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

Last Updated: June 03, 2024 | Format: PDF | Report ID: FBI107410

 

KEY MARKET INSIGHTS

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The U.S. digital signature market size was valued at USD 0.98 billion in 2022. The market is projected to grow from USD 1.27 billion in 2023 to USD 8.18 billion by 2030, exhibiting a CAGR of 30.4% during the forecast period.


Digital signature offers secured and verified transactions to support the growing digitized businesses. The U.S. market is projected to be driven by increased e-business and paperless workflow demand. It assists businesses such as retail, BFSI, healthcare, government, IT, and telecommunications, and others, in lowering operational expenses. Its deployment offers a competitive edge to businesses across industries.


COVID-19 IMPACT


Increased Adoption of Paperless Documentation in the U.S. Generated Demand for Digital Signatures


During the COVID-19 period, a huge number of organizations and people in the U.S. implemented paperless documentation to avoid the spread of the virus by being able to conduct a contactless transaction. According to the U.S., the Office of Management and Budget (OMB) has been directed to maintain paperless records and replace them with digital formats by the end of 2022. Thus, COVID-19 had a positive impact on the U.S. market.


LATEST TRENDS


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Increasing Use of Electronic Signatures to Embrace Green Movement is Boosting Market Growth 


Digital signatures are advantageous in many areas to eliminate the risk of fraud and theft. Corporate offices, governments, and businesses are now taking initiatives to adopt paperless workflows and embrace the green movement. Many institutions have started using electronic documents. This saves huge amount of paper, which, in turn, helps decrease deforestation. 


DRIVING FACTORS


Increasing Inclination of BFSI Companies towards Digitalization to Boost Market Growth


With the adoption of automation and digitization, BFSI companies have significantly changed their processes. It provided incredible efficiency and transparency to the payment process. Among other things, processes such as loan investment authorization require the customer's physical presence for signature. 


Digitization has made it possible to complete tasks, including opening an account or paying an online bill without being physically present. This has increased the demand for digital signatures in the BFSI industry. This technology provides a simple and fast documentation process by enabling real-time signing capabilities. In addition, it helps reduce fraud such as forged signatures, misplaced documents, and stolen papers. Thus, rapid digitalization in the financial sector is driving the U.S. digital signature market growth.


RESTRAINING FACTORS


Differences in Digital Signature Rules and Regulations in the U.S. are Limiting Market Growth 


Digital signature solutions automate commercial processes for digital transformation. Additionally, users expect processes to be easy to use, provide flexible accessibility with high levels of security, and comply with all rules and regulations. State rules and regulations and court approval of signatures as witnesses or evidence vary by the chart. Changing guidelines and rules have become a challenge for the market. 


SEGMENTATION


By Deployment Analysis


Increasing Adoption of Subscription-based Software to Boost Cloud-based Digital Signature Demand


Based on deployment, the market is analyzed into on-premises and cloud. The cloud segment is expected to gain maximum the U.S. digital signature market share during the forecast period. This growth will be led by adopting subscription-based and easy-to-manage software products by IT vendors operating in various industries 


By Enterprise Size Analysis


Presence of Significant Market Players 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. Significant players such as Alpha Trust Corporation and Scrive are adopting digital signatures due to which adoption is also getting increased in several other large enterprises. Small businesses are expected to register the highest CAGR during the forecast period. The growing acceptance of digitalization to increase the efficiency of business processes is one of the most important factors for the growth of e-signatures amongst SMEs.


By Level Analysis


Increasing Need for Identity Verification Propels QES Growth in the U.S.


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 owing to its benefits such as high level contracting, electronic administration, among others. Qualified Electronic Signature (QES) segment is expected to grow at the highest CAGR during the forecast period (2023-2030) as this process includes face-to-face identity verification of the signatory.


By End User Analysis


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BFSI to Show Rapid Growth Owing to Increasing Need for Instant Online Transactions in the Industry


Based on end user, the market is segmented into BFSI, government, healthcare & life science, education, IT and telecommunications, real estate, retail, and others. The BFSI segment is expected to show exponential growth. This is due to the increasing acceptance of hardware and related software tools such as biometrics and smart cards in the banking sector. Additionally, customers and businesses can perform online transactions faster with the help of digital signatures.


KEY INDUSTRY PLAYERS:


Players are Developing Advanced Technology-based Digital Signatures to Expand Market Opportunities


The U.S. has many players in the market, such as Sungard Signix, Inc., Symtrax, Nitro Software, Inc. and many more, which aim to deliver advanced technologies in the market.


List of Key Companies Profiled:



KEY INDUSTRY DEVELOPMENTS:



  • July 2022: PandaDoc partnered with ActiveCampaign, a customer experience automation platform, to integrate PandaDoc’s digital document creation and management capabilities with ActiveCampaign users. This partnership will allow the creation of proposals, tailor-made quotes, and contracts within the ActiveCampaign platform. It will generate, sign, and track critical business documents quickly and efficiently.

  • June 2022: Nitro Software launched the Next Innovation Cycle Nitro Productivity Platform that includes Nitro PDF Pro, Nitro Sign, and Nitro Analytics to improve user experience and manage documents and workflows more quickly, efficiently, and securely.

  • November 2021: SIGNiX announced a partnership with Arcus Partners, a global fintech provider of digital data and document management solutions for integrating SIGNiX’s MyDoX digital signatures in the CRM platform that will save users’ time and create a single source of truth for customer data and documents.


REPORT COVERAGE


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The research report highlights leading regions worldwide to understand the user better. Furthermore, the report provides insights into the latest industry and market trends and analyses technologies deployed rapidly across the country. It further highlights some growth-driving factors and restraints, SWOT analysis, and market size to help the reader gain in-depth knowledge about the market.


REPORT SCOPE & SEGMENTATION


























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Growth Rate



CAGR of 30.4% from 2023 to 2030



Historical Period



2019-2021



Unit



Value (USD Billion)



Segmentation



By Deployment, By Organization Size, By Level, and By End User



By Deployment




  • Cloud

  • On-premise



By Organization Size




  • SMEs

  • 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)






Frequently Asked Questions

The market is projected to reach USD 8.18 billion by 2030.

In 2022, the market was valued at USD 0.98 billion.

The market is projected to grow at a CAGR of 30.4% during the forecast period.

The cloud segment is likely to dominate the market.

Increasing inclination toward digitalization by BFSI companies to boost market growth fuels the market growth

Sungard Signix, Inc. and AlphaTrust Corporation are the top players in the market.

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