Global Digital Signature Market Segmentation, By Component (Solutions, Services), Deployment Mode (On-Premise, Cloud-Based), Organization Size (Small and Medium Scale Enterprises, Large Enterprises), Industry Verticals (Banking Financial Services and Insurance (BFSI), Education, Human Resource, Government, Real Estate, I.T. and Telecommunication, Healthcare and Life Sciences, Others) – Industry Trends and Forecast to 2031.
Digital Signature Market Analysis
According to a study at the University of Maryland, there is a cyber-attack every 39 seconds, affecting 1 in 3 Americans every year. 64% of the companies globally have experienced cyber-attacks and 43% of these attacks are on the small scale businesses. Digital signature offers the most secure form of documents exchange between the companies or any given parties.
Digital Signature Market Size
Global digital signature market size was valued at USD 6.15 billion in 2023 and is projected to reach USD 57.35 billion by 2031, with a CAGR of 32.19% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Digital Signature Key Market Insights
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Segmentation
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Countries Covered
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U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
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Key Market Players
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Adobe (U.S.), OneSpan (U.S.), Thales (France), DocuSign, Inc. (U.S.), Ascertia (U.K.), Zoho Corporation Pvt. Ltd. (India), Secured Signing Limited. (New Zealand), Entrust Corporation (U.S.), DigiCert, Inc. (U.S.), IdenTrust, Inc. (U.S.), GlobalSign (U.S.), Symtrax (U.S.), Comsigntrust (Israel), Multicert (Portugal), AlphaTrust Corporation (U.S.), SunGard SIGNiX Inc. (U.S.), Notarius (Canada), RNTrust (UAE), Bit4id srl (Italy), and LAWtrust (South Africa)
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Market Opportunities
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Digital Signature Market Definition
Digital signature is a technology based on a mathematical algorithm of encoding and verification applied to digital documents such as word files, PDF files, excel sheets, PPTs and others. digital signature technology facilitates file authentication and verifies the identity of sender and the document’s content. The technology is further used to protect the crucial organizational data and prevent and malware practices.
Digital Signature Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Emerging initiatives to adopt digital and electronic interfaces globally
The global efforts to the green movement, thereby reducing and eliminating paper to minimal in combination with escalating rate of digitization especially in APAC region is bolstering the growth of the market. Further, growing awareness about this technology's safety and security will drive the market growth.
- Increased support by the government
Rising number of government initiatives and supportive policies by the central and state government in regards to promoting the growth of the market especially in APAC region will widen the scope of growth to a great extent. Digital signature is one of the primary growth imperatives for countries in this region. Therefore, increased focus by the government to promote the utilization of digital signatures to secure digital documents in the various end user verticals will create numerous opportunities.
Furthermore, the factors such as rising urbanization, industrialization and growing number of smartphone users globally have further contributed to the overall market expansion during the forecast period. Additionally, growing proliferation of high speed internet and upgrade in end-to-end customer experience are anticipated to drive the market's growth rate.
Opportunities
- Rising number of cybersecurity issues
Growing number of issues and concerns in regards to the safety and security if crucial organizational documents against malpractices, cyber thefts and fraudulent practices has promoted the rate of adoption of this technology. Further, growing integration of artificial intelligence with the digital signatures technology will all the more widen the scope of acceptance and growth.
- Increasing adoption of cloud based solutions
Growing access to high speed internet and improving internet infrastructure in the developing economies will yet again propel the market growth rate. Penetration of 4G and 5G internet services will widen the scope of growth and expansion globally. Cloud based services offer greater and centralized security to the organizational data and information.
Restraints/Challenges
- Hesitance and fear
Hesitance and fear among the people in underdeveloped territories globally regarding shifting from traditional business practices will impede the growth rate. Also, lack of awareness and education among the people in culmination with weak banking infrastructure in these regions will narrow down the scope of growth. Trust issues as a result of rising frauds and forgery are some other market growth demeaning factors.
- Lack of technical expertise
Dearth of expert knowledge and technical expertise especially in the developed and developing economies and lack of awareness about the legality of digital signatures will create hurdles for the market in regards to the smooth growth in the market value. Further, the absence of provisions to create awareness about the legal acceptance and benefits of digital signature will hamper the market growth rate.
This digital signature market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the digital payment market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Digital Signature Market
The COVID-19 pandemic has benefited the expansion of the market and the post-pandemic period will continue to push forward the market growth rate. The pandemic phase has led to the widespread adoption of contactless exchange of documents in the form of word files, PDF files, excel sheets, PPTs and others. shutdown of offices and working facilities promoted work from home culture which the increased initiatives by the governments further fueled up to fire up the pace of digitization in developing economies. Both existing and new market entrants have conveniently adopted the technology and are in for a long run.
Digital Signature Market Scope
The digital signature market is segmented on the basis of component, deployment model, organization size and industry verticals. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Solutions
- Software
- Hardware
- Services
- Professional Services
- Managed Services
Deployment Model
- On Premises
- Cloud
Organization Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
Industry Verticals
- Banking Financial Services and Insurance (BFSI)
- Education
- Human Resource
- Government
- Real Estate
- I.T. and Telecommunication
- Healthcare and Life Sciences
- Others
Digital Signature Market Regional Analysis
The digital signature market is analyzed and market size insights and trends are provided by country, component, deployment model, organization size and industry verticals as referenced above.
The countries covered in the digital signature market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the digital signature market as the region is the earliest adopter of this technology. The region’s dominance is also flourish due to the presence of major players in this region. Prevalence of advanced infrastructure in in the region is another important factor determining the dominance of this region.
Asia-Pacific region is showing a promising potential and is set to grow with the highest growth rate during the forecast period. This is because of the upsurge in the volume of organizational data, rising number of small and medium scale enterprises and rising digitization in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Digital Signature Market Share
The digital signature market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to digital signature market.
Digital Signature Market Leaders Operating in the Market Are:
- Adobe (U.S.)
- OneSpan (U.S.)
- Thales (France)
- DocuSign, Inc. (U.S.)
- Ascertia (U.K.)
- Zoho Corporation Pvt. Ltd. (India)
- Secured Signing Limited. (New Zealand)
- Entrust Corporation (U.S.)
- DigiCert, Inc. (U.S.)
- IdenTrust, Inc. (U.S.)
- GlobalSign (U.S.)
- Symtrax (U.S.)
- Comsigntrust (Israel)
- Multicert (Portugal)
- AlphaTrust Corporation (U.S.)
- SunGard SIGNiX Inc. (U.S.)
- Notarius (Canada)
- RNTrust (UAE)
- Bit4id srl (Italy)
- LAWtrust (South Africa)
Latest Developments in Digital Signature Market
- As a result of Adobe's acquisition of Frame.io in October 2021, the creative process will be more efficient, productive, and conducive to letting creativity flow.
- DocuSign and Salesforce joined up in October 2021 to make agreement facilitation simpler for clients throughout the world.
- Thales and QEP teamed together in September 2021 to collaboratively develop and test quantum technologies for industrial applications.
- OneSpan announced its merging with Belfius Bank in May 2021 in an effort to protect its consumers from the effects of cybercrime.
- In April 2021, IDEMIA joined forces with Microsoft to support its brand-new verifiable credentials identity solution for Azure Active Directory (Azure AD).
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