Pune, India, April 18, 2023 (GLOBE NEWSWIRE) -- The global digital signature market size was valued at USD 3.92 billion in 2022. The market is projected to grow from USD 5.25 billion in 2023 to USD 43.14 billion in 2030, exhibiting a CAGR of 35.1% during the forecast period. Increasing digitalization in various industries has affected the workflow, which has given rise to dematerialization. Adoption of such technology in various developing and developed countries is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled “Digital Signature Market Forecast, 2023-2030.”
Key Industry Development
September 2022- IDnow partnered with Adobe Document Cloud to make identity verification of verified signatures easier and more secure. The IDnow integration allows Adobe Acrobat Sign users in validating their identity using either IDnow videoident or autoident and legally build binding electronic signatures after the solution is deployed.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2021 to 2028 CAGR | 35.1% |
| 2030 Value Projection | USD 43.14 Billion |
| Base Year | 2022 |
| Digital Signature Market Size in 2022 | USD 3.92 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 140 |
| Segments covered | Deployment, Enterprise Size, Level End-user and Geography |
| Digital Signature Market Growth Drivers | Need for Seamless Workflow in Various Sectors to Drive Market Trajectory |
Key Takeaways
- Integration of digital signature in block chain technology provides the market with various growth prospects.
- A digital signature helps to prove the origin, identity, and status of an electronic document, transaction, or digital message.
- Blockchain Technology in Digital Signature to be a Prominent Market Trend
- By Deployment Analysis: Growing Developments in Cloud Technology to Boost Cloud-based Digital Signature Demand
- Digital Signature Market North America was USD 1.62 Billion in 2022
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Drivers and Restraints
Need for Seamless Workflow in Various Sectors to Drive Market Trajectory
Need for improved security, operational efficiency, and seamless workflow is anticipated to drive the digital signature market growth. In sectors, such as banking and insurance, retail, real estate, and government, the digital information transferred should be highly secure as it is of utmost importance. Therefore, transactions in large organizations need to be secure. The technology of digital signature is considered ideal for highly regulated industries as it can prove the integrity and authenticity of the document.
However, lack of awareness regarding the benefits and legality of such signatures is anticipated to hinder market development.
Segments
AES Segment to Dictate as it Offers High Level of Security
On the basis of level, the market is segmented into Advanced Electronic Signatures (AES) and Qualified Electronic Signatures (QES). AES held a major part in 2022 as it offers a higher level of security.
With Rise in Technological Developments, Cloud-based to Lead the Segment
Based on deployment, the market is segmented into on-premises and cloud. Cloud to have highest share due to rising technological developments and demand for cloud-based solutions. On-premises segment is also expected to hold a prominent share due to concerns regarding cloud security.
Owing to Growing Implementation, Large Enterprises to Lead the Segment
Based on enterprise size, the market is segmented into small & medium enterprises and large enterprises. Large enterprises to have the highest share in the segment due to growing implementation of e-business and paperless system.
Owing to Rapid Shift toward Digital Platforms, BFSI to Have Exponential Growth
Based on end user, the market is segmented into BFSI, IT & telecom, government, healthcare & life science, education, retail, real estate, and others. BFSI segment to have exponential growth due to rapid shift toward the digital platform to provide streamlined services to their clients.
Geographically, the market is segmented across five major regions, North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Regional Insights
North America to Lead Market as it is the Early Adopter of Digital Technologies
North America is expected to dominate the digital signature market share as the region is the early adopter of digital technologies. The region reached a valuation of USD 1.62 billion in 2022 as electronic signatures are legal in the U.S. where federal law applies, according to the U.S. Electronic Signatures in Global and National Commerce (ESIGN) Act of 2000.
Asia Pacific is also expected to have significant growth due to increasing government initiatives to improve digitalization across industries. In China, the government has proposed E-Signature Law and highly promotes digitized signatures for documentation.
Europe is anticipated to have a prominent share due to increasing e-business systems across industries.
Competitive Landscape
Onespan, Inc. Partnered with Belgium Mobile ID (itsme) for the Implementation of Qualified E-Signatures
Key market players are OneSpan Inc., Thales Group, Ascertia, DocuSign Inc., Adobe Inc., and more. The companies have been investing in mobile-based apps for digital signing solutions and digital signature creator, which also offer free service for some of the documents. In March 2021, OneSpan, Inc. partnered with the Belgium mobile ID (itsme) for the implementation of Qualified E-Signatures by issuing certificate-based digital IDs that can validate the identity signers (QES). This partnership will help the clients to operate with flexibility with even more TSPs while maintaining the highest standards of signer authentication compliance and assurance.
List of Key Players Profiled in the Report
- Adobe, Inc. (U.S.)
- OneSpan, Inc. (U.S.)
- DocuSign, Inc. (U.S.)
- Thales Group (France)
- ASSA ABLOY (Sweden)
- GlobalSign, Inc. (Belgium)
- Entrust Corporation (U.S.)
- Ascertia Limited (Surrey)
- SIGNiX, Inc. (U.S.)
- IDEMIA (France)
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Major Table of Contents:
- Global Digital Signature Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Size (USD)
- SMEs
- Large Enterprises
- By Level (USD)
- Advanced Electronic Signatures (AES)
- Qualified Electronic Signatures (QES)
- By End User (USD)
- BFSI
- IT & Telecom
- Government
- Healthcare & Life Sciences
- Education
- Retail/E-Commerce
- Real Estate
- Others (Defense & Legal)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Digital Signature Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Size (USD)
- SMEs
- Large Enterprises
- By Level (USD)
- Advanced Electronic Signatures (AES)
- Qualified Electronic Signatures (QES)
- By End User (USD)
- BFSI
- IT & Telecom
- Government
- Healthcare & Life Sciences
- Education
- Retail/E-Commerce
- Real Estate
- Others (Defense & Legal)
- By Country (USD)
- United States
- Canada
- Mexico
- Europe Digital Signature Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Size (USD)
- SMEs
- Large Enterprises
- By Level (USD)
- Advanced Electronic Signatures (AES)
- Qualified Electronic Signatures (QES)
- By End User (USD)
- BFSI
- IT & Telecom
- Government
- Healthcare & Life Sciences
- Education
- Retail/E-Commerce
- Real Estate
- Others
TOC Continued….
FAQ’s
How big is the Digital Signature Market?
Digital Signature Market size was USD 3.92 billion in 2022
How fast is the Digital Signature Market growing?
The Digital Signature Market will exhibit a CAGR of 35.1% during the forecast period, 2023-2030
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