Digital Signature Market- The Demand For Digitalization Has Grown Massively And Numerous Organizations

The global digital signature market is likely to experience high degree of competition, as the leading players in the market are introducing innovative strategies to gain larger share in the market. Globally, the demand for digitalization has grown massively and numerous organizations and people prefer to use digital signatures. The leading players that collectively hold around 57% of the total market share are Ascertia, Adobe Systems Inc., Gemalto NV, DocuSign Inc., and Entrust Datacard Corp. Other renowned players in the market are RPost, Secured Signing Ltd., IdenTrust Inc., and Thales e-Security Inc. the entry of new players will be challenged by strong player existing in the market.

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According to the recent report published by Transparency Market Research, the global digital signature market is projected to expand at excellent CAGR of 26.40% during the forecast period between 2017 and 2025. The global digital signature market was worth US$0.63 bn in 2016 and is estimated to reach US$4.98 bn by the end of 2025.

Based on deployment, the global digital signature market led by on premise-based solutions as compared to cloud based segment. However, in the near future the demand for cloud-based segment is projected to exceed the on premise-based solution due to growing popularity across the globe. Moreover, growing adoption of cloud based services and digitalization in Europe and Asia Pacific. Thus, these factors are likely to boost demand for cloud segment largely in the forthcoming years. Geographically, North America led the market in terms of revenue in 2016. This was due to strict regulations in the healthcare industry, which led to adoption and effective utilization of IT in this industry.

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Growing Digitalization to Boost Demand for Digital Signature in Near Future

Globally, the demand for digital signature has grown because of the various advantages it provides such as reduced turnover time, increased efficiency, lower costs, and enhanced security. The digital signature also helps in enhanced data integrity, maintains transparency, and scalability. Moreover, various business organizations are including digital signature as it fast tracks the regular organizational work. Growing digitalization and automation at various levels has also propelled the need for digital signatures.

Adding to it, digital signature also facilitate growing international and expanding cross border trade. As important administrative tasks such as mailing, scanning, archiving, and recording require digital signatures, thus, boosting the demand in this market.

Digital Signature to Assist Cross Border Business Initiatives in Europe

Globally, high demand for digital signature is seen North America in 2016, this was due to ‘Health Information Technology for Economic and Clinical Health (HITECH) Act’ that stimulated the need for IT in healthcare. In the coming years, the demand for digital signature is expected to grow significantly in Europe due to increasing cross border business initiatives. Furthermore, implementation of the ‘Electronic Identification and Trust Services for Electronic Transactions in the Internal Market’ (eIDAS)’ in the region is also projected to increase the demand for digital signature in the region.

Global Digital Signature Market Expected to Reach US$ 6,911.4 Mn by 2026

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 market was 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.

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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. 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.

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