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Government initiatives and transition toward digitalization to drive the overall growth of the digital signature market.
The digital signature market is projected to grow from USD 2.8 billion in 2020 to USD 14.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 31.0% during the forecast period. Government initiatives and transition toward digitalization to drive the overall market growth.
By component, services segment to grow at a higher CAGR during the forecast period
The services in the digital signature market are critical as they provide support for proper functioning of software and hardware solutions. Digital signature services comprise technical support services required to effectively integrate digital signature solutions, and technical expertise required to maintain and update digital signature software. The deployment of PKI infrastructure with the existing system can be complex; hence, technical expertise is required for the proper integration and smooth running of digital signature solutions to achieve desired outputs. Therefore, various vendors are focusing on providing managed services in the digital signature market, whereas some vendors are outsourcing these services. Therefore, servicessegment registers the highest growth rate during the forecast period.
By solution, Software segment to register the highest growth rate during the forecast period
Digital signature solution providers offer software to help organizations easily create digital signatures that comply with industry standards and offer support for working with accredited certified authorities. The software providers in the market are focusing on delivering encryption software, PKI solutions, email encryption solutions, and APIs to help end users securely sign documents. Software solutions, as compared to hardware solutions, are growing at a faster rate and contributing maximum in terms of market size in the digital signature market. Hence, there is significant adoption of software solutions across the globe.
Europe to register the highest growth rate during the forecast period
The awareness related to digital signature is being widely addressed in Europe and is further emphasized by strong government regulations. This section includes analysis of the digital signature market in the UK, Germany, France, and the Rest of Europe (Netherlands, Italy, Spain, and Switzerland). Europe accounts for the second-highest share in the digital signature market during the forecast period. Digital signature in European countries is expected to be driven by high demand for high-end security solutions and superior customer experience regardless of the economic conditions. Therefore, Europe to account for the highest CAGR during the forecast period.
- By Company Type: Tier 1 – 20%, Tier 2 – 57%, and Tier 3 – 33%
- By Designation: C-level – 40%, Manager and Other level – 60%
- By Region: North America – 20%,Europe– 35%, Asia Pacific– 45%
Major vendors offering Digital signature solutions include Adobe (US),OneSpan (US),Thales (France), DocuSign (US), Idemia (France), Ascertia (UK), Zoho (India), GlobalSign (US), Entrust Datacard(US), Digicert (US), Identrust (US).
The market study covers the digital signature market size across segments. It aims at estimating the market size and the growth potential of this market across different segments by component, by solution, by deployment mode, by organization size, by vertical, and by region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall digital signature market and its sub segments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
- The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities