BANGALORE, India, Nov. 12, 2020 /PRNewswire/ -- A new Digital Signature Market Market Research Report published on Valuates Reports in Computers & Electronics Category. The report contains segmentation Based on Components (Hardware and Software), Based on Deployment (Cloud-Based and On-Premise), Based on Application Banking, Financial Services, and Insurance, Education and Research, Government and Defense, Healthcare and Life Sciences, Human Resources, Manufacturing and Engineering, and Real Estate. It also covers Global & Regional Opportunity Analysis and Industry Forecast to 2025.
The global Digital Signature Market size is projected to reach USD 5195.99 Million by 2025, from USD 1192.35 Million in 2019, at a CAGR of 27.80% during 2019-2025.
Major factors driving the digital signature market size are Government initiatives and transition toward digitalization, growing demand for e-businesses and paperless workflow, rising requirement for biometrics integrated with a digital signature in the banking, financial services, and insurance (BFSI) industry.
The report offers a detailed analysis of the Digital Signature Market size with information on the closest approximations of the revenue numbers. It would help stakeholders understand the competitive landscape and gain more insights to better position their business and plan suitable go-to-market strategies.
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TRENDS INFLUENCING THE DIGITAL SIGNATURE MARKET SIZE
The growing adoption of digital signatures by the BFSI sector is expected to increase the digital signature market size. BFSI vertical is undergoing digital transformation at all stages, with rapidly changing consumer demands. The use of online services, such as internet banking, mobile banking, and stock trading, has increased. BFSI vertical focuses on understanding digital consumer behavior, expectations, and choices through customer-centric business applications. Digital signatures allow BFSI firms to simplify complicated business processes by providing enhanced security and reduce time to onboard new customers.
Advantages such as enhanced security offered in by digital signature are expected to drive the digital signature market size. There is a possibility that a paper record may be changed after it has been signed, but it is nearly impossible to alter a digital signature, thus ensuring the validity of the records. There are more chances of losing a paper-based document than a digital copy of any form. A digital signature, therefore, guarantees a controlled and smooth workflow.
The increasing emphasis on customer experience is expected to fuel the digital signature market size. Traditionally, the signing of agreements between the two sides involved large stacks of documents and consumed much of the time. The introduction of electronic signatures offers customers quick and much more convenient choices.
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COVID-19 IMPACT ON DIGITAL SIGNATURE MARKET
The COVID-19 pandemic accelerated the adoption of the digital signature. The social distancing measures and the work from home policies have forced industries to adopt digital technology to continue their business. Governments across countries are using and encouraging digital signatures to reduce paper-based transactions in order to maintain social distancing.
BFSI is one of the main industries to see digital platforms being rapidly introduced to cope with the changing world. However, for banks, identity authentication has been a major challenge. The electronic signature guarantees verified contact between the two parties, removing the risk of fraudulent transactions or disclosures. Likewise, during the pandemic, the retail and healthcare industries are gaining interest in adopting electronic signature technology. Thus, the growing adoption by various industry verticals is expected to increase the digital signature market size.
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DIGITAL SIGNATURE MARKET SHARE ANALYSIS
Based on the region, North America is expected to hold the largest digital signature market share. North America is an early adopter of emerging technology, thereby stimulating the digital signature industry's development. Thanks to the growing understanding of paperless systems, the US is expected to gain momentum.
Europe is expected to witness the highest CAGR during the forecast period. During the forecast period, Europe accounts for the second-highest digital signature market. The strong demand for high-end security solutions and superior customer service are expected to drive digital signatures market size in European countries.
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DIGITAL SIGNATURE MARKET SEGMENTATION
Based on Component
- Hardware
- Software.
Based on Deployment
- Cloud Based
- On-Premise.
Based on Application
- Banking,
- Financial Services, and Insurance,
- Education and Research,
- Government and Defense,
- Healthcare and Life Sciences,
- Human Resources,
- Manufacturing and Engineering,
- Real Estate.
Key Companies:
- Adobe Systems, Inc,
- Ascertia,
- DocuSign,
- Entrust Datacard Corporation,
- Gemalto N.V.,
- IdenTrust, Inc.,
- Kofax Inc,
- RPost Technologies,
- Secured Signing Limited,
- Signix, Inc.
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SIMILAR REPORTS
- Digital Signature Software Market Research Report 2020 - 2026: In 2018, the demand for the electronic signature software market was led by the North American region. Europe and the APAC region follow North America. Two of the key factors responsible for the growth of the electronic signature software market size in the North American region are the involvement of well-developed countries such as the US and Canada and a high emphasis on enhanced cybersecurity with regard to electronic signatures.
- Global and United States Electronic Signature Mobile Solutions Market: The report is segmented by type iOS, Android, by application Small Business and Individuals, Enterprise Solutions, key players and by various regions.
- Global and Japan Electronic Signature Mobile Tools Market: The report is segmented by type iOS, Android, by application Small Business and Individuals, Enterprise Solutions, key players and by various regions.
- Global and China Electronic Signature Mobile Apps Market: The report is segmented by type iOS, Android, by application Small Business and Individuals, Enterprise Solutions, key players and by various regions.
Click Here To See Related Reports On Digital Signage Market
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