Digital Signature market size reached USD 4.1 billion in 2021 and is expected to reach USD 33.04 billion by 2029, growing at a CAGR of 29.8 % during the forecast period. Signing legal documents electronically has become common these days owing to the advancements in technology. According to the Electronic Signature & Records Association, businesses experience an 86% performance improvement in getting approvals, along with savings in document costs. A digital signature is an electronic form of a signature that is used to authenticate any digital document and the signer's identity. It is relevant and popular because it is more secure and safe than traditional pen-and-paper signatures. Various digital signature applications in the 21st century is important for restructuring and renovating any business model. It has been used by several organizations throughout the world due to its promise of better security and safety for signed documents. More than 60 countries have established their own rules and standards regarding electronic signatures and digital transactions. However, this growth is only beginning and the number of countries that have legislation regarding digital signatures is continuing to grow every year. The advantages of digital signature solutions, such as greater security, reduced turn-around time, lower costs, and higher efficiency, encourage the increased use of digital signatures. Many governments throughout the world are focusing on reducing paperwork in the whole workflow, which is expected to boost demand for digital signature solutions. Furthermore, the growing necessity for data security while transmitting sensitive information has led to the widespread use of digital signatures. Thus, the Increasing government rules and directives promoting companies, business organizations, financial institutions, and legal firms to use digital signatures to improve customer experience, productivity, security, and workflow are driving the market growth during the forecast period.To know about the Research Methodology :- Request Free Sample Report The COVID-19 pandemic has forced many organizations to embrace Digital signature software. The number of organizations using digital signatures has climbed by 50%, while the number of individual users has increased by 16%. The leading key players profiled in the digital signature market are Adobe, Identrust Inc., Ascertia, Docusign, Inc., Entrust Corporation, And Vasco Data Security International, Inc. These market players have adopted numerous strategies to increase their market penetration and strengthen their market position in the digital signature industry.Digital Signature Market Dynamics: Increasing R&D spending to drive the Digital Signature market Digital signature software is showing positive trends in e-signature technology use as the adoption of e-signature is seen to increase in the next decade. This rate of increase attributes primarily owing to the need for increased security and companies’ adjustment to post-pandemic situations where work-from-home has become widespread. The increasing number of connected devices such as smartphones, tablets, and laptops is expected to fuel global demand for digital signatures. The use of cloud-based solutions will lead to greater market penetration in the Digital Signature industry. The adoption of electronic documents reduces stationary expenses. The increased rate of adoption by the banking and financial sectors boosts market growth in the forecasted timeframe. The increasing digitization of various industries is going to revolutionize business. One of the primary reasons driving the market growth is the increasing adoption of dematerialization by most enterprises. There are several advantages to paperless solutions, including ease, speed, and greater workflow efficiency. Governments are spending significantly on the digitalization of their procedures and paperwork, which is likely to encourage the use of digital signatures. For instance, in May 2021, Swadeshi Jagran Manch (SJM), an affiliate of the Rashtriya Swayamsevak Sangh (RSS), launched a digital signature campaign urging the Indian government to use its sovereign rights to grant a compulsory license to more pharmaceutical companies for the production of COVID vaccines and medicines.Enhanced security through a controlled and seamless workflow According to 23% of registered investment advisors (RIAs), investing in a digital signature helps to drive business growth. There has always been a requirement for data security during the transfer of sensitive information. Businesses are required to safeguard their networks in order to gain customer trust due to e-commerce and online banking development. This has resulted in a bigger and faster rate of adoption of digital signatures. A physical document may be altered after it has been signed, but changing a digital signature is nearly impossible, ensuring the legitimacy of data and supporting the digital signature industry's growth. Data authenticity and integrity are one of the most important characteristics of a digital signature since it is dependent on every binary bit of the document and ensures that the document has not been modified before signing and during the transaction till it reaches the recipient's hands. A timestamp is attached to the digital signature to certify that the document was signed on a given day and time, and any modifications made after that timestamp are highlighted to the recipient, indicating tampering with the document. A digital signature ensures a regulated and smooth operation. A paper-based document is more likely to be lost than a digital copy and digital information, which can take any form—photos or audio files. These can be secured by a digital signature as well as copyrights. 