The digital signature market is projected to grow from USD 2.8 billion in 2020 to USD 14.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 31.0% during the forecast period.
Major vendors offering Digital signature solutions include Adobe, OneSpan, Thales, DocuSign, Idemia, Ascertia, Zoho, GlobalSign, Entrust Datacard, Digicert, Identrust.
Government initiatives and transition toward digitalization to drive the overall market growth.
By component, services segment to grow at a higher CAGR during the forecast period
The services in the digital signature market are critical as they provide support for the proper functioning of software and hardware solutions. Digital signature services comprise technical support services required to effectively integrate digital signature solutions, and technical expertise required to maintain and update digital signature software.
The deployment of PKI infrastructure with the existing system can be complex; hence, technical expertise is required for the proper integration and smooth running of digital signature solutions to achieve desired outputs. Therefore, various vendors are focusing on providing managed services in the digital signature market, whereas some vendors are outsourcing these services. Therefore, services segment registers the highest growth rate during the forecast period.
By solution, Software segment to register the highest growth rate during the forecast period
Digital signature solution providers offer software to help organizations easily create digital signatures that comply with industry standards and offer support for working with accredited certified authorities. The software providers in the market are focusing on delivering encryption software, PKI solutions, email encryption solutions, and APIs to help end users securely sign documents. Software solutions, as compared to hardware solutions, are growing at a faster rate and contributing the maximum in terms of the market size in the digital signature market. Hence, there is significant adoption of software solutions across the globe.
Europe to register the highest growth rate during the forecast period
The awareness related to digital signature is being widely addressed in Europe and is further emphasized by strong government regulations. This section includes an analysis of the digital signature market in the UK, Germany, France, and the Rest of Europe (Netherlands, Italy, Spain, and Switzerland).
Europe accounts for the second-highest share in the digital signature market during the forecast period. Digital signature in European countries is expected to be driven by high demand for high-end security solutions and superior customer experience regardless of the economic conditions. Therefore, Europe accounts for the highest CAGR during the forecast period.
Fast Growth in Investments in Electronic Documents by Governments and Enterprises
Upgrade in End-To-End Customer Experience
Enhanced Security with a Controlled and Seamless Workflow
Improved Operational Efficiency at Lower Opex
Lack of Awareness About the Legality of Digital Signatures
Variation in Digital Signature Rules and Regulations Across Regions
Enhancement in the Acceptance of Cloud-Based Security Solutions
Growing Number of Partnerships and Acquisitions
Intensely Entrenched Traditional Business Practices
COVID-19 Pandemic-Driven Market Dynamics and Factor Analysis
General Data Protection Regulation (Gdpr)
Health Insurance Portability and Accountability Act (Hipaa)
Payment Card Industry Data Security Standard (Pci Dss)
System and Organization Controls 2 (Soc 2) Type Ii Compliance
Electronic Identification, Authentication, and Trust Services (Eidas)
Electronic Signatures in Global and National Commerce (Esign) Act
Uniform Electronic Transactions Act (Ueta)
Sarbanes-Oxley Act (Sox)
Food and Drug Administration (Fda) Compliance
Information Technology (It) Act, 2000
Use Case: Docusign Helped a Medical Device Manufacturing Company to Streamline Physician Signatures with Digital Transaction Management
Use Case: Secured Signing Helped H&R Block in Easing the Tax Burden
Use Case: Docusign E-Signature Upheld in Court as Legal and Enforceable in Common Law Jurisdictions