Digital Signature Market: By Component (Hardware, Software, Services), By Deployment Model (On-Premises, Cloud), By Industry Vertical (BFSI, Education, Human Resource, IT & Telecommunication, Government, Healthcare & Life Science, Real Estate, Others), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[170+ Pages Research Reports] Digital Signature Market to surpass USD 77.5 billion by 2032 from USD 3.6 billion in 2021 at a CAGR of 32.2% in the coming years, i.e., 2022-32.
Digital signature is a type of electronic signature that offers added verification of the individual’s identity signing documents. It does this by providing a digital ID and an encoded stamp authentication stamp to confirm the information created by them. A digital signature deals with the problem of tampering and impersonation in digital communications. Digital signatures are built on public key cryptography, also known as asymmetric cryptography. Public key cryptography's two mutually authenticating cryptographic keys are used in digital signatures. The person who creates the digital signature encrypts the data associated with it using a private key, and only the signer's public key can be used to decrypt it.
The Digital Signature Market is expected to project a notable CAGR of 32.2% in 2032.
Digital Signature to surpass USD 77.5 billion by 2032 from USD 3.6 billion in 2021 at a CAGR of 32.2% in the coming years, i.e., 2022-32. The widespread use of digital signatures in internal business communications and processes, together with improved operational effectiveness that lowers costs, has a favorable impact on the market growth for these services. In addition, due to the rise in cyberattacks, there is a growing global demand for data security and authentication. The adoption of digital signatures by law firms to guarantee a high level of client service, increase efficiency, improve security, and streamline workflow is also contributing to market growth.
The Software segment is expected to grow with a higher CAGR during 2022-32
Digital Signature Market is categorized on the basis of Component into Hardware, Software, and Services. Due to the increased usage of digital signatures by businesses for managing and protecting important organizational data, the software segment is anticipated to gain a sizeable share and see the highest growth rate throughout the projected period. However, due to the surge in demand for different sorts of services around the world, service is predicted to see a considerable growth rate during the projected period.
The BFSI segment is expected to grow with a higher CAGR during 2022-32
Digital Signature Market is categorized on the basis of Industry Vertical into BFSI, Education, Human Resource, IT & Telecommunication, Government, Healthcare & Life Science, Real Estate, and Others. The BFSI sector is anticipated to grow with a remarkable CAGR during the predicted period. The adoption of digital signatures has led to an increase in accuracy and completion rates, which may be credited with the segment's rise. Digital signatures help prevent errors and delays by making contracts, financial documents, and insurance policies simple for both parties to handle and sign. The rise of the digital signature in the BFSI sector is also being driven by a growing emphasis on providing clients with greater services and convenience.
Increasing Government Support and Speedy Adoption of Digital Signatures by Companies
Numerous benefits, including higher security, cheaper costs, quicker turnaround times, and greater efficiency, are offered by digital signature solutions. The government's increasing emphasis on streamlining workflow by removing paperwork is driving the Digital Signature Market. Moreover, the increased and accelerated pace of the adoption of digital signatures is a result of the ongoing requirement for data security during the transmission of sensitive information. Also, in order to inspire confidence in customers, businesses must secure their network, increasing the demand for digital signatures.
The Progressing E-Commerce Market and Preference for Cloud-Based Solutions
Global need for digital signatures is also anticipated to increase as there are an increasing number of connected devices, such as smartphones, laptops, and tablets. The Digital Signature Market is expanding thanks to the expanding e-commerce sector. Adoption of cloud-based solutions would also result in greater market penetration for digital signatures. The adoption of electronic documents reduces fixed costs. The banking and finance sector's increasing adoption rate bolsters market growth during the anticipated period.
Low Awareness about Digital Signatures in Developing Economies is hampering its Adoption
Across all industries, the demand for digitization is rising quickly. But compared to developed countries, use of electronic signatures is lower in some developing economies. This is primarily caused by a lack of knowledge about the advantages of using these signatures. Top actors preventing its adoption are misunderstanding and less knowledge about its legality.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Digital Signature Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America is projected to dominate the global Digital Signature Market. In the anticipated period, the U.S. would hold the larger market share. Also, the American government is concentrating on implementing digital signature-based solutions in various fields. Government regulations promoting the use of digital signatures, particularly in financial and legal service organizations, are expected to be the main driver of market growth in these areas.Owing to the growing number of government initiatives to advance digitization across industries, Asia Pacific is predicted to expand dramatically.
The adoption of digital signatures by businesses and organizations allowed them to maximize their operational productivity and efficiency while spending less money on printing, paper, and postage than they would have otherwise. As a result, the COVID-19 outbreak had a significant impact on the growth of the Digital Signature Market. This also aided the growth of the e-signature sector during the COVID 19 epidemic.
Digital Signature Market is further segmented by region into:
Digital Signature Market Segments:
Market Size Value in 2021
USD 3.6 billion
Revenue Forecast in 2032
USD 77.5 billion
CAGR of 32.2% from 2022 to 2032
Base Year for Estimation
Revenue in USD billion and CAGR from 2022 to 2032
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Component, Deployment Model, Industry Vertical, and Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key Companies Profiled
Thales Group, Adobe Inc., Lexmark International Inc., DocuSign Inc., ENTRUST CORPORATION, Kofax, OneSpan Inc., IDENTRUST INC., Ascertia, Rpost Inc., Secured Signing Limited, VASCO Data Security International Inc., SIGNiX, IdenTrust, Silanis-eSignLive, and Other Prominent Players.
The Digital Signature Market size was estimated at USD 3.6 billion in 2021 and is expected to reach USD 77.5 billion in 2032.
A digital signature is a type of electronic signature that offers added verification of the individual’s identity signing documents. It does this by providing a digital ID and an encoded stamp authentication stamp to confirm the information created by them.
The Software and BFSI segments accounted for the larger share of the Digital Signature Market.
Key players in the Digital Signature Market are Thales Group, Adobe Inc., Lexmark International Inc., DocuSign Inc., ENTRUST CORPORATION, Kofax, OneSpan Inc., IDENTRUST INC., Ascertia, Rpost Inc., Secured Signing Limited, VASCO Data Security International Inc., SIGNiX, IdenTrust, Silanis-eSignLive, and Other Prominent Players.
The widespread use of digital signatures in internal business communications and processes, together with improved operational effectiveness that lowers costs, is majorly impacting the growth of the Digital Signature Market.
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