This study intends to unfurl the multiple facets of global digital signature market. The insights offered in the report aid in market growth examination during the forecast period.
Growing Ubiquity of Digital Banking to Facilitate Expansion of Digital Signature Market
Worldwide digital signature market is expanding due to more stringent government regulations and directives encouraging businesses, organizations, financial institutions, and law firms to use digital signatures to ensure a high-quality customer experience, increase productivity, improve security, and streamline workflow. Data security has been required whenever sensitive information has been transmitted. With the growth of e-commerce and online banking, businesses had to safeguard their networks to win customers' trust. Currently, 2.5 billion people use digital financial services worldwide. About 53% of the world's population will have access to digital banking by 2026. The adoption of digital signatures, which serve as the sender's mark of legitimacy over any electronic document, has increased and accelerated. This is expected to drive the growth of digital signature market.
Younger users also drive the rise of digital signatures in the financial services sector. The demand for digital signatures has increased because of the number of gen Z, and millennials who signed financial documents during the epidemic, including agreements for opening bank accounts, loans, investments, wealth management, and mortgages. Additionally, greater e-signature support has been given by government organizations like immigration and the DMV for important paperwork, in turn pushing the prospects of growth for digital signature market. Businesses may safely validate electronic signatures thanks to a program called "sign pass" developed by the Government Technology Agency (GovTech). This service can now use legal and business papers that once required in-person signatures. The process of executing documents has changed along with technology.
Electronic agreements and digital signatures have gathered a lot of steam in recent years due to the growing desire for convenient, modern ways to complete legally binding transactions. These changes have had a major impact on the entry and execution processes for these transactions, further impacting the performance of digital signature market. In February 2021, a Glasgow-based software company developed an online facial recognition tool for remotely witnessing contracts and legal documents. The company opened a development lab in Glasgow in 2019 when new regulations permitting remote contract signing and witnessing were enacted. These technologies have improved advertising content's caliber, which positively affects the target population.
Digital Signature Market: COVID-19 Impact
By introducing digital signatures, companies and organizations could boost operational productivity and efficiency while spending less on paper, printing, and shipping. The COVID-19 outbreak consequently had a substantial effect on the expansion of digital signature market. This contributed to the e-signature industry's expansion during the COVID-19 pandemic. Additionally, most firms adopted the work-from-home approach to preserve production in the face of a global epidemic. With this tendency, the expansion of digital signature solutions into these workers' work equipment aided the expansion of digital signature market during the COVID-19 epidemic.
Growing Use of Digital Signatures to Prevent Fraud, and Signature Forgery to Create Tailwinds for Digital Signature Market
Over the past ten years, the green movement has gained traction worldwide, leading to a move toward full or partial paperless workflows in businesses, government agencies, and corporate offices. Electronic documentation became widely used in offices, significantly reducing the amount of paper used. Although e-sign has been around for a while, COVID-19 has shown to be the catalyst for growing its use. With the help of electronic signatures, distant parties can sign agreements, contracts, and other documents quickly and securely. The necessity to eliminate fraud and signature fabrication significantly influences the need for digital signatures.
Growing Need for Better Operational Effectiveness, Security, and Smooth Workflow to Elevate Prospects of Digital Signature Market
It used to take a lot of time to manage, store, and track documents, which further slowed down other job processes. Additionally, the necessity for increased operational effectiveness and worries about data security have contributed toward the development of digital signature market. The security of digital information moved between individuals or departments is crucial for industries including banking and insurance, retail, real estate, and government. To address their demand for safe online transactions, many huge transactions-driven enterprises have started integrating digitally enabled signatures into their work processes. With its ability to demonstrate the legitimacy and integrity of the document, this technology is seen as appropriate for highly regulated businesses. In addition, it helps businesses increase productivity while saving money, time, and space. Similarly, corporations are prompted to choose digitally enabled signatures by the necessity for authentication, and multi-level security.
