ALBANY, New York, October 15, 2018 /PRNewswire/ --
With organizations and individuals increasingly preferring digital signatures, players are seen pulling out all stops to innovate better methods and technologies, This is boding well for the overall global digital signatures market. Some such nimble players who have managed to gain a solid stronghold over the global digital signatures market are Ascertia, DocuSign Inc., Entrust Datacard Corp., Gemalto NV, and Adobe Systems Inc. These leading players together account for over half the share in the market.
Their solid dominance over the global digital signature market is deterring entry of new players since it means they would need greater efforts to crack the market.
A report on the global digital signatures market finds that it would rise at a phenomenal 26.40% CAGR over the course of the forecast period starting from 2017 and ending 2025. At this pace, the market which was worth US$631.5 mn in 2016 is predicted to reach US$4,983.6 mn by 2025.
Depending upon deployment type, the global digital signature market can be segmented into cloud-based digital signature solutions and on-premise digital signature solutions. Between the two, the on-premise based solution segment at present accounts for most of the share. From a geographical perspective, North America accounts for a leading share in the global digital signatures market which it is predicted to retain going forward by rising at a breakneck 27% CAGR between 2017 and 2025. The region's leading position is owing to the various regulations pertaining to the meaningful leveraging of information technology (IT) across the healthcare industry.
Efficiency Accorded by Digital Signatures Lead to their Uptake
Automation is playing a key role in the global digital signature market. This is because entities have understood the importance of making various methods smoother by cutting down on rote manual procedures that take up time. It enables faster completion of tasks and thus contributes to efficiency. As per the lead analyst of the report, "Automation has actually opened up the way for take-up of digital signatures for every form of official work. Further, against a backdrop of increasing digitization, it has become imperative for companies to keep their formal documentation in sync as well. Everyone in the value chain, ranging from partners, clients, and other entities in an industry these days prefer digital signatures."
Cross Border Businesses and Processes Stoke Growth in Digital Signature Market
Expansion of businesses and processes across borders has been providing a major boost to the global digital signatures market as well. Adds our in-house lead analyst, "Crucial administrative task in a business requires scanning, mailing, archiving, recording, and printing. And all of them need digital signatures. This has helped up sales and revenue in the global digital signatures market."
BFSI Majorly Fuelling Demand for Digital Signatures
Some of the key end-use industries driving demand in the global digital signature market are real estate, BFSI, government, education, retail, legal, healthcare, and transportation, among others. Among those, maximum demand is being generated by the BFSI segment. Owing to the emergence of "digital client on boarding" in the banking sector, the uptake of digital signatures is set to receive further boost.
The review is based on the findings of a TMR report, titled, "Digital Signature Market (Deployment Type - On-Premise and Cloud; Industry Vertical - BFSI, Real Estate, Education, Government, Healthcare, Retail, Transportation, Legal, and Non-profit) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2025."
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