42% of surveyed organizations use digital signatures for increased security, 39% use them for improved productivity, and 52% use them for improved experiences for stakeholders. Digital signatures increase security and enable a regulated and smooth workflow of documents over the network. As a result, increased security with a regulated and smooth workflow is likely to fuel digital signature market growth in the coming years. Rise in E-signatures and Adoption of Cloud-based Services to act as Key Drivers for Digital Signature Market E-signatures provide more than just convenience; they also provide various other benefits. E-signatures may help organizations of all sizes overcome paperwork bottlenecks and save time and money. E-signature systems digitize documents more effectively than pen-and-paper solutions. It helps numerous sectors in going paperless, which improves their company, earns more money, and delights customers. Using these technologies in real estate provides agents and brokers with mobile contract-making tools. Younger customers have also been a driving force behind the growth of digital signatures in the financial services industry. Various Gen Z and Millennials throughout the world have signed financial papers such as opening a bank account, loan agreement, investment, wealth management, and mortgage agreements during the pandemic, resulting in a surge in digital signature demand. Furthermore, government institutions such as the DMV and immigration have increased e-signature support for critical documents. Cloud-based solutions are the most recent advancement in corporate technology. Cloud-based solutions attempt to manage commercial transactions involving critical documents and data digitally. Employees at all levels may use digital solutions to send and receive documents, share information, and collaborate on projects. A cloud-based solution increases corporate operations and employee productivity regardless of whether they work in the office, remotely, or from home. A growing number of Partnerships and Acquisitions provides several opportunities to the digital signature solutions and services providers In recent years, the digital signature market has experienced extraordinary growth. Inorganic development options such as partnerships, collaborations, and acquisitions have seen tremendous growth among IT firms looking to establish themselves as astute digital signature solutions and service providers. According to the most recent digital signature market trends, top companies employ a variety of inorganic methods to remain competitive in the digital signature industry. The demand for digital signature solutions and services has emerged as one of the most pressing challenges for security-conscious enterprises. As a result, the market provides several opportunities for digital signature providers to sell their digital signature solutions and services and maintain their digital signature market share. Growth for Digital Signature market to come from government sector Adopting digital signature solutions helps federal, state, and municipal governments in a variety of document processing and automation capabilities, enhancing access to essential data while lowering costs associated with obtaining it. Petition automation, Vote-by-Mail, Forms Data Extraction, and mail processing are just a few of the important government applications where signature and verification technologies are helpful. In cities, states, and local governments, faked signature fraud is on the rise. State and local governments spend a lot of money with thousands of different entities, and keeping track of all of them takes time. The governmenst have made many attempts to develop a digital infrastructure, which requires the need for software-based solutions to the data accumulated. The United States government already has IT efforts including digital experience, identity, credential, and access management (ICAM), and digital strategy. Digital Signature market Market Restraint High implementation cost and incompatibility among various digital signature techniques is expected to hinder market growth as many companies hesitate to utilize technology owing to new rules and regulations. One more factor limiting the growth of the market is security concerns related to data and an increasing number of cyber-attack. All these factors hinder the growth of the digital signature market. The technology offers various benefits, however, lack of awareness, inadequate funding, and poor investments are likely to hamper the market growth in the forecast period. Also, uncertain regulations are expected to hinder industry growth.
