Global Digital Signature Market to Reach $15.5 Billion by 2026

SAN FRANCISCO , May 31, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Digital Signature - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 8; Released: April 2022
Executive Pool: 8937
Companies: 294 - Players covered include Adobe Inc.; Ascertia Ltd.; DocuSign, Inc.; Dropbox, Inc.; Entrust Datacard Corp.; Gemalto; GlobalSign, Inc.; Identrust, Inc.; Kofax, Inc.; MultiCert SA; OneSpan, Inc.; RPost; Secured Signing Limited; SIGNiX, Inc.; Zoho Corporation Pvt. Ltd (India). and Others.
Coverage: All major geographies and key segments
Segments: Component (Solutions, Services): Deployment (Cloud, On-Premise); End-Use (BFSI, Government & Defense, Healthcare & Life Sciences, Legal, Real Estate, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

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ABSTRACT-

Amid the COVID-19 crisis, the global market for Digital Signature estimated at US$4.9 Billion in the year 2022, is projected to reach a revised size of US$15.5 Billion by 2026, growing at a CAGR of 31.4% over the analysis period. Solutions, one of the segments analyzed in the report, is projected to grow at a 31% CAGR, while growth in the Services segment is readjusted to a revised 32.5% CAGR. The pandemic has played a critical role in driving unprecedented digital transformation, prompting more and more companies to digitize their customer interactions. The impact of the pandemic is evident in the continuing disruptions in business processes and supply chains along with remote work. The use of digital technologies such as e-signatures, enhanced authentication, and smart digital forms to facilitate digital government and business has been central to this shift. As a result, enterprises and start-ups are eager to replace ineffective agreement processes with fully automated digital processes now that the era of SaaS, blockchain, big data, and data analytics have begun while another (paper) era has ended. However, even though pandemic-related lockdowns in many parts of the world necessitated the rapid use of digital signatures, their widespread adoption is raising concerns regarding the validity and legality of electronic signatures. Digital signatures have undergone a major shift during the pandemic and many trends are likely to shape the future of this important authentication mechanism.

The pandemic has been a catalyst in terms of the acceptance of electronic signatures. As digital transformation gained momentum in several formerly analog processes and handwritten signatures became increasingly unworkable, interest in electronic signatures rose significantly. The pandemic accelerated the modernization of the E-SIGN Modernization Act, the law regarding digital signatures in the US which will streamline the process of consumers receiving their documents electronically. Also, in March 2020, the British government at the onset of pandemic-related lockdown announced support for the Electronic Execution of Documents report by the Law Commission, which endorsed the use of electronic signatures for executing documents to authenticate and satisfy execution formalities. During pre-pandemic times, virtual signatures followed the well-established Mercury signing protocols that came into effect after the Mercury Tax Group court case in 2008. However, they relied heavily on signatories e-mailing, wet ink signing, and printing documents, following which the signed pages were rescanned to be returned. With lockdowns and supply chain disruptions, access to printing and scanning technology dwindled in many homes. Consequently, the adoption of reliable third-party eSigning platforms rose exponentially in order to digitize and validate the whole signing process.

Many of the businesses in the recent times were compelled to digitalize their conventional analog process for supporting remote workforce. This shifted the focus on e-signature platforms and these platforms evolved to become a key part of the automated document management systems. B2B as well as B2C companies consist of e-signature abilities in different automated document processes, ranging from onboarding or hiring an contractor or employee to entering into a partnership deal or closing a sale deal. In a similar way, several people can sign the documents during a meeting. Digitalization has changed the speed with which the business is operating as they are now equipped to close the deals in a faster and more convenient way. With the integration of Adobe sign into the Microsoft Teams, individual now has the ability to share any document in the Teams meeting, talk over it, answer the queries and ask the meeting participants to sign the document within that specific video conference.

Digital signatures have emerged as the new normal and going back to handwritten ink signatures seems highly unlikely since electronic signatures work to everybody's advantage. Be it increased efficiency in workflows or swifter deal progression, digital signatures offer a host of advantages for enterprises as well as their clients. However, widespread adoption is likely to pave the way for stricter regulations. After experiencing a world in which all processes took on a digital avatar, even if for a short period, it is only natural for stricter legislation and protocol to follow. The pandemic has drawn attention to the need for greater awareness regarding the legal recognition of electronic signatures. Unfortunately, some digital signing processes like a transfer deed are yet to be pandemic-proof as they still need a physically present witness during the signing – a condition that was particularly challenging during the COVID-19 lockdowns. However, some progress has been made in this direction. In 2020, Britain introduced legislation on codicils and wills to tackle challenges posed by the lockdown, allowing people to use video-conferencing technology so that witnesses could be present electronically at the time of wills being made. However, it is critical that enterprises choose the right platform for digital signing technology given the widening scope and use of electronic signatures. Even in the pre-pandemic era, digital signatures offered a significant opportunity to enhance operational efficiency and customer experience. The pandemic's fallout has only raised consumer expectations in terms of the convenience and ease of electronic signing. To meet these high expectations, enterprises will need to take their game to the next level. More

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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.