Global Digital Signature Market - 2022-2029
The global digital signature market size was worth US$ XX million in 2021 and is estimated to show significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of XX% within the forecast period (2022-2029).
The digital signature is a mathematical technique used for verifying digital documents such as PDF files, Word files, and online legal contract papers using an encoded electronic stamp. It aids in resolving the impression and tempering problems in digital communication. It contains all of the information about a digital document that allows users to quickly and readily determine the document's source, identity, and status.
The principle of cryptography is used to operate a digital signature. Due to proper authentication, organizations can now share business documents and legal contracts less danger. In order to support the rising digitized enterprises, digital signatures provide secure and authenticated transactions.
Encryption is used to protect electronic documents at the sender's end. The receiver is given a digital signature that allows him to decrypt the data in the document. Software, digital documents, and electronic messages are all validated and authenticated using the digital signature mechanism. Physical documents are verified using handwritten signatures. Digital signatures, including e-mails, word documents, and portable document formats, are used to validate and consent to the content of digital documents. Encryption and decryption procedures are required for a digital signature.
The growing shift towards paperless documents is creating market growth potential for the digital signature market.
The growing shift toward paperless documents is creating market growth potential for the digital signature market
The green movement has swept the globe for the past decade, causing governments, corporate offices, and businesses to adopt full or partial paperless operations. Paperless corporate processes are more efficient and environmentally friendly. Various offices began using electronic documents, resulting in substantial paper savings. Corporations that supported the green movement contributed to environmental protection and showed that both governments and businesses care about the environment, forcing citizens to use paperless document procedures, creating growth opportunities for the digital signature market.
Moving to paperless document processing has increased operational efficiency, decreased operational expenses, and sped up decision-making. Electronic signatures are required for document authentication in electronic documentation.
Digital signatures are used to safeguard digital documents by governments and organizations in the BFSI, HR, legal, and real estate sectors. The Government of India (GoI), for example, kicked off a digital revolution by initiating the Digital India campaign and investing extensively to connect villages to the digital revolution.
The worldwide digital signature market is being driven by governments and businesses investing more in integrating digital signature technology with day-to-day commercial applications.
Therefore growing government support in building market share for digital signatures has encouraged various key players to increase their investments in the market.
For instance, in April 2021, IDEMIA, a global leader in augmented identity, announced that it is working with Microsoft to enable its new Microsoft Azure Active Directory (Azure AD) verifiable credentials identity solution is currently in public preview. Organizations can verify information about individuals, such as their education, professional, or citizenship certifications, using Azure AD verified credentials without collecting or retaining their data.
All hard-copy identity credentials, such as physical badges, loyalty cards, and government-issued paper documents, can be replaced with verifiable credentials. Thanks to this digital representation of identity or credential, individuals can assume complete custody of their personal information, saved in a digital wallet and accessed via a mobile device.
Lack of enough awareness about the legality of digital signatures has shown challenging circumstances for the growth of the digital signatures market
All procedures, such as document production, editing, formatting, sharing, and storage, are done electronically in the current scenario. When it comes to signing, though, most people still choose to use the old wet-ink method and this is because many people still regard digital signatures as unproven, unlawful, and untested.
The majority of users have never used electronic signatures before. As a result, they are hesitant to take a chance with something as novel as a digital signature. However, using a digital signature in the telecommunications industry is well-established. Digital signature technologies are widely used in the BFSI sector. The technology for digital signatures is improving, but the legislation is lagging, hurdling market growth.
Therefore, governments and businesses should develop digital signature awareness initiatives to keep up with technology and accept electronic document processing. Legal authorities in countries must make provisions to raise knowledge about the legal recognition and benefits of digital signatures over traditional signatures.
COVID-19 Impact Analysis
COVID-19 has impacted businesses all across the world in some form. In order to maintain social distance and prevent the virus from spreading further, businesses have moved their operations to home offices. Organizations attempt to simplify the procedure using digital signatures, and essential documents are being signed without delay or limits. The digital signature market has increased due to COVID-19 due to increased use cases from existing and new clients.
Furthermore, the growing demand for online and remote labor has encouraged various firms to adopt digital technology to stay in business. In most countries, governments are adopting and encouraging digital signatures to decrease paper-based transactions, which helps maintain social distancing norms.
The global digital signature market is segmented on component, deployment mode, organization size,end-user and region.
