The emergence of digital signatures has enabled secure communication among organizations & government institutions. In line with various government initiatives for digital transformation across different industries, several businesses have switched from the traditional hand-written signatures to electronic or digital signatures that offer numerous benefits like enhanced operational efficiency, time savings, reduced expenses, etc. As a result, the coming years project lucrative prospects for the demand for digital signature solutions across the BFSI, government, healthcare, IT & telecommunication, & retail sectors, among others.
The Global Digital Signature Market is projected to grow at a CAGR of around 28% during the forecast period, i.e., 2022-27. Most of the market expansion would be driven by the rapid digital transformation of major industries worldwide, coupled with the mounting need for robust data security, streamlined workflow, & improved operational efficiency across organizations and ensuring superior customer experience.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, The UK, France, Russia, Germany, Italy|
|Asia-Pacific: China, Japan, India, South Korea|
|South America: Brazil, Others|
|Middle East : Saudi Arabia, UAE, Qatar, Turkey, Others|
|Key Companies Profiled||
Adobe, Onespan, Gemalto, Ascertia, Docusign, Entrust Datacard, Signix, Secured Signing Limited, Identrust Kofax
|Unit Denominations||USD Million/Billion|
Besides, the rapidly expanding BFSI sector and various initiatives by governments of different countries worldwide toward eliminating paper usage from industries would further augment the growth of the global market through 2027.
Several organizations worldwide are increasingly adopting cloud-based security solutions, including digital signature software, owing to its flexibility, scalability, unlimited data storage, etc. Most individuals electronically sign their financial documents for bank account opening, loans, investments, etc., especially with the advent of Covid-19, which has also led to the burgeoning utilization of digital signature solutions in recent years.
In addition, the surging need for data security, especially across the healthcare & BFSI sectors while sharing sensitive information, is another prominent aspect projected to notably contribute to the overall growth of the global digital signature market in the coming years.
Key Trend in the Global Digital Signature Market
Operations across hospitals & healthcare clinics involve immense paperwork like registration, patient consent for treatment, discharge documents, prescriptions, & invoices. All of this requires a lot of paper to gather patient signatures.
Digital signatures help eliminate paper usage & speed up the entire process while reducing the possibilities of fraud & theft. As a result, the healthcare sector is increasingly adopting digital signature solutions for easy & anytime data sharing while keeping it confidential, enhancing cost & time savings, and providing an overall improved patient experience.
Impact of Covid-19 on the Global Digital Signature Market
In 2020, while the advent of Covid-19 catastrophically impacted most businesses, it notably promoted the expansion of the Global Digital Signature Market amidst the crisis. With a paradigm shift to remote working, governments & several private sector organizations increasingly adopted digital signatures & verification solutions to maintain social distancing and reduce paper-based transactions.
The global pandemic has compelled different industries worldwide to embrace online platforms, where the BFSI sector is the most prominent one that has been increasingly deploying digital signature solutions for user authentication to minimize the risks of fraudulent transactions. Likewise, the retail & healthcare sectors also started using e-signatures for benefits like hassle-free contract signing, reduced turnaround time, etc. Hence, the digital signature market witnessed significant expansion amidst the crisis, and the same trend is expected in the years to come.