Global digital signature market is expected to reach $3,410.8 million by 2023, according to P&S Intelligence.
A significant growth in demand for these signatures is anticipated due to increasing use of them to reduce deception, growing government focus towards eliminating paperless work coupled with growing adoption of biometrics with this technology in various end use industries, across the globe.
Based on solution, digital signature market is categorized into hardware, software and services, of which services has been contributing the largest revenue share globally. However, software is expected to be the fastest growing category during the forecast period. This can be attributed to the increasing demand for accessibility of such signatures in connected devices such as smartphones, tablets, laptops in different applications such as government, banking, financial services and insurance.
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On the basis of deployment type, digital signature market has been categorized into cloud-based and on-premises. Cloud-based has been the dominant category, as it reduces IT cost and ensures mobility.
Digital signature market was led by North America, where it accounted for more than 40% of the global market size in 2017, majorly due to the technological advancement in digital technology and implementation of various legislations.
In the U.S., some of the major legislations implemented for the digital signature technologies include Uniform Electronic Transactions Act (UETA), and Electronic Signatures in Global and National Commerce Act (E-SIGN). These laws permit the use of these signatures in each state of the country. Similarly, in Canada, laws for electronic signature have been implemented through the Personal Information Protection and Electronic Documents Act (PIPEDA).
The digital signature market will witness rapid growth in Asia-Pacific region, where it is expected to register a CAGR of 31.0% during the forecast period. The major factors driving the growth of the digital signature market in Asia-Pacific are improving BFSI sector and initiatives taken by various government associations for the elimination of paper use and enhancing the use of digital technology in countries such as China and India.
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Some of the key players operating in the digital signature market are Adobe Systems Incorporated, Secured Signing Limited, SIGNiX Inc., Entrust Datacard Corporation, Ascertia, DocuSign Inc. and Gemalto NV.
