According to a new market report published by Transparency Market Research titled ‘Digital Signature Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,’ the global digital signature marketwas valued at US$ 804.8 Mn in 2017 and is expected to expand at a CAGR of 27.0% from 2018 to 2026, reaching a value of US$ 6,911.4 Mn by the end of the forecast period. According to the report, North America was a significant contributor to the digital signature market in terms of revenue in 2017. The prominent market share of the region is due to the high adoption of cloud technology and the presence of prominent digital signature vendors across the region, especially in the U.S. and Canada.
Benefits provided by the Solutions such as Organized Workflow and Improved Security are driving the Global Digital Signature Market
The global digital signature market is currently driven by benefits provided by the solutions such as organized workflow and improved security, which increase organizational efficiency. In regulated industries, such as pharmaceuticals; banking, financial services, and insurance (BFSI); and health care, it is extremely important that documents proceed in a secure and timely manner. With the adoption of digital signatures, workflow is organized through the speeding up of the approval process. Digital signatures also improve security through the addition of features such as traceability (time stamping), audit, and legal compliance and assure the integrity of documents.
A consumer expects an organization to offer services irrespective of geography, channel, or time. With digital signature technologies, organizations can offer digital transaction services to customers anywhere, anytime, or on any device. This enhances customer experience. The enriched customer experience that can be provided with the help of digital signatures is one of the factors propelling the integration of digital signatures in organizations.
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Many times organizations are faced with economic uncertainty where they are forced to make tough decisions to optimize cost. One of the ways to achieve the same is by automating business processes with the implementation of digital signatures for a company's internal processes as well as for communication with business customers and partners. A fully digital process for document signing reduces the cost associated with document transport, paperwork, printing, recording, scanning, and utilized man hours. Lack of awareness regarding the legality of digital signatures and differences in digital signature regulations across various regions are some of the factors limiting the market. Government or industry association initiatives such as awareness programs for different industries could help raise awareness among consumers about the legality of digital signatures. Open standard, cloud-based digital signatures, which can be integrated with existing applications, systems, or processes, making an end-to-end workflow organized and uninterrupted, present significant opportunities for the digital signature market.
Digital Signature Market: Scope of the Report
The global digital signature market has been segmented based on deployment, industry vertical, and geography. Based on deployment, the global digital signature market has been classified into on-premise and cloud. The on-premise segment held a prominent market share in 2017, contributing to significant market revenue. The cloud segment is expected to expand at a higher CAGR, thereby becoming the dominant revenue generating segment by 2026. This is mainly attributed to a rise in the level of digitization and increase in adoption of cloud computing technologies, especially across Asia Pacific and Europe. In terms of industry vertical, the market has been divided into BFSI, real estate, education, government, health care, retail, transportation, legal, and other (IT & telecom, non-profit, etc.).
Based on geography, the global digital signature market has been categorized into North America, Asia Pacific, Europe, South America, and Middle East & Africa. The market in North America is expected to maintain its dominant position throughout the forecast period. However, Asia Pacific and Europe are also anticipated to constitute significant market share in the coming years.
Global Digital Signature Market: Competitive Dynamics
Key players operating in the global digital signature market include Adobe systems, Inc., DocuSign Inc., Gemalto N.V., Entrust Datacard Corporation, OneSpan (Esignlive), SIGNiX, Inc., Ascertia, Identrust, Inc., Kofax Inc., Rpost, and Secured Signing Ltd.