Fresh Perspectives on the Global Digital Signature Market to Get Your Business Strategy Ready
The global market for Digital Signature is projected to reach US$8.2 billion by 2025, driven by the growing real-world losses of financial fraud against the backdrop of an increasingly digital world; and implementation of regulations that recognize the legality of digital signatures.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Digital Signature market. Report segmentation includes Deployment (Cloud, On-Premise); Application (BFSI, Government & Defense, Legal, Real Estate, Manufacturing & Engineering, Other Applications) ).
21 June 1:58 A.M., California/Marketwire/ - According to the new market research report, the global market for Digital Signature is projected to reach US$8.2 billion by 2025, driven by the growing real-world losses of financial fraud against the backdrop of an increasingly digital world; and implementation of regulations that recognize the legality of digital signatures. Factors driving digitalization of the banking and payments sector include increased use of smart devices like smartphones and tablets for financial transactions; development of payment gateways and expansion of the app ecosystem surrounding digital payments. However, authentication and security remain prime areas of concern, making customer trust the subtle but real driver of digital commerce and banking.
As businesses undergo digital transformation, especially banks and financial institutions, in their front and back office operations, they are increasingly acknowledging the link between customer recognition, convenience, trust and fraud risk. A large portion of customers` trust today emerges from the confidence in the security measures undertaken by companies for digital transactions. This creates strong commercial opportunities for seamless security technologies that have little or no impact on the digital customer experience. Poised to gain under this scenario is "Digital Signature" defined as a complex mathematical process that validates the document and the sender. The technology is suitable for digital financial documents, legal documents, and copyright content and material. Benefits of digital signature driving its adoption include added security; helps validate origin, identity and status of an electronic document; based on public key cryptography it is difficult to crack; reduced costs as need for paper and printing is eliminated; saves time on document authentication; enables hassle free electronic document management; increase in efficiency and reduced operational costs for banks; and convenient, faster and secure process for customers.
A key factor driving the growth and adoption of this technology is the global acceptance and legal compliance as more countries accept digital signatures on legally binding documents. Major trends influencing growth in the market include increased adoption in the education sector; shift from conventional paperwork to digital platforms; growing enterprise mobility, ubiquity of BYOD trend and the resulting frequent exchange of confidential corporate documents; continuous improvements in software security standards; robust adoption of cloud-based digital signature solutions supported by all the benefits of cloud computing; and attractive application possibilities in the healthcare industry such as for registration documents, consent for treatment plans, medical discharge, and invoices, among others.
The United States and Europe represent the largest markets worldwide with a combined share of 62.7%. Europe ranks as the fastest growing market with a 38.7% CAGR over the analysis period supported by the fact that digital signatures are legal throughout the European Union. The eIDAS regulation enforced in the region in 2016 and applicable in all member states replaces the earlier Directive 1999/93/EC and has brought about validity and recognition of digital signatures between different EU countries. The United States follows next with a 35.7% CAGR over the analysis period.
Key Competitors Covered in the Report
Entrust Datacard Corp.
Secured Signing Limited
Zoho Corporation Pvt. Ltd.
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, and Rest of Europe)
Rest of World
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 1931. Among this pool, 348 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 77 unique participations, a total of 36 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
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Global Industry Analysts, Inc.