Report Id: SNS/ICT/2328 | July 2022 | Region: Global | 132 Pages
Report Scope & Overview:
The Digital Signature Market size was valued at USD 3.87 Bn in 2021 and is expected to reach USD 39.46 Bn by 2028, and grow at a CAGR of 33.68% over the forecast period 2022-2028.
A digital signature is a mathematical approach for verifying digital documents such as PDF files, word documents, and online legal contract papers using an encoded and electronic stamp. It aids in the resolution of the impression and tempering problems in digital communication. It contains all of the digital document's information, allowing users to quickly and readily determine the source, identity, and status of an electronic document. A digital signature works on the basis of cryptographic technology. Organizations may now share business papers and legal contracts with fewer in danger thanks to appropriate authentication. To support the rising digitized enterprises, digital signatures provide safe and validated transactions.
At the sender's end, electronic documents are encrypted. To decode the data in the document, the receiver must be authenticated with a digital signature. The digital signature method is used for software, digital documents, and electronic message validation and verification. Handwritten signatures are used to authenticate physical documents. Similarly, digital signatures are used to validate and assent to the content of digital documents such as e-mails, word documents, and portable document formats.
A digital signature enables the sender to demonstrate the legitimacy of a digital document. There are substantial dangers connected with fraud or tampering with documents in the course of financial transactions or document dissemination over the world, necessitating the use of digital signatures. The use of digital signatures decreases the possibility that papers may be changed, diverted, or intercepted while in route. A digitally signed electronic document is legitimate and can be submitted in court just like any other signed paper document.
Entrust purchases Evidos in JUNE 2022 to expand its electronic signature and digital signing capabilities. Entrust announced the acquisition of Evidos, a pioneer in cloud-based electronic signatures and identity verification technologies located in the Netherlands. The purchase positions Entrust as a worldwide participant in the market for trustworthy digital signatures, a critical component of digital transformation. The deal's terms were not disclosed.
Government and business investments in electronic documents are rapidly increasing.
Enhancement of the entire client experience.
Enhanced security through a streamlined and seamless approach.
Inadequate understanding of the legitimacy of digital signatures
Regional differences in digital signature standards and regulations.
Increased adoption of cloud-based security solutions.
A growing number of collaborations and acquisitions.
The advancement of artificial intelligence.
Traditional corporate practices that are deeply ingrained.
Cost of implementation and legal concerns.
IMPACT OF COVID-19:
The COVID-19 outbreak had a significant impact on the growth of the digital signature market, owing primarily to the adoption of digital signatures, organizations and business enterprises were able to maximize their operational productivity and efficiency, as with digital signatures organizations spent less on paper, printing, and postage costs, while being faster than traditional methods. This aided the growth of the e signature business during the COVID-19 epidemic. Furthermore, with the onset of a worldwide pandemic, the majority of firms adopted a work-from-home approach to preserve production.
The market is divided into three components: hardware, software, and services. The program is likely to be the market leader. The software segment is anticipated to be driven by its capacity to provide immediate electronic signature conversion. The growing use of paperless work processes is likely to enhance software adoption. Similarly, managed services and professional services are expected to expand dramatically as demand for the solution grows.
According to the report, the on-premise category is expected to grow throughout the projection period. The on-premise sector is predicted to thrive due to the growing demand for digital signature-based platforms across various industries to provide secure transaction models in their business units. The cloud segment, on the other hand, is expected to see increasing demand in the near future. The rising need for digital signatures is driving the market's trend toward cloud-based solutions, which provide customers the option to increase the number of signers as needed. Cloud deployment is gaining popularity due to its quick technical improvement and increased data security.
With continuously changing client needs, the BFSI industry is undergoing digital transformation at every level. The popularity of online services such as internet banking, mobile banking, and stock trading has increased dramatically. Through customer-centric business applications, the BFSI vertical focuses on understanding digital consumer behavior, preferences, and choices. Digital signatures provide strong security, protect identities, and handle regulatory compliances. Stringent rules, such as the General Data Protection Regulation and the California Consumer Privacy Act, play an active part in the digital identity revolution across the BFSI vertical. Digital signatures assist BFSI organizations in simplifying complicated business procedures by providing increased security and faster client onboarding. The digital signature technology is simple to incorporate into the existing financial system.
KEY MARKET SEGMENTS:
On The Basis of Component
On The Basis of Deployment Model
On The Basis of Organization Size
On The Basis of Industry Vertical
IT & telecommunication
Healthcare & life science
North America is one of the most advanced areas in terms of IT usage, housing the majority of multinational and small-scale businesses. Companies are devoting large funds for data security in their budgets due to increased worries about the security of essential IT infrastructure and sensitive data. Government regulations for protecting electronic documents, as well as the benefits of adopting digital signatures, have fueled the rise of the worldwide digital signature market. North America had the highest proportion of the worldwide digital signature market in 2020. BFSI, legal, government, and healthcare industries have all grown dramatically in the United States and Canada.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major key players are Adobe., Identrust inc., Ascertia, DocuSign, inc., Entrust corporation, Thales group, Lexmark international, inc., Rpost., Secured signing limited, Vasco data security international, inc. sectors.
|Market Size in 2021||US$ 3.87 Billion|
|Market Size by 2028||US$ 39.46 Billion|
|CAGR||CAGR of 33.68% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Component (Hardware, Software, and Services)
• By Deployment Model (On-premises and Cloud)
• By Organization Size (SMEs and Large Enterprises)
• By Industry Vertical (BFSI, Education, Human resource, IT & telecommunication, Government, Healthcare & life science, Real estate, Others)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Adobe., Identrust inc., Ascertia, DocuSign, inc., Entrust corporation, Thales group, Lexmark international, inc., Rpost., Secured signing limited, Vasco data security international, inc. sectors.|
|KEY DRIVERS||• Government and business investments in electronic documents are rapidly increasing.
• Enhancement of the entire client experience.
• Enhanced security through a streamlined and seamless approach.
|Restraints||• Inadequate understanding of the legitimacy of digital signatures
• Regional differences in digital signature standards and regulations.
Frequently Asked Questions (FAQ) :
Ans: - The forecast period of the Digital Signature market is 2022-2028.
Ans: - Enhancement of the entire client experience and enhanced security through a streamlined and seamless approach.
Ans: - North America had the highest proportion of the worldwide digital signature market.
Ans: - The major key players are Adobe., Identrust inc., Ascertia, DocuSign, inc., Entrust corporation, Thales group, Lexmark international, inc., Rpost., Secured signing limited, Vasco data security international, inc. sectors.
Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of the Ukraine- Russia war
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Digital Signature Market Segmentation, by Component
9. Digital Signature Market Segmentation, by Deployment Model
10. Digital Signature Market Segmentation, by Organization Size
10.2 Large Enterprises
11. Digital Signature Market Segmentation, by Industry Vertical
11.3 Human resource
11.4 IT & telecommunication
11.6 Healthcare & life science
11.7 Real estate
12. Regional Analysis
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13. Company Profiles
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.3 Secured signing limited
13.4 Identrust inc.
13.5 Entrust corporation
13.6 DocuSign, inc.
13.7 Thales Group
13.8 Lexmark international, inc.
13.9 Vasco data security international, inc. sectors.
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
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