the integration of OneSpan solutions into Avaloq’s cloud-based banking platform. These integrations will expedite faster and convenient transactions and also secure OneSpan’s solutions from frauds and hackers through open APIs. Furthermore, OneSpan’s solutions are integrated into Avaloq’s platform, which is used by top financial institutions such as HSBC, Barclays, Royal Bank of Scotland, Deutsche Bank, and Societe Generale. The integration also allows banks to easily add mobile authentication, transaction signing, and multifactor authentication. Besides, the partnership with Avaloq allows OneSpan’s strategic global alliances program to connect the world’s leading integrators and third-party technologies with OneSpan’s Trusted Identity (TID) platform.
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Rising Importance of Enhanced Customer Experience to Augment Growth
The increasing focus on enhanced customer experience among organizations through digital platforms will create lucrative business opportunities for the market. Companies are focused on improving the customer experience because it plays an integral part in customer loyalty and brand name, hence boosting the business. The growing adoption of digital technologies to enrich the customer experience by companies will intensify market growth in the forthcoming years. For instance, 2018, IDC stated that around 2,000 global companies’ CEOs are adopting digital strategies to improve customer experience. The growing awareness about the advantages of digital signature such as fast and convenient options for customers will further incite the growth of the market.
Strategic Collaborations among Key Companies to Consolidate Business
The leading players in the market such as OneSpan Inc., Thales Group, Ascertia, DocuSign Inc., Secured Signing Limited, Kofax are concentrated on efficient signing solutions. The strategies implemented by the companies to provide advanced cloud-based solutions will help to establish a strong foot in the industry. Additionally, the introduction of mobile-based apps for digital signing solutions by major companies will bolster the healthy growth of the market. For instance, in October 2019, Adobe signed a partnership with Box Inc to introduce the Acrobat web experience with Box. The new solution will help modify, sign, or organize a PFD file directly through Box.
The Report Lists the Main Companies in the Digital Signature Market:
Further Report Findings:
The global Digital Signature Market is Segmented into:
Value (USD Billion)
By Enterprise Size