Pune,India, Sept. 06, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights Global digital signature market size was valued at USD 3.92 billion in 2022 and is projected to reach USD 43.14 billion by 2030, exhibiting a CAGR of 35.1% during the forecast period. Fortune Business Insights™ shares this information in its report titled Digital Signature Market Forecast, 2023-2030.
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.
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Key Industry Development
- 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.
Key Takeaways
- Increased government backing is likely to stimulate the digital signature market growth.
- Social Distancing Norms Accelerated the Use of Electronic Signature amid Pandemic
- Blockchain Technology in Digital Signature to be a Prominent Market Trend
- By Level Analysis: Need for Higher Level Security Contributing to AES Segmental Growth
Discover the Leading Players Featured in the Report:
“Companies leading the Digital Signature Market are 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)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 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 |
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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
By Deployment
- Cloud
- On-Premises
By Enterprise Size
- SMEs
- Large Enterprises
By Level
- Advanced Electronic Signatures (AES)
- Qualified Electronic Signatures (QES)
By End User
- BFSI
- IT & Telecom
- Government
- Healthcare & Life Science
- Education
- Retail
- Real Estate
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
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.
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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.
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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