A recent research report published by MarkNtel Advisors cites that the Global Digital Signature Market would witness around 28% CAGR during 2022-27. Most industries like Banking, Financial Services, Insurance (BFSI), IT & Telecommunications, Government, Healthcare & Lifesciences, & Retail, among others, across different countries worldwide, are undergoing rapid digital transformation to offer greater operations efficiency & user experience. As these industries are expanding and different countries are taking numerous initiatives to reduce paper utilization, the need for digital signature solutions is exponentially increasing and driving the market.
In addition, the Covid-19 pandemic in 2020 that led to various concerns over physical contact & virus spread is another prominent reason behind the reduced paper use and the growing adoption of digital signatures across different industries. It, in turn, projects lucrative prospects for the global market through 2027, further states the research report, “Global Digital Signature Market Analysis, 2022.”
With Increasing Focus on Enhancing Customer Experience, BFSI industry to lead the Global Market
The BFSI sector worldwide is increasingly adopting digital signature services to streamline complex operational processes by providing customers better security & improved TAT (turnaround time). As a result, more and more consumers are becoming aware of the benefits of these solutions in enabling the accountants & tax specialists to quickly proceed with the legal authorizations by digitally procuring user signatures.
Moreover, the increasing inclination of people toward using online financial services like internet banking, mobile banking, & stock trading is another prominent aspect surging the demand for digital signatures in the BFSI sector for robust security, protected identities, & easy management of regulatory compliances and, in turn, fueling the overall market growth.
Being the Hub of MNC’s, North America to Demonstrate Massive Utilization of Digital Signatures through 2027
North America is anticipated to substantially contribute to the expansion of the Digital Signature Market during 2022-27. Countries like the US & Canada host various MNCs and small enterprises & start-ups, i.e., surging the utilization of digital signature solutions for strengthening the security mechanism & avoiding the possibilities of online frauds across BFSI, legal, government, & healthcare sectors, among others.
As a result, organizations are significantly investing in data security to secure critical IT infrastructure & sensitive data. Moreover, governments, especially the US & Canada, have mandated securing digital documents with e-signatures. Hence, these aspects indicate lucrative prospects for the digital signature market in North America over the forecast years.
The leading companies operating in the Global Digital Signature Market include Adobe, Onespan, Gemalto, Ascertia, Docusign, Entrust Datacard, Signix, Secured Signing Limited, Identrust, and Kofax.
Key Questions Answered in the Research Report