Digital Signature Market Segment Analysis:By Component, the software segment is expected to lead the Digital Signature market during the forecast period. The increasing implementation of the paperless work process is expected to increase software implementation. Similarly, managed services and professional services are likely to grow significantly owing to the increasing demand for software solutions. By Deployment Mode, the cloud segment is expected to have increased demand in the near future. The growth can be related to the growing demand for digital signature solutions, which provide users the option to increase the number of signers as required. Cloud deployment is gaining popularity because of the rapid technological advancement and improved data security it offers. By End-User, the BFSI segment is witnessing digital transformation at every level with the rapidly changing customer demands. The use of online services such as internet banking, mobile banking, and stock trading has increased dramatically. The BFSI sector focuses on understanding digital consumer behavior, preferences, and choices through customer-centric business solutions. The use of digital signatures provides strong security, protects identity, and handles regulatory compliances. Digital signatures help BFSI organizations in simplifying complicated business processes by providing increased security and faster onboarding of customers. The digital signature technology is simple to implement into the existing financial system. Banks such as HDFC Bank, Citibank, and ABM Amro Bank are already using eSignatures for saving and current accounts, as well as electronic contract notes for equity brokerage transactions. This is likely to open the door for digital signature companies to enter the market and provide services to the banking sector. This is expected to be a product development opportunity for the digital signature sector as well as vendors looking to boost their digital signature market shares. Countries all around the world are actively encouraging the usage of digital signatures in the BFSI vertical.Digital Signature Market Regional Insights North America is among the most advanced regions in terms of IT adoption. The region is home to the majority of international corporations as well as numerous local companies. In recent years, there has been an upsurge in concern about the protection of vital IT infrastructure and sensitive data. The digital signature industry is positioned to develop as digital signature technology is more widely integrated with regulatory regulations for protecting electronic documents and the benefits of adopting digital signatures in the United States and Canada. With regulatory regulations for protecting electronic documents and the benefits of adopting digital signatures in the United States and Canada. In August 2021, Senators in the United States introduced the Digital Authenticity for Court Orders Act of 2021 to improve procedures for the authentication and secure delivery of court orders, as there was a growing problem of using bogus court documents to improperly authorize surveillance. Asia Pacific Excluding Japan and Western Europe are expected to develop at a rapid pace in the digital signature market. The economies of nations such as China and India are growing rapidly, and as a result, investments in IT services outsourcing have increased dramatically in recent years. Because of the region's availability of technology providers, several significant players have started investing in modern IT technologies. Furthermore, new EU parliament and EU council regulations allow all EU member states to establish common standards that ensure digital signatures are accepted across borders, sectors, and organizations and have the same legal status as paper-based signatures. The Digital Signature Market report forecasts revenue growth at global, and country levels and provides an analysis of the latest industry trends in each of the sub-segments during the forecast period. MMR has segmented the global Digital Signature Market report based on Component, Deployment Mode, Organization Size, End-User, and region. The report contains strategic profiling of top key players in the market, a wide-ranging analysis of their core competencies, and their strategies like new product launches, growths, agreements, joint ventures, partnerships, and acquisitions that apply to the businesses. Our team of analysts can also provide you with data in excel files and pivot tables or can assist you in creating presentations from the data sets available in the report.
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Digital Signature Market Report Coverage Details Base Year: 2021 Forecast Period: 2022-2029 Historical Data: 2017 to 2021 Market Size in 2021: US $ 4.1 Bn. Forecast Period 2022 to 2029 CAGR: 29.8% Market Size in 2029: US $ 33.04 Bn. Segments Covered: by Component • Software • Services by Deployment Mode • Cloud • On-premises by Organization Size • SMEs • Large Enterprises by End-User • BFSI • Government and Defense • Healthcare and Life Sciences • Legal • Real Estate • Education • Other
Digital Signature Market, by Region• North America (United States, Canada and Mexico) • Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe) • Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC) • Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) • South America (Brazil, Argentina, Columbia and Rest of South America)
Digital Signature Market Key Players are:• Adobe Systems Inc.(US) • OneSpan(US) • Microsoft Corporation (US) • Docusign, Inc.(US) • Gemalto, Inc.(US) • IdenTrust, Inc.(US) • Signix Inc.(US) • Right Signature LLC(US) • Oracle Corporation.(US) •Kofax Limited(US) • GlobalSign (US) • Entrust Datacard Corporation.(US) • Ascertia(UK) • International Business solutions Llc(United Arab Emirates) • Korea SYSTEM’s TECH Inc.(South Korea) • Kotrade Inc.(Canada) • Secured Signing Limited (Australia) • Zoho( India) • Thales(France) FAQs: 1. Who are the key players in the Digital Signature market? Ans. Adobe, Identrust Inc., Ascertia, Docusign, Inc., Entrust Corporation, And Vasco Data Security International, Inc. are some of the market players in the digital signature industry. 2. Which Component segment dominates the Digital Signature market? Ans. The Software segment accounted for the largest share of the global Digital Signature market in 2021. 3. Which end-user segment of the global Digital Signature market is expected to witness the highest growth? Ans. The BFSI segment accounted for the highest revenue share due to digital transformation at every level with the rapidly changing customer demands. 4. How big is the Digital Signature market? Ans. The global Digital Signature market size reached USD 4.1 billion in 2021 and is expected to reach USD 33.04 billion by 2029, growing at a CAGR of 29.8 % during the forecast period. 5. What are the key regions in the global Digital Signature market? Ans. Based On the region, the market has been classified into North America, Europe, Asia Pacific, Middle, East and Africa, and Latin America. North America dominates the global Digital Signature market.
1. Global Digital Signature Market: Research Methodology 2. Global Digital Signature Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to the Global Digital Signature Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Digital Signature Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Digital Signature Market Segmentation 4.1 Global Digital Signature Market, by Component (2021-2029) • Software • Services 4.2 Global Digital Signature Market, by Deployment Mode (2021-2029) • Cloud • On-premises 4.3 Global Digital Signature Market, by Organization Size (2021-2029) • SMEs • Large Enterprises 4.4 Global Digital Signature Market, by End-User (2021-2029) • BFSI • Government and Defense • Healthcare and Life Sciences • Legal • Real Estate • Education • Other 5. North America Digital Signature Market(2021-2029) 5.1 North America Digital Signature Market, by Component (2021-2029) • Software • Services 5.2 North America Digital Signature Market, by Deployment Mode (2021-2029) • Cloud • On-premises 5.3 North America Digital Signature Market, by Organization Size (2021-2029) • SMEs • Large Enterprises 5.4 North America Digital Signature Market, by End-User (2021-2029) • BFSI • Government and Defense • Healthcare and Life Sciences • Legal • Real Estate • Education • Other 5.5 North America Digital Signature Market, by Country (2021-2029) • United States • Canada • Mexico 6. Europe Digital Signature Market (2021-2029) 6.1. European Digital Signature Market, by Component (2021-2029) 6.2. European Digital Signature Market, by Deployment Mode (2021-2029) 6.3. European Digital Signature Market, by Organization Size (2021-2029) 6.4. European Digital Signature Market, by End-User (2021-2029) 6.5. European Digital Signature Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Digital Signature Market (2021-2029) 7.1. Asia Pacific Digital Signature Market, by Component (2021-2029) 7.2. Asia Pacific Digital Signature Market, by Deployment Mode (2021-2029) 7.3. Asia Pacific Digital Signature Market, by Organization Size (2021-2029) 7.4. Asia Pacific Digital Signature Market, by End-User (2021-2029) 7.5. Asia Pacific Digital Signature Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Digital Signature Market (2021-2029) 8.1 Middle East and Africa Digital Signature Market, by Component (2021-2029) 8.2. Middle East and Africa Digital Signature Market, by Deployment Mode (2021-2029) 8.3. Middle East and Africa Digital Signature Market, by Organization Size (2021-2029) 8.4. Middle East and Africa Digital Signature Market, by End-User (2021-2029) 8.5. Middle East and Africa Digital Signature Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Digital Signature Market (2021-2029) 9.1. South America Digital Signature Market, by Component (2021-2029) 9.2. South America Digital Signature Market, by Deployment Mode (2021-2029) 9.3. South America Digital Signature Market, by Organization Size (2021-2029) 9.4. South America Digital Signature Market, by End-User (2021-2029) 9.5. South America Digital Signature Market, by Country (2021-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 Adobe Systems Inc. 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Ascertia 10.3 Microsoft Corporation 10.4 Docusign, Inc. 10.5 Gemalto, Inc. 10.6 IdenTrust, Inc. 10.7 International Business solutions Llc 10.8 Kofax Limited 10.9 Korea SYSTEM’s TECH Inc. 10.10 Kotrade Inc. 10.11 Right Signature LLC 10.12 Secured Signing Limited 10.13 Signix Inc. 10.14 Oracle Corporation. 10.15 Secured Signing Limited 10.16 SIGNiX Inc. 10.17 Entrust Datacard Corporation. 10.18 Zoho 10.19 GlobalSign (US) 10.20 Thales 10.21 OneSpan