NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- The digital signature market is expected to grow at a CAGR of 24.1% between 2017-2023, to reach $2.9 billion by 2023. A significant growth in demand for digital signature is anticipated due to increasing use of digital signatures to reduce deception, growing government focus towards eliminating paperless work coupled with growing adoption of digital signature-based biometrics in various end use industries, across the globe.
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The increasing use of digital signatures to eliminate fraud is expected to be low in the near future. The impact is expected to increase gradually during the forecast period, as more and more industries are realizing the multiple uses of the technology to reduce deceptions. Also, the increasing adoption of digital signature-based biometrics in BFSI sector is anticipated to be high in the long term. The features provided by digital signature in BFSI sector is expected to increase in the future, which will result in high impact in the long term. Thus, the digital signature market is having a huge growth landscape in the years to come.
The massive unexplored market across the globe creates ample opportunities for the major players to exploit the potential of the global market. Although, there has been significant development in developed economies of the U.S. and European Union, the digital signature market is still at its nascent form, especially in the developing countries of Asia-Pacific and Rest of the World. A high growth in the banking and insurance industries have been witnessed in the developing countries of these regions. This provides immense growth opportunities for the digital signature market in these regions.
The high price associated with different types of digital signature solutions is adversely impacting the growth of global digital signature market. Most of the digital signature solutions are costly, due to multiple functionalities in them, which require extensive software and hardware integration. The high cost of digital signature solutions makes it difficult for the small and mid-sized industries to implement them, which is hindering the growth of the global signature market.
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Some of the key players operating in the digital signature market are Secured Signing Limited, Adobe Systems Incorporated, Entrust Datacard Corporation, SIGNiX Inc., DocuSign Inc., Gemalto NV and Ascertia.
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