The ‘Global Digital Signature Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global digital signature market, assessing the market on the basis of its segments like component, deployment, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Digital Signature Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 37.2%
Rapid digitisation is increasingly contributing to the growth of the global digital signature market. The need for improved digital security, owing to the rising instances of cybercrimes, is a key factor driving the growth of this market. Digital signatures have led to a reduction of frauds like forgery and tampering of documents which has increased the usability of these types of signatures. The deployment of advanced digital systems in organisations coupled with security advancements has led to the adoption of cloud-based technology, which has bolstered the growth of the cloud deployments of digital signatures.
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Furthermore, the adoption of digital signatures also saves a lot of time and money for organisations, by cutting document handling costs by nearly 80%, which is adding to the overall digital signature market growth. The massive volumes of documentation generated in the BFSI sector and the increasing adoption of e-governance across the world has led to the expansion of the BFSI applications of digital signatures.
When compared to traditionally-signed documents, digitally-signed documents provide a better user interface by providing users with the ability to track the status of the signed documents. Digital signatures also support multi-factor authentication, which has led to their wide acceptance. Contract management software can further enhance the protection of digitally signed documents by detecting even minor alterations in the documents, which aids the growth of the digital signature market.
Digital Signature Industry Definition and Major Segments
A digital signature is a technique involving a digital code which is equivalent to personal signature on a written document. It is created using a form of cryptography and confirms that the original information has not been altered. As a result of varying security requirements, digital signatures differ in different industries, geographic locations, and legal environments.
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On the basis of component, the market is segmented into:
Based on deployment, the market is bifurcated into:
On the basis of application, the market is divided into:
• Human Resources
• IT and Telecommunication
• Healthcare and Life Science
• Real Estate
Based on region, the market is classified into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Digital Signature Market Trends
The rising adoption of digital signatures by various governments for automation and time-saving purposes has fuelled the digital signature market growth. A key trend observed in this market is the increased usage of biometric authentication and enhanced security systems. With the growing usage of public and private key cryptography systems for electronic signatures in the prevailing blockchain technology, the market for digital signatures is flourishing. The deployment of digital signature systems in the healthcare sector for signing medical documentation like patient discharge papers and e-invoices is also likely to boost the growth of this market in the forecast period.
The development of on-the-go mobile applications and digital certificates are expected to augment the growth of the market for digital signatures in the projected period. Furthermore, digital signatures contribute to environment sustainability by supporting a paperless documentation approach. Adding timestamps to the digitally-signed documents can ensure that the contents of the documents are not tampered with and can be used as a proof of integrity, thus generating a highly secure and lucrative digital signature market. The prominent use of digital signatures in the legal and financial sectors have reduced labour requirements and improved workflows by enhancing the safety as well as revenue of the organisations.
Key Market Players
The major players in the global digital signature market report are:
• Ascertia Ltd
• Adobe Inc.
• Gemalto N.V.
• Onespan Inc.
• Docusign Inc.
• Entrust Datacard
• Secured Signing Limited
• Identrust Inc.
• Kofax Company
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.