The increasing internet penetration coupled with the adoption of digital technology in the banking and financial sector and the SMEs and large enterprises is propelling the growth of the digital signature market across the globe. Moreover, the rise in the M- services, and E-service by the enterprises for ease of documentation and time saving is contributing to the growth of the market. According to GSMA intelligence, the penetration of mobile internet users was 43% in 2017, which is expected to reach 61% in 2025. In addition, the rising penetration of the mobile internet coupled with the M-services by the sectors such as banking and financing, insurance and, other enterprises is escalating the growth of the digital signature market across the globe.
According to the MarkNtel Advisors’ research report, “Global Digital Signature Market Analysis, 2020”, the global digital signature market is set to grow at a CAGR of around 28% from 2020-25. In 2019, North America grabbed the major market on account of the government’s support and rising environmental concern in the region. Moreover, the expanding banking and financial sector in the region is one of the prime factors contributing to the growth of the market. However, Europe is expected to grow at a considerable pace in the forecast year owing to the heavy investments made by the organizations, public sectors and the government for the digitalization.
Digital Signature in Healthcare Industry- A Rising Trend
The increasing need for administrative efficiency, strengthen compliance and security coupled with the improved data management are propelling the need for digital signature. Moreover, the rising trend of e-prescription due to the quality assurance, customer documentation, approving medical procedures, issuance of medical bills in the pharma industry is the major factor driving the growth of the digital signature market. Moreover, the pharma services providers are doing partnerships with digital signature vendors to capture the major market share. For instance, DOC2AUS partnered with 4 digital signature providers in Malaysia for the safe and secure, valid and authenticated e-prescription in 2019, as revealed by MarkNtel Advisors in its research report “Global Digital Signature Market Analysis, 2020”.
In 2019, digital signature software grabbed the major market share owing to the increasing penetration of digital systems in industries such as insurance, legal, banking, etc. Moreover, the technological advancements by the companies and the need for upgrading software are expected to contribute to the growth of the digital signature software market in the forthcoming year of 2020-25.
The banking and financial vertical dominated the market in 2019 on account of the expanding banking and financial sector. Moreover, the easy integration of digital signature technology coupled with the help in the fast banking operations is contributing to the more demand for the digital signature market in the BFSI sector.
Expansion by the Companies to Create High Competition
According to MarkNtel Advisors, the companies operating in the digital signature market are more focused on the expansion of business either by launching services in new territories or by launching new services. The companies with a considerable share in the industry are Adobe Inc., OneSpan, RightSignature, Zoho Corporation, Nitro Software, Inc., ePillars Systems L.L.C, Gemalto, Entrust Datacard, etc.
A few of the incidence of the expansion by the companies are: In 2017, Signority, a provider of digital signature software launched the “Secure Digital Signature” solution in china. Moreover, Shocard launched the digital signing services with the blockchain certified ID of the individual in 2019.
“Global Digital Signature Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decision, hotspots and opportunities available for digital signature providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go to Market Strategies and identifying the blue ocean for their offerings.
1. By Component Type (Software, Hardware, Services)
2. By Mode of Deployment (On premise, Cloud)
3. By Organization Size (SMEs, Large Enterprises)
4. By End-Users (BFSI, IT & Telecommunication, Government, Healthcare & Lifesciences, Education, Retail, Real Estate, Others)
5. By Region (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
6. By Country (U.S, Canada, Mexico, Brazil, Germany, France, Italy, The U.K, Russia & CIS, Spain, China, India, Japan, South Korea, South East Asia, Saudi Arabia, UAE, Turkey, Qatar, South Africa, Egypt)
7. By Competitors (Adobe, Onespan, Gemalto, Ascertia, Docusign, Entrust Datacard, Signix, etc.)
Key questions answered in the study
1. What are the current and future trends of the global digital signature market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the globe?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the global digital signature industry?
6. What are the customer orientation, purchase behavior, and expectations from the global digital signature vendors across various regions?