The global digital signature market size is projected to grow from USD 4.0 billion in 2021 to USD 16.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 33.1% during the forecast period. Governments and businesses from BFSI, HR, legal, and real estate verticals utilize digital signatures to secure digital documents. For instance, the Government of India (GoI) started a digital revolution by launching the Digital India campaign and investing heavily to connect villages to this digital movement. Governments and enterprises are investing more in integrating digital signature technology with day-to-day business applications, which, in turn, is driving the global digital signature market.
Based on Vertical, the BFSI segment to have the largest market size during the forecast period
The use of digital signatures delivers robust security, secures identities, and manages regulatory compliances. Stringent regulations across the BFSI vertical such as General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) play an active role in the digital identity revolution. Digital signatures help BFSI firms simplify complex business processes by offering enhanced security and improved turnaround time for onboarding customers. The digital signature technology can be easily integrated with the existing banking system. Banks such as HDFC Bank, Citibank, and ABM Amro Bank are taking advantage of eSignatures for saving and current accounts and electronic contract notes for equity brokerage transactions. The early adoption of digital signatures and regulations are driving the market growth of digital signature in BFSI vertical.
Based on Regions, Europe to be the fastest-growing market 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 the analysis of the digital signature market in the UK, Germany, France, and the rest of Europe (the Netherlands, Italy, Spain, and Switzerland). Europe accounts for the second-largest share in the digital signature market during the forecast period. Digital signature in European countries is expected to be driven by the high demand for high-end security solutions and superior customer experience regardless of the economic conditions.
The digital signature market in Europe is comparatively small than the US and is fragmented and dynamic. There are various niche and established players that focus only on the digital signature market. Several US players, such as Adobe and DocuSign, have already partnered with local players to enter the European market.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key companies.
The breakup of primary participants is as follows:
- By Company: Tier I: 25%, Tier II: 40%, and Tier III: 35%
- By Designation: C-Level: 30%, Director Level: 35%, and Others: 35%
- By Region: North America: 35%, Europe: 25%, APAC: 30%, MEA: 5%, and Latin America: 5%
The report includes the study of the key players offering digital signature solutions. The major digital signature vendors include Adobe Inc. (US), OneSpan (US), Thales (France), DocuSign, Inc. (US), Ascertia (UK), Zoho (India), Secured Signing (New Zealand), Entrust Datacard (US), DigiCert, Inc. (US), IdenTrust (US), GlobalSign (US), Symtrax (US), ComSignTrust (Israel), Multicert (Portugal), AlphaTrust Corporation (US), SunGard SIGNiX Inc. (US), Notarius (Canada), RNTrust (UAE), Bit4id Ltd (Italy), and LAWtrust (South Africa). 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 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 segments categorized into component type, deployment mode, Verticals, organization size, and regions. 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 subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their business and 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.