Global Digital Signature Market Overview
The key driver impacting the digital signature market is the growing government initiatives and the transition toward digitalization. For instance, in 1998, the United Nations began its digitization program to preserve fragile UN documents and provide online access to people worldwide. As of Mar. 2017, around 401,000 UN documents have been digitized, which accounts for 13.4% of the important documents of UN that are identified as in need of urgent digitization. There are certain laws in the U.S. that allow digital legalize digital signatures, for instance, Electronic Signatures in Global and National Commerce Act (ESIGN) 2000 and Uniform Electronic Transactions Act (UETA) 1999, which mandates that digital signatures can’t be refused legal validity and enforceability. Moreover, the growing need for improved security with a controlled and seamless workflow contributes to market growth.
According to Value Market Research, the global digital signature market size was valued at around USD 2750 million in 2020 and is projected to grow at a CAGR of about 30% during the forecast period 2021 to 2027.
The growing e-commerce sector is estimated to augment digital signature demand in the forecast period. For instance, the UN’s the trade and development body(UNCTA- 2020) report shows that global e-commerce sales account for $25.6 trillion in 2018, which increased by 8% from 2017. There were around 1.4 billion people who shopped online in 2018. The countries like China, the US, and the UK lead e-commerce sales to consumers. B2C e-commerce was recorded at $4.4 trillion, rose by 16% from 2017. Adopting digital signature technology in e-business can lead to higher efficiency, stronger partner–client relationships, and better supply chain integration. However, the variation in digital signature rules and regulations across regions may hamper the global digital signature market in the long run. Also, lack of knowledge regarding the legality of digital signature and firmly fixed traditional business practices negatively impacts the market. The current industry trends, such as integrating blockchains in digital signatures and advancement in digital technology, are expected to provide market players with new market opportunities.
The digital signature market is vast, with many local and global players. The digital signature market is extensive, with many local and international players. The key leaders follow different strategies to advance their market position, such as amalgamation, contracts, extending product portfolio, product upgrades, and acquisitions, to augment their market share across the globe. For instance, In July 2020, Adobe improved its’ new product, named Adobe Sign. Adobe Sign customers that manage their user entitlement by means of the Adobe Admin Console can now assign foremost authority to individual users in the Adobe Sign product profile. The significant players studied in the report are Adobe, Thales, OneSpan, DocuSign, Ascertia, Idemia, Zoho, Entrust Datacard, GlobalSign, Identrust, and Digicert.
In this research report, the digital signature market is segmented by component, deployment mode, industry vertical, and region.
Analysis by Component:
By component, the report is segmented into the solution (software and hardware) and services. The solution dominates the component segment with a 55% share in 2020. The growing usage of software solutions as it can easily be integrated into organization software such as customer relationship management (CRM), enterprise resource planning (ERP), and others leads to its high adoption in large enterprises. Moreover, the providers in the market focus on delivering encryption software, PKI solutions, email encryption solutions, and APIs to help end-users securely sign documents \drives demands for software components in the forecast period.
Analysis Deployment Mode:
By deployment model, the report is segmented into cloud-based and on-premise. The on-premise sector dominates the deployment mode segment with a 60% share in 2020. It is due to the high adoption of digital signature solutions by large organizations as such organizations can afford to manage dedicated servers, typically deploy on-premises solutions. Moreover, the on-premises deployment type provides high flexibility, better control over systems and data and requires only one-time investment thus, driving demand for the on-premise deployment model in the forecast period.
Analysis by Industry Vertical:
By industry vertical, the report is categorized into BFSI, government and defense, healthcare and life sciences, legal, real estate, education, and others. There is a considerable growth of the BFSI segment observed in the forecast period. It is due to the enterprises in the BFSI vertical is going through the digital transformation at every level with quickly changing customer demands. Moreover, the growing usage of online services, such as internet banking, mobile banking, and stock trading, with a high focus on understanding digital consumer preferences, behavior, and choices through customer-centric business applications contributing to the vast market demand from the BFSI sector in the forecast period.
Analysis by Region
In the regional outlook of the global digital signatures market, the North America region dominates with over 30% market share during the forecast period. It is due to the rapid digitalization in the various countries of North America such as Canada, the US, Mexico, and others. Moreover, the stable economy and the accessible digital infrastructure in North America allow MMEs and SMEs to digitize their transactions with the augmented practice of digital signatures in various legislation in the region, is contributing to the high demand for digital signatures across North America.
Market Segmentation covered in the Report:\
By Deployment Mode:
By Industry Vertical:
- Government and Defense
- Healthcare and Life Sciences
- Real Estate
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.