A recent report published by
Infinium Global Research on the digital signature market provides in-depth analysis
of segments and sub-segments in the global as well as regional digital
signature market. The study also highlights the impact of drivers, restraints,
and macro indicators on the global and regional digital signature market over
the short term as well as long term. The report is a comprehensive presentation
of trends, forecast and dollar values of global digital signature market.
According to the report, the global digital signature market is projected to
grow at a CAGR of nearly 30% over the forecast period of 2022-2028.
The revenue generated by the
market was about USD 3500 million in 2022 and is expected to reach over USD
17000 million in 2028 and is expected to grow with a CAGR of nearly 30% over
the forecast period 2022-2028. Enhanced security and organizes workflow
associated with digital signatures drive the growth of the digital signature
market. In addition, the growing necessity of verifying digital documents in
areas such as patient consent, court documents, and records, contracts, cash
management documents, policies, and claims is anticipated to strengthen the
industry's growth. The collective acceptance of biometric components based on
this technology in the BFSI sector is augmenting the growth of the digital
signature market. The use of this technology in biometric systems is one of the
most secure methods for the identification and authentication procedures, due
to the unique characteristics of the user's signature. Moreover, initiatives
taken by the government such as awareness programs for different industries is
anticipated to help increase consumer awareness about the legality of digital
Authentication of signatures of
healthcare professionals and paper-based prescriptions can be digitally
transferred from the doctor to the hospital's server, and then to the patient's
pharmacy. However, inconsistency among different techniques of digital
signature generation is likely to curtail the growth of the digital signature
market during the forecast period. Furthermore, the tradition of using online
forms for filing income tax returns, opening savings, and credit accounts in
banks, and buying insurance has increased the demand for digital technologies,
including digital signatures. This in turn has created several growth
opportunities for the key players in the global digital signature market. On
the other hand, the Production of tablets and smartphones and the presence of
more than seven billion mobile devices across the globe offer significant opportunities
for open standard cloud-based digital signatures over the years to come.
Emergence of new technologies such as block chain offers growth opportunities.
COVID-19 has impacted businesses across the world in some or another way.
Organizations have shifted their operations to home offices to maintain social
distancing and prevent the further spread of the virus. With the help of
digital signatures, organizations are trying to simplify the process, and
important documents are getting signed without any delay or constraints. Owing
to COVID-19, the digital signature market has grown due to the increase in use
cases from existing and new customers. However, the COVID-19 pandemic caused a
disruptive and unprecedented impact on global economies as a result,
manufacturing, and industrial hubs witnessed disruption in the supply chain and
halted their production activities. The disruptions in the manufacturing and
supply chain have been observed to impede the supply of E-signature hardware
such as hardware security modules (HSM) smart cards, and others.
Among the geographies, North America dominated
the digital signature market. The growth in the digital signature market is due
to the supporting rules and regulations and growing financial and legal
services firms in countries such as the U.S. and Canada. The refining
healthcare organization in Asia-Pacific has increased the demand for signatures
based on this technology in the region. Moreover, the growing need for reliable
and secure transactions and validating user identity over digital networks is
anticipated to drive digital signature adoption in Europe.
The report on global digital
signature market covers segments such as component, deployment model, and
industry vertical. On the basis of component, the sub-markets include hardware,
and software. On the basis of deployment model, the sub-markets include
on-premises, and cloud. On the basis of industry vertical, the sub-markets
include bfsi, education, human resource, it & telecommunication,
government, healthcare & life science, real estate, and others.
The report provides profiles of
the companies in the market such as IdenTrust, Inc., Kofax Inc, Entrust
Datacard Corporation, Secured Signing Limited, Ascertia, Adobe Systems, Inc,
DocuSign, RPost Technologies, Gemalto N.V., and and Signix, Inc.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of digital signature market. Moreover, the study highlights current
market trends and provides forecast from 2022-2028. We also have highlighted
future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings
an insight into the market share of the leading players.