DUBLIN--(BUSINESS WIRE)--The "Digital Signature Market by Component (Solutions and Services), Solution (Software and Hardware), Deployment Mode, Organization Size, Vertical (BFSI, Government, Healthcare and Life Sciences, Legal, Real Estate), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global digital signature market size is projected to grow from USD 4.0 billion in 2021 to USD 16.8 billion by 2026, at a CAGR of 33.1%
Governments and businesses from BFSI, HR, legal, and real estate verticals utilize digital signatures to secure digital documents. For instance, the Government of India (GoI) started a digital revolution by launching the Digital India campaign and investing heavily to connect villages to this digital movement.
Governments and enterprises are investing more in integrating digital signature technology with day-to-day business applications, which, in turn, is driving the global digital signature market.
Based on Vertical, the BFSI segment to have the largest market size during the forecast period
The use of digital signatures delivers robust security, secures identities, and manages regulatory compliances. Stringent regulations across the BFSI vertical such as General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) play an active role in the digital identity revolution.
Digital signatures help BFSI firms simplify complex business processes by offering enhanced security and improved turnaround time for onboarding customers. The digital signature technology can be easily integrated with the existing banking system.
Banks such as HDFC Bank, Citibank, and ABM Amro Bank are taking advantage of eSignatures for saving and current accounts and electronic contract notes for equity brokerage transactions. The early adoption of digital signatures and regulations are driving the market growth of digital signature in BFSI vertical.
Based on Regions, Europe to be the fastest-growing market 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 the analysis of the digital signature market in the UK, Germany, France, and the rest of Europe (the Netherlands, Italy, Spain, and Switzerland).
Europe accounts for the second-largest share in the digital signature market during the forecast period. Digital signature in European countries is expected to be driven by the high demand for high-end security solutions and superior customer experience regardless of the economic conditions.
The digital signature market in Europe is comparatively small than the US and is fragmented and dynamic. There are various niche and established players that focus only on the digital signature market. Several US players, such as Adobe and DocuSign, have already partnered with local players to enter the European market.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key companies.
Premium Insights
- Increasing Adoption of Digital Platforms by Enterprises to Drive the Growth of the Market
- Solutions Segment to Hold a Larger Share in 2021
- Cloud Segment to Witness Growth at a Higher CAGR During the Forecast Period
- Banking, Financial Services, and Insurance and North America to Hold the Largest Market Shares in 2021
- Europe to Emerge as the Best Market for Investments in the Coming Years
Market Dynamics
Drivers
- 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
Restraints
- Lack of Awareness About the Legality of Digital Signatures
- Variation in Digital Signature Rules and Regulations Across Regions
Opportunities
- Enhancement in the Acceptance of Cloud-Based Security Solutions
- Growing Number of Partnerships and Acquisitions
- Rise in Artificial Intelligence
Challenges
- Intensely Entrenched Traditional Business Practices
- Cost of Implementation and Legality Issues
Impact of COVID-19 on Market Dynamics
Regulatory Implications
- General Data Protection Regulation
- Payment Card Industry Data Security Standard
- System and Organization Controls 2 Type Ii Compliance
- Electronic Identification, Authentication, and Trust Services
- Electronic Signatures in Global and National Commerce Act
- Uniform Electronic Transactions Act
- Sarbanes-Oxley Act
- CFR Part 11
- Information Technology Act, 2000
- The Digital Signature (End Entity) Rules, 2015
- The E-Sign Online Service or E-Hastakshar (Sept. 2016 Onwards)
Use Cases
- Use Case 1: Docusign Helped a Medical Device Manufacturing Company Streamline Physician Signatures with Digital Transaction Management
- Use Case 2: Secured Signing Helped H&R Block in Easing the Tax Burden
- Use Case 3: Docusign E-Signature Upheld in Court as Legal and Enforceable in Common Law Jurisdictions
- Use Case 4: Docusign E-Signature Helped Salesforce Speeds Up Global Recruiting Efforts with Workday
- Use Case 5: Globalsign Helped Clough Harbor & Associates Llp's (Cha) to Improve Efficiency of Document Delivery
Company Profiles
Large Players
- Adobe
- Onespan
- Thales
- Docusign
- Idemia
- Ascertia
- Zoho
- Globalsign
- Entrust Datacard
- Digicert
- Identrust
SMEs and Startups
- Secured Signing
- Symtrax
- Comsigntrust
- Multicert
- Alphatrust
- Signix
- NotariUS
- Rntrust
- Bit4Id
- Lawtrust
- Pandadoc
- Signiflow
- Vintegris Tech
- Signicat
- Signority
For more information about this report visit https://www.researchandmarkets.com/r/yl44c1
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