A key driver of the U.S. digital signature market is the Government Paperwork Elimination Act (GPEA). The law states that individuals and entities should make transactions and maintain records electronically or digitally, whenever feasible, while dealing with federal agencies. The law also states that electronically stored signatures and records should not be denied validity. The GPEA encourages central agencies to utilize electronic signatures, electronic forms, and electronic filing for conducting business with the public.
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Due to these factors, the demand for this technology is increasing in the country. The incidence of signature frauds in the U.S. is on the rise, which is further resulting in the growth of the U.S. digital signature market.Digital signatures are immensely useful for dealing with frauds and thefts in various sectors. For instance, specialists in the healthcare industry, such as lab investigators, researchers, and doctors, transfer digitally signed prescriptions and other related data from the hospital’s server directly to the pharmacist.
Due to this, any manipulation or fraud with the prescription can be prevented, which is leading to the increased usage of digital signatures.Because of the expansion of the e-commerce industry, major opportunities lie in the U.S. digital signature market. The e-commerce industry is witnessing growth due to the ease of transactions and rising internet penetration.
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As per the Ecommerce Foundation, in 2015, the U.S. e-commerce market was the second largest across the world. By utilizing the technology of digital signature, companies are empowered with authentication, integrity, confidentiality, and legal non-repudiation in their business transactions. Because of these factors, the growing e-commerce market in the country is driving the demand for digital signature.
Thus, the market is growing due to the rising incidents of frauds in the U.S. and the implementation of the GPEA.