In 2020, the United Nations (UN) had reported that more than 401,000 documents were digitized, which happens to be only 13.4% share of the total documents that belong to the organization.[1] This is to say that there is an enormous number of documents that are yet to be digitized. Similarly, the world is going through digitization wherein a myriad of companies are digitizing their documents. This digitization wave that has penetrated into various industries is leading to a demand for authentication of documents due to which the digital signature market is booming. Moreover, documents with digital signatures are now considered legal the same way conventional documents with signatures are, which is increasing the implementation of digital signature. Owing to the augmented application of digital signature in a gamut of sectors wherein document authentication is imperative, the digital signature market had a global market size of $1.2 billion as of 2020. Furthermore, the demand is poised to escalate at a profitable compound annual growth rate (CAGR) of 35.20% during the forecast period of 2020 to 2025.
Owing to the rapid digitalization in the countries of North America such as the US, Canada, Mexico, and others; the digital signature market is making strides in the region. Furthermore, there is an increased practice of digital signatures in various legislations in the region, which was the major factor that had driven digital signature market in North America, and the region had a market share of 41.28% in 2020. The stable economy and the existing digital infrastructure in North American countries permits SMEs and MMEs to digitize their transactions, which is driving the digital signature market even further in the region.
Digital Signature Market Outlook:
Digital signature has become an integral part of the cryptographic protocol and are used as electronic signatures which also employs asymmetric cryptography. There is a lot of digital signature algorithms that are incorporated in industries such as banking & insurance, education and research, government and public agencies, military and defense, and others.
The key application of digital signatures is in banking, financial services, and insurance (BFSI). The banking services have been entirely digitized, and blockchain has become an integral part of the same. While this has made banking transactions easier for customers, the documentation still needs to undergo a lot of processes, and the documents need authentication for which digital signatures are used. BFSI application segment of the digital signature market will observe a remarkable CAGR of 31.20% through to 2025.
Digital Signature Market Growth Drivers:
- The Growth of E-Commerce:
According to the Global Systems for Mobile Communications (GSMA), the e-commerce market is going to observe substantial growth prospects over the forecast period as the number of mobile subscribers in 2025 will be 5 billion.[2] This will create lucrative opportunities for the vendors in the digital signature market as e-commerce will leverage electronics signatures for document authentication. This practice instills security in the e-commerce applications and documents, thereby imbuing trust in customers.
- Digital Signature in Education and Research:
Educational and research institutes are striving to centralize their documents through digitization. Previously, this was done by printing, signing, and then scanning all the documents and uploading them on the systems and the intranet as well. However, this process is tedious and time-consuming. Moreover, it adds unnecessary expenses to the institutes’ budget. Nowadays, the institutes are leveraging electronic handwritten signatures that are incorporated in the e-document itself. This saves a lot of time and money which happens to be the major reason many institutes are inculcating this practice, which is further flourishing the digital signature market.
- Military & Defense: Major Digital Signature Marketplace:
Military & defense have a lot of confidential reports and other documents that need authentication. Digital signatures have already become a mandatory part of e-mails in military & defense. The digital revolution in military affairs has spurred an enormous amount of opportunities in the digital signature market. Furthermore, the defense sector is now using highly encrypted cloud system, and digital signatures are an indispensable part of the same.
Digital Signature Market Trends
- Quick and Intuitive Digital Signatures Deployment:
The trend of creating easily accessible digitally signed documents will accelerate over the forecast period. Users will be able to e-sign from anywhere, and the documents will be accessible in 30 seconds. This practice will generate more traction in the digital signature market, because it is user-friendly.
- Emphasis on Security:
Digitally signed documents are vulnerable to external threats because of which organizations are striving to create more secure systems. The future foresees greater emphasis on security. Subsequently, the trust of customers in digital signatures and digitally signed documents will increase, which will expand the customer base of the digital signature market.
- Integration With Organizational Software:
Organization software such as customer relationship management (CRM), enterprise resource planning (ERP), and others will be incorporated with digital signatures. This trend has already paved its path in various sectors and is poised to grow rapidly as this reduces time consumed for documentation in organizations.
Digital Signature Market Challenges
The challenges pertaining to the security of digitally signed documents are creating a drain in the revenues generated in the digital signature market. Target customers are demanding the most secure system for their important documents, and the forgeries in the digital signature market are dwarfing the digital signature market size due to the reduced customer trust. Furthermore, some part of the world wherein digitalization hasn’t penetrated entirely happens to be an untapped digital signature marketplace. However, the economic growth in countries across the globe will be a key factor that will create growth prospects in the future. Furthermore, the vendors are investing ample amount of money in order to imbue security in digitally signed documents, which will help them sustain their position in the digital signature market.
Digital Signature Market Key Players Perspective
The major players crusading for the digital signature market share are Adobe Inc., DocuSign, Entrust Datacard, Ascertia, IdenTrust, Kofax Inc., Rpost Technologies, and Esignlive by Vasco, OneSpan, Gemalto, Secured Signing Limited, and Sungard Signix Inc.
Digital Signature Market Research Scope:
The base year of the study is 2020, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the digital signature market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The digital signature market research report also analyses the application of digital signatures in banking & insurance, education and research, government and public agencies, military and defense, and others.
Digital Signature Market Report: Industry Coverage
This report also documents the market insights on digital signature based on types that include public key trust model, time stamping, and others. The market has also been segmented and analyzed on the basis of solutions/services that include hardware, software, and other services). Furthermore, the report documents digital signature by deployment types that include cloud based, on-premises, and web-based.
The digital signature market report also analyzes the major geographic regions as well as the major countries in these regions.
The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Digital Signature Market Report
- Is the market demand for digital signature growing? How long will it continue to grow and at what rate?
- Which type of home security system presents the major growth opportunities?
- Is there a possibility for change in the market structure over time?
- Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
- Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
- What are the short-term, long-term, and medium-term growth drivers for the market?
- What are the short-term, medium-term, and long-term challenges for the market?
- What are the short-term, medium-term, and long-term opportunities for the market
- Who are the top players/companies of the market?
- What are the recent innovations in the market?
- How many patents have been filed by the leading players?
- What are the types of patents filed by the leading players?
- What is our Vision 2030 for the digital signature market?
A Few Focus Points Of This Research Are Given Below:
- Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
- Provide an overview of the product portfolio, including product planning, development, and positioning
- Discuss the role of technology companies in partnerships
- Explore the regional sales activities
- Analyze the market size and giving the forecast for current and future global digital signature market during the forecast 2020–2025
- Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures
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Methodology
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