Digital Signature Market size to grow from USD 1.2 billion in 2018 to USD 5.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 36.7% during the forecast period. The digital signature market is said to have a potential scope for growth in the years to come, due to the increase in cyber threats, data security, authenticity, legal compliances, and regulations.
Banking, financial services and insurance segment to grow at the highest CAGR during the forecast period
The applications segment is sub-segmented as Human Resource (HR); education and research; Banking, Financial Services and Insurance (BFSI); government and defense; healthcare and life sciences; legal; real estate; manufacturing and engineering; others (retail, transit, energy and utilities, telecom, operations, sales and marketing, pharmaceuticals, and procurement). Among these segments, the BFSI segment is expected to grow at the highest CAGR during the forecast period. A number of online frauds, data breaches, and cyber-attacks in BFSI industries would increase the demand for digital signature solutions.
Cloud segment to account for a larger market size during the forecast period
The digital signature market by deployment has 2 segments: cloud and on premises. The cloud segment is expected to have a larger market share during the forecast period because capital required to deploy cloud-based solutions is less than on-premises solutions.
Europe to hold the largest market size and grow at the highest CAGR during the forecast period
Europe is expected to hold the highest CAGR during the forecast period. In Europe, the growth rate can be attributed to various factors, including the adoption of advanced technologies, economic developments, increase in the rate of digitalization, and high investments by digital signature solution providers. Driving forces for the region are the huge population in this region which contributes to the volume of transactions, and domestic and international enterprises that are investing in this region.
The digital signature market report provides the competitive landscape and company profiles of the key vendors by their product offerings and business strategies. Major vendors in the global digital signature market include Adobe (US), OneSpan (US), Gemalto (Netherlands), Ascertia (UK), DocuSign (US), Entrust Datacard (US), SIGNiX (UK), Secured Signing (New Zealand), Identrust (US), and Kofax (US), RPost Technologies (US), HelloSign (US), MultiCert (Lisbon), GlobalSign (US), RightSignature (US), and Zoho Corp (India).