The usage of digital signatures is rising as a result of the increasing need for user authentication and smooth digital transaction management
The usage of digital signatures is rising as a result of the increasing need for user authentication and smooth digital transaction management, according to P&S Intelligence. Moreover, the use of digital signatures is aligned with digitization, as well as the widespread acceptance of online channels for payment and other procedures. Because of the aforementioned factors, the global digital signature market is expected to generate USD 25,211.3 million revenue in 2030, advancing at a CAGR of 29.2% during the forecast period (2021–2030).
The outbreak of COVID-19 has positively impacted digital signature solution and service providers. From 2019 to 2020, the market's growth rate increased, a pattern that persisted from 2020 to 2021. As a result of the remote working culture and the surging demand for secure connectivity and online transactions, the market is still experiencing substantial growth. As a result of the pandemic, BFSI and IT businesses have implemented measures to secure remote financial, contractual, and associated procedures. Thus, the volume of online transactions is increasing, thereby propelling the advance of the market.
BFSI Category Expected To Remain Dominant throughout Forecast Period
The market is categorized into BFSI, government, IT & telecom, healthcare, retail, and others, on basis of vertical. Among these, BFSI is set to be the fastest-growing category during the forecast period owing to the increasing focus on the elimination of paper-based processes and their replacement with accurate and auditable workflows, using digital signatures.
The digital signature market is categorized into software, hardware, and service, on the basis of component. Out of these, the software category will be the fastest growing throughout the forecast period. This is attributed to the significant increase in the pace of digitization and rise in the awareness on new technologies around the world.
Further, the service category is categorized into managed and professional services, wherein the market for managed services held the larger share in 2020. This was due to the growing demand of companies for higher security of their operations, along with cost savings. Apart from helping save cost and time, such services facilitate monitoring and implementation of solutions.
Furthermore, the digital signature market is categorized into cloud and on-premises, based on deployment type, of which the on-premises category held the dominating share in 2020. This was because these solutions offer companies more security and control, which is why they are especially preferred by users who have a ton of confidential data.
Geographically, the Asia-Pacific (APAC) digital signature market is expected to exhibit the fastest growth during the forecast period on account of the growing e-commerce market, rising focus on reducing online fraud, and growing security concerns. Additionally, India is expected to register the highest CAGR during the forecast period.
Product Launches Are Strongest Strategic Measure in Market
In recent years, digital signature market players have launched an array of new and improved solutions in order to augment their sales and geographical reach. For instance,
- In May 2021, Entrust Datacard Corporation launched its remote signing service (RSS) solution, with the goal of enabling trust for increasingly dispersed workforces, by integrating high-assurance, verifiable employee signature capabilities into document apps and workflows. The requirement to support new remote business scenarios has grown as enterprises move to the cloud and their workforces become more widespread.
- In February 2020, Secured Signing Limited released new improvements to the signing processes and account reporting, to save workflow settings for individual forms, thereby enabling users to send out templates faster. The new enhancements include template workflow setting, integration with JobAdder software platform, and enhancements to the platform integrated with Salesforce.com
The major global digital signature market players include Secured Signing Limited, Adobe, Entrust Datacard Corporation, SIGNiX, DocuSign, Ascertia, Thales eSecurity, Gemalto N.V., RPost Communications, IndenTrust, eSign Genie, Glykka, KeepSolid, DocVerify, Symtrax Holdings, GetAccept, SignaShare, and Zoho Corporation.