The popularity of online services, including internet banking, mobile banking, and stock trading, has increased the demand for digital signatures in the BFSI market
The global digital signature market is segmented into BFSI, legal, real estate, government and defense, healthcare and life sciences, education and others based on end-user. The BFSI segment dominated the market in sales in 2021, with a share of over xx percent. With continuously changing client demands, the BFSI vertical is undergoing digital transformation at every level.
The popularity of online services, including internet banking, mobile banking, and stock trading, has increased dramatically. The BFSI segment focuses on understanding digital consumer behavior, preferences, and choices through customer-centric business applications. The growth of digital signatures in the BFSI sector is due to its strong security, protecting identities, and keeping track of regulatory compliance. Regulations including the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) play an important part in the digital identity revolution in the BFSI sector.
Digital signatures add to BFSI organizations in simplifying complicated business procedures by enhancing security and reducing customer onboarding time. Digital signature technology is simple to incorporate into an existing banking system. Furthermore, various banks have taken the initiative to promote digital signature market growth by introducing the system in their banks.
For instance, on November 25, 2020, Deutsche Bank announced that it is working with Daimler Treasury in Singapore to establish an electronic banking signature solution used in other Asian regions for its treasury responsibilities.
Rapid mobile adoption increased the shift of organizations toward cloud-based solution adoption, and the presence of prominent players in North America has uplifted the digital signature market share in the region
The North American region has built the revenue for the digital signature markets primarily due to the rapid mobile adoption, increased shift of organizations toward cloud-based solution adoption, and the presence of prominent players occupying a significant market share.
Cisco, for example, predicted that by the end of 2021, the region would be one of the most cloud-ready. The growth is due to enterprises' growing preference for cloud-based services, which is predicted to fuel the expansion of digital solutions on a secure cloud.
Furthermore, growing government initiatives on e-signatures, such as the Uniform Electronic Transactions Act (UETA) and the Electronic Signatures in Global and National Commerce Act (E-SIGN), allowed e-signatures to be used for every transaction, hence driving the market. Trade agreements, including the United States-Mexico-Canada Agreement (USMCA), encourage electronic signatures.
In addition, to stay competitive in the industry, major vendors are introducing new products. Companies have been involved in technological improvements, such as Mitek's Check Intelligence, a signature verification platform located in U.S., which launched in June 2021. With such quick technical improvements and greater government regulation, such as the Improving Digital Identity Act of 2020, the country is projected to experience a more secure environment for the study market's growth.
The global digital signature market is highly competitive with local and global key players. Some key players contributing to the market's growth are Adobe Inc, OneSpan, Thales, DocuSign, Inc., Ascertia, Zoho, Secured Signing, Entrust Datacard, DigiCert, Inc, IdenTrust, GlobalSign, Symtrax, ComSignTrust, Multicert, and SunGard SIGNiX Inc. among other.
The major companies are adopting several growth strategies such as product launches, acquisitions, and collaborations, contributing to the global growth of the Digital Signature market.
For instance, in May 2021- Swadeshi Jagran Manch (SJM), a Rashtriya Swayamsevak Sangh (RSS) affiliate, initiated a digital signature campaign urging the Indian government to use its sovereign rights to grant more pharmaceutical businesses obligatory licenses to manufacture COVID vaccines and medications.
Overview: DocuSign, Inc., based in San Francisco, California, is a company that helps businesses handle electronic agreements. DocuSign's Agreement Cloud includes eSignature, allowing users to sign documents electronically on various devices. DocuSign has over a million customers and hundreds of millions of users across the globe. DocuSign's signatures, including EU Advanced and EU Qualified Signatures, are consistent with the US ESIGN Act and the European Union's eIDAS regulation.
DocuSign eSignature: DocuSign eSignature is the world's #1 way to e-mail and sign virtually anything, at any time, from sales contracts and offer letters to account openings and bills. Because it's part of the DocuSign Agreement Cloud, the customer can use it for other stages of the agreement process, such as creating, acting on, and managing contracts.
In October 2021, DocuSign teamed up with Salesforce to make agreement facilitation much easier for customers worldwide.
On February 17, 2022, PT Indonesia Digital Identity (VIDA), a rooted digital certificate (PSrE) licensed by the Indonesia Ministry of Communication and Informatics (Kominfo), announced cooperation with DocuSign, a global leader in electronic signatures.
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The global digital signature market report would provide approximately 69 market data tables, 63 figures and 205 pages.
Target Audience 2022
Service Providers/ Buyers
Government and Defense
Healthcare and Life Sciences Companies
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