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The Global Digital Signature Market is likely to reach US$ 6,128.0 Mn owing to the growing need for authentication and e-security. Fortune Business Insights in a new study, titled “Digital Signature Market, Size, Share And Global Trend By Component (Software, Hardware, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By End-User (Bfsi, It And Telecommunication, Government, Health Care And Life Science, Education, Retail, Real Estate, And Others) And Geography Forecast Till 2026” offers valuable insights into the market trends and factors influencing the growth of the market.
As per the report, the global market was worth US$ 879.6 Mn in 2018. Considering the growing advances in e-business, the global market is expected to rise at an outstanding CAGR of 28.77% between 2018 and 2026. With the growing concerns on data forging and tempering, data signature plays a crucial role in organizations. It ensures that the message cannot be altered during transit. Adoption of digital signature technology can improve operational efficiency and security, encouraging organizations to adopt the digital signature solution.
The digital signature market growth is driven by factors such as rising technological innovations, seamless workflow, better customer experience, and rising investments by governments in electronic documents. Increasing use of digital signature software eliminates the risk of fraud, improves data integrity, transparency, and customer satisfaction. Spurred by these factors, organizations are increasingly adopting digital signature software to overcome the risk of data forging. The spurring need to replace hand-written signatures with electronic signatures is likely to increase the market share in the forecast period.
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Adobe, Hellosign, and Zoho Corp. Are Among the Leading Players in the Market
Companies are adopting digital signature solutions to manage and control their documents conveniently. As per the report, some of the major players in the market are Onespan, Ascertia, Gemalto, Adobe, Docusign, Entrust Datacard, Rpost Technologies, Identrust, Zoho Corp, Signix Inc., Globalsign, Kofax, and Hellosign. New strategies such as product launches, partnerships, alliances, mergers and acquisitions (M&A) and others are likely to drive the digital signature market growth. Such strategies are expected to help companies expand their customer reach, which in turn, will increase the market revenue in the forecast years. A few of the significant industry developments are mentioned below:
Digital Signature Enabled with Cloud Technology Gains Momentum
As per deployment, the demand for on premise digital signature and cloud digital signature is likely to increase until 2026. Of these, a cloud-based digital signature is gaining popularity as it is easy and secure model. Extensive availability of cloud services and low cost associated with the installation are driving the cloud-based deployment segment. A cloud-based digital signature is a safe and secure deployment model owing to its safe and secure interface. The cloud successfully handles all the elements of an e-signature. Enabled by this, the digital signature market size is likely to increase during the forecast horizon.
Growing Technological Improvements in China and India to Boost the Market in Asia Pacific
North America is anticipated to lead the global market during the forecast years. As per the report, the market was valued at US$ 297.3 Mn in 2018. The growth is primarily driven on account of a well-established IT infrastructure and presence of leading players in the U.S. Furthermore, the rising adoption of digital signature systems across industries such as government, BFSI, healthcare, and others is enabling growth in the market in North America.
Following North America, Asia Pacific is also expected to witness a higher CAGR in the projected years and the market was worth US$ 183.6Mn in 2018. Large players are planning to invest in small and medium-scale firms to increase their market share. Driven by technological advancements, the adoption of cloud-based digital signature solution is increasing. Growing technological improvements in countries such as China and India is compelling companies to install digital signature software. The market in the Asia Pacific is expected to grow at a considerable rate owing to rising support from governments.
The global digital signature market can be segmented into the following categories:
§ Training and Education
§ Support and Maintenance
By Organization size
· Large Enterprises
· Banking, Financial Services, and Insurance (BFSI)
· IT and Telecommunication
· Health care and life sciences
· Real Estate
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)