Global Digital Signature Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Solution, by Services, by Deployment Mode, and By Application
LONDON, Oct. 10, 2017 /PRNewswire/ -- Market Overview
Digital signature refers to electronic data that carries the intent of a signature. The digital signature enhances the scope of communication between the users, and the public and private sectors. The global digital signature market has been categorized on the basis on solution, services, deployment mode and application. On the basis of key application areas, the market has been generating highest revenue from the government sector, while IT, healthcare & life science, finance & insurance, telecom and retail are the other major application areas. Based on key deployment modes of the digital signature, cloud based digital signature has been the dominant category. Among the services of digital signature, managed services accounts for the major revenue. Software has been the leading solution type in the digital signature market.
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Market for digital signature is gaining interest with the growing requirement for it by leaders across industries, who needs to use signature for reducing deception and highly security encrypted documents.
Market Dynamics
The global digital signature market is expected to grow at a CAGR of 24.1% during the forecast period, to reach $2,934.6 million by 2023. A significant growth in demand for digital signature is anticipated due to increasing use of digital signatures to reduce deception, growing government focus towards eliminating paperless work coupled with growing adoption of digital signature-based biometrics in various end use industries, across the globe.
Growth Drivers
The global digital signature market is driven by factors such as increasing use of digital signatures to reduce deception, increasing adoption of digital signature-based biometrics in the banking, financial services, and insurance (BFSI) sector, implementation of the government paperwork elimination act and increasing use of digital signature to eliminate fraud.
The increasing acceptance of digital signature-based biometric solutions in the BFSI sector is driving the demand of digital signature technology. Digital signature-based biometric technology is one of the most secure methods for the identification and authentication procedures, due to its unique characteristics of the user's signature. The signature pattern of any individual cannot be copied, and stolen for any purpose. Moreover, in some developed countries, such as the U.S. and Germany, people use digital signature-based smart cards for security purposes. These innovative and advanced applications of the digital signatures in BFSI sector are driving the growth of the global digital signature market.
Further, digital signatures are helpful in eliminating frauds and paper work with reducing the enormous amount of time involved in filling forms, such as banking forms, insurance forms, and legal and advisory forms. Further, the one-time digitized scanned signature can be used several times in banking and insurance procedures, which is secure and helps in time saving. Similarly, the insurance industry save money by minimizing the costs linked to paper processing and increase revenue through not losing life assurance clients during an extended approval process. Digital signatures are helpful in maintaining the legal security of having original signatures on forms, and maintain human touch (in contrast to mechanical), which is essential for discussing sensitive information.
Opportunities
The massive unexplored market across the globe, growing-business market and growing usage of digital signature to eliminate paper work are the major opportunity that are expected to drive the future growth of the global digital signature market.
The growth of e-business market, of which e-commerce is a major category, has triggered the growth of several related industries. The application of digital signature in e-business industry provides efficiency, stronger partner/customer relationships and tighter integration of supply chains. The global e-commerce market was valued at $2.7 trillion in 2016. India and China are two of the fastest growing countries in the global e-commerce market. The growing e-commerce and as a whole the e-business market is expected to provide further growth opportunities to the digital signature market. In addition, with rising internet penetration along with growing number of connected devices is further driving the e-commerce market globally. As a result of growing e-commerce market, demand of secure transactions is also increasing, which would drive the demand of digital signature during coming years.
Competitive Landscape
The intensity of rivalry in the global digital signature market is moderate. Most of the major vendors in the global digital signature market are actively focusing on research & development to enhance the security features. They are also focusing on product launch and partnerships to enhance the product features and expand their consumer base across the globe. For instance, DocuSign, Inc. recently partnered with Deloitte Digital and Cisco to bring the power of eSignature and Digital Transaction Management (DTM) to their ecosystems of customers, partners, suppliers and employees. In addition, AssureSign introduced a new feature, which enables users to send documents for electronic signatures via SMS text message, which helps simplifying the way of secure communication for major enterprises and small companies. The company also developed this feature due to high demand from its customers across multiple industries, including insurance, legal and telecommunications.
Some of the key players operating in the global digital signature market are Adobe Systems Incorporated, Secured Signing Limited, SIGNiX Inc., Entrust Datacard Corporation, Ascertia, DocuSign Inc. and Gemalto NV.
Scope for Customization
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Period of Analysis – Increase in the study period, including historic and forecast years
Company Profiles – Wider company coverage in terms of detailed analysis or additional company profiles
New custom report – A completely customized report can be provided on the market, specific to a region/ country/ segment.
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