Driven by the improved operational efficiency at reduced costs, enhanced security, and an organized workflow, the global market for digital signature is expected to witness a substantial rise over the forthcoming years. The rising number of government-funded and industry associations’ initiatives, such as awareness programs for various industries, is also projected to boost the growth of this market in the near future. However, the concerns among consumers over the legality of digital signatures and the disparity between digital signature regulations across various regions may limit the market’s progress over the next few years.
In 2016, the global digital signature market was worth US$631.5 mn. Researchers expect it to rise at a notable CAGR of 26.40% from 2017 to 2025 and reach US$4,983.6 mn by the end of 2025.
Cloud Deployment Model to Witness High Adoption Rate
On the basis of the type of deployment, the global market for digital signature has been segmented into on-premise-based digital signature solutions and cloud-based digital signature solutions. Currently, the demand for on-premise-based solutions is much higher than its cloud-based counterpart. However, the popularity of the latter is increasing by leaps and bounds and it will be safe to say that the cloud-based solutions will surpass the on-premise ones in the near future. The rising level of digitization and the growing adoption of cloud computing technologies, especially across Asia Pacific and Europe, are likely to support the cloud segment remarkably over the next few years.
In terms of the industry vertical, the market has been classified into the BFSI, real estate, education, government, healthcare, retail, transportation, legal, and various other sectors and nonprofit organizations. The BFSI segment dominated this market in 2016 with a share of 23%. Thanks to the advent of ‘digital client on boarding’ in the banking sector, is likely to boost the demand for digital signature in the BFSI industry over the forthcoming years.
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Europe to Surpass North America in Future
The worldwide market for digital signature is spread across North America, Europe, Asia Pacific, the Middle East and Africa, and South America. With US$205.0 in revenues, North America led the global market in 2016, thanks to the implementation of several regulations, such as ‘Health Information Technology for Economic and Clinical Health (HITECH) Act’ that encourages the acceptance and meaningful utilization of Information Technology (IT) across the healthcare industry.
Although the North America market for digital signature is expected to report a healthy rise, it will lose its grounds to the Europe market over the forthcoming years. Supported by the initiatives taken by the governments to create opportunities for organizations to conduct cross border business, the Europe digital signature market is likely to proliferate significantly in the near future. The enforcement of ‘Electronic Identification and Trust Services for Electronic Transactions in the Internal Market’ (eIDAS)’ by the Council of the European Union, establishing a new legal structure for electronic documents, identification, signatures and seals throughout the European Union is also projected to stimulate this market over the next few years.
The global market for digital signature is highly competitive in nature. Adobe Systems Inc., Gemalto NV, Secured Signing Ltd., SIGNiX, Ascertia, Entrust Datacard Corp., eSignLive, RPost, DocuSign Inc., IdenTrust Inc. and Thales e-Security Inc. are some of the prominent players operational in this market.