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Digital Signature Market (Component - Hardware, and Software; Deployment Model - On-premises, and Cloud; Industry Vertical - BFSI, Education, Human Resource, IT & Telecommunication, Government, Healthcare & Life Science, Real Estate, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

  • Published : July, 2022

  • Rep Id : ICT003122

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

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.

 

Market Insight

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 signatures.

 

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.

 

Segment Covered

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.

 

Companies Profiled:

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.

 

Report Highlights:

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.


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