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The digital signature market to grow at a Compound Annual Growth Rate (CAGR) of 36.7% during the forecast period
MarketsandMarkets forecasts the digital signature market size to grow from USD 1.2 billion in 2018 to USD 5.5 billion by 2023, at a CAGR of 36.7% during 2018–2023. Major growth factors for the market include improved operational efficiency, reduced Operational Expenditure (OPEX), improved security, and increased adoption of digital signature solutions to securely sign the documents. Scattered regulations in some regions and lack of awareness related to the legality of digital signature may restrain the market growth.
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Banking, financial services and insurance segment to grow at the highest rate during the forecast period
The digital signature market by application comprises 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). The BFSI segment is expected to grow at the highest rate because it helps these firms simplify the complex processes, with enhanced security, improve turnaround time for onboarding a customer, to go paperless by automating the document workflow, and meet the regulatory compliances.
Among regions, Europe to grow at the highest CAGR during the forecast period
Europe has distinctively been one of the fastest-growing markets in terms of rapidly adopting digital signature solutions. The digital signature market is also termed as the next big boom with regards to the ever-increasing adoptions across this region. The digital signature market in Europe has gained traction because of the high demand for high-end security solutions, increase in the digitalization, legal compliances, and regulations, such as eIDAS. Moreover, the rapid growth of the digital signature market in the region can be attributed to the active online engagement of consumers in the emerging countries of the region. The extensive facilities to deploy and manage digital signature solutions at a low cost of ownership is boosting the market growth in this region. Furthermore, various international and domestic enterprises located in this region are partnering with digital signature solution providers to enhance offerings to local clients. The developed European countries, such as the UK, Germany, France, have expansively considered the use of digital signature solutions and services. The growth of this region can be attributed to the increased demand for digital signature solutions and advancements in digital technologies. Moreover, regulatory compliance by government and legal laws are benefitting all stakeholders present in the digital signature ecosystem in Europe. The UK, Germany, and France are among the key countries considered for the digital signature market analysis in this region. Additionally, the rapid expansion of local players, as well as global enterprises, in Europe is also one of the important factors that is influencing the growth of the digital signature market.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the digital signature market.
- By Company: Tier I: 15%, Tier II: 45%, and Tier III: 40%
- By Designation: C-Level: 28%, Director Level: 34%, and Others: 38%
- By Region: North America: 30%, Europe: 40%, APAC: 14%, MEA: 10%, and Latin America: 6%
The report includes the study of the key players offering digital signature solutions. It profiles major vendors in the global digital signature market comprising 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). It also includes an in-depth competitive analysis of the key digital signature market players, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
- The report segments the global digital signature market by component, deployment mode, application, and region.
- The application segment includes HR, education and research, 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).
- The component segment comprises solutions and services.
- The digital signature market by deployment mode has been segmented into cloud and on-premises.
- The report covers the digital signature market with respect to 5 major regions, namely North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.
The report would help the market leaders and new entrants in the global digital signature market in the following ways:
- The report segments the market into various sub-segments, hence it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its sub-segments.
- The market numbers are further split across applications and regions.
- It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
- It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market.
- The study also presents the positioning of the key players based on their product offerings and business strategies.