A recent report published by Infinium Global Research on the digital signature market provides an 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 the global digital signature market. According to the report, the global digital signature market is projected to grow at a CAGR of 30.5% over the forecast period of 2018-2024.
Digital signature is a way to ensure that an electronic document such as email, spreadsheet, and text file is authentic. Digital signatures depend upon certain types of encryption to ensure the authentication. These digital signatures have wide usage across software distributions and other financial transactions where detecting fraud, counterfeit and tampering is essential. Digital signatures are extensively being used for the purpose by the business organizations to certify and support contents such as word documents, emails and PDFs.
Enhanced security and organizes workflow associated with digital signatures drives the growth of the digital signature market. In addition, growing necessity of verifying digital documents in areas such as patient consents, court documents and records, contracts, cash management documents, policies and claims is anticipated to strengthen the industry growth. The collective acceptance of biometric component based on this technology in the BFSI sector is augmenting the growth of digital signature market. Use of this technology in biometric systems is one of the most secure methods for the identification and authentication procedures, due to its 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 signatures.
Authentication of signatures of healthcare professionals and paper-based prescriptions can be digitally transferred from doctor to hospital's server, and then to patient's pharmacy. However, inconsistency among different techniques of digital signature generation are 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 of saving and credit account in banks and buying insurance have increased the demand of 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, 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.
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 the countries such as the U.S. and Canada. The refining healthcare organization in Asia-Pacific has increased the demand of signatures based on this technology in the region. Moreover, growing need for reliable and secure transactions and validating user identity over digital network is anticipated to drive digital signature adoption in Europe.
The report on global digital signature market covers segments such as components, deployment model, and application. On the basis of components, the sub-markets include software and hardware. On the basis of deployment model, the sub-markets include cloud-based, and on-premises. On the basis of application, the sub-markets include education and research, government and defense, real estate, human resources, banking, financial services, and insurance, healthcare, and life sciences, manufacturing and engineering, and others.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in this region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China.
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 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 the digital signature market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. 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.
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