Lack of Knowledge About Legality, and Advantages Continues to Impede Digital Signature Market Expansion
The need for digitalization is growing significantly across all industries. However, some emerging economies utilize fewer electronic signatures than wealthier nations. The key factor behind this is the lack of knowledge and realization about the benefits of employing these signatures. One of the things preventing its adoption is misinformation and ignorance about its legality. With the numerous restrictions and regulations attached to the technology, businesses are reluctant to use it. Additionally, it is anticipated that increasing data security worries and a rise in cyberattacks will restrict the execution of business procedures digitally. These elements could prevent the digital signature market from expanding.
With Increased Demand From Various Sectors, Solution Sector to Dominate Digital Signature Market
The solution segment of digital signature market is to experience major demand in the projected period. Solutions for digital signatures aid in the authentication of digital documents and the signer's identity. The corporate procedures can be streamlined thanks to these solutions' greater security. Customers quickly embrace digital signature solutions in various sectors, including BFSI, government and defense, legal, real estate, and education. Organizations have adopted digital signature solutions due to the rising number of data breaches disclosed globally. Organizations are utilizing digital signature solutions more frequently as a result of regulations and rules that have been created about them. Several vendors offer digital signature solutions, including DigiCert, OneSpan, Thales, and DocuSign. OneSpan, for instance, offers OneSpan Sign in the market for digital signatures. From obtaining consent to delivering and storing the eSigned document and providing a thorough audit trail of the transaction, OneSpan Sign assists with managing every stage of the signing process. Security and compliance are provided to manage the solution.
Government Sector to Dominate Digital Signature Market due to Increased Digitization in Government
The government sector dominated the digital signature market in the forecast period. Adopting digital signature technologies enables federal, state, and municipal agencies to process documents more efficiently and automatically, boosting access to vital information while lowering acquisition costs. Automation of petitions, Vote-by-Mail, Forms Data Extraction, and mail processing are a few crucial applications of government where signature and verification solutions are useful. Forged signature fraud charges have increased in local, state, and municipal administrations. State and local governments deal with thousands of different businesses, and keeping track of all the transactions is difficult. The government has made numerous efforts to create a digital infrastructure that necessitates using software-based solutions for the data gathered. There are existing IT projects in place for the US government, including digital strategy, identity, credential, access management (ICAM), and digital experience.
North America Maintains Dominance in Global Digital Signature Market with Thriving Adoption of Cloud Services
The North American region has been one of the markets with the highest revenue growth rates, mainly because of enterprises' increased acceptance of cloud-based solutions, the quick uptake of mobile technology, and the existence of well-known firms holding a sizable revenue share in digital signature market. For instance, Cisco predicted that by the end of 2021, the region would rank among the most cloud-ready regions. This was brought on by businesses' growing desire for cloud-based services, which is anticipated to spur the development of digital solutions in the secure cloud. Electronic Signatures in Global and National Commerce Act (E-SIGN) and Uniform Electronic Transactions Act (UETA), two government initiatives connected to e-signatures, allowed the use of e-sign for every transaction, significantly advancing the business. E-signatures are supported by trade agreements like the United States, Mexico Canada Agreement (USMCA).
Asia Pacific’s digital signature market is predicted to expand dramatically because of the growing number of government initiatives to advance digitization across industries. The Indian government concentrates on offering e-signature services and has established legislation under IT 2000 to make e-signature use lawful. The Chinese government strongly encourages electronic signatures for paperwork and has suggested an E-Signature Law. China has tiered electronic signature regulations, contrary to other nations, which have permissive/minimalist or prospective electronic signature rules. The law has a two-tiered approach and permits both electronic and digital signatures and the authorization of virtual signatures. In addition, the European Union directive, United Nations Convention on Electronic Communications, and UNCITRAL Model Law were used to model the Electronic Signature Law of the People's Republic of China.
Global Digital Signature Market: Competitive Landscape
A few of the players in the digital signature market include ADOBE, IDENTRUST INC., ASCERTIA, DOCUSIGN, INC., ENTRUST CORPORATION, Thales Group, Lexmark International, Inc., Rpost., Secured Signing Limited, and VASCO Data Security International, Inc.
Recent Notable Developments
Regional Classification of the Global Digital Signature Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Digital Signature Market
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