Enhanced security with a seamless and controlled workflow, along with growing investments on electronic documents by private enterprises and governments drives the demand for digital signature market
The global digital signature market is projected to reach at USD 5 billion by 2025. Growing occurrences of forgery and tempering in the software distribution process and financial transactions across the globe are projected to augment the demand for digital signature industry in the coming future. Increasing need of authenticating digital documents in the areas including court documents and records, patient consents, cash management documents, contracts, claims and policies, among others is likely to fuel the industry growth.
Certain jurisdiction authorities that include the Federal Court of the United States, and the Supreme Court of Canada are allowing the approval of digitally signed documents as an evidence of crime. However, lack of awareness regarding the legality of electronic signature and strict compliance pertaining to their uncertainties is likely to hinder the industry growth in many developing economies around the globe. On the other hand, factors such as incompatibility among various techniques of electronic signature generation and expiry of technology within the electronic signature formulation would further hamper the growth of digital signature market growth.
The global digital signature market contains both solution and service segment. The solution is further segregated into software and services. The software segment has maximum revenue share within the global digital signature market in 2019. This is predominantly owing to a high demand for software solutions adoption and enhanced use as compared to the hardware solutions, and availability of deployment alternatives for various mobile devices. The services segment is anticipated to grow at a significant growth rate from 2020 to 2025.
The global digital signature market has strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
The global digital signature industry is a wide range to North America, Asia Pacific, South America, Europe, and the Middle East & Africa. North America is considered a mature market in the digital signature applications, owing to an outsized presence of organization with the availability of technical expertise and advanced IT infrastructure. The US and Canada are the highest contributory countries to the expansion of the digital signature market in North America.
The major players of the global digital signature market are Adobe, Gemalto, Ascertia, OneSpan, DocuSign, Entrust Datacard, Secured Signing, Identrust, SIGNiX, Kofax, RPost Technologies, and more. The digital signature market is fragmented with the existence of well-known global and domestic players across the globe.
Segment Overview of Global Digital Signature Market
Component Overview, 2018-2025 (USD Billion)
- Professional Services
- Managed Services
Deployment Overview, 2018-2025 (USD Billion)
Application Overview, 2018-2025 (USD Billion)
- Real Estate
- Telecom & IT
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America