Enhanced operational efficiency that leads to reduction in costs and high acceptance in internal processes or communication in enterprises drive the growth of the global digital signature market
PORTLAND, Ore., Jan. 10, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Digital Signature Market by Component (Hardware, Software, and Services), Deployment Model (On-Premises and Cloud), and Industry Vertical (BFSI, Education, Human Resource, IT & Telecommunication, Government, Healthcare & Life Science, Real Estate, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global digital signature market generated $3.56 billion in 2020, and is expected to reach $61.91 billion by 2030, witnessing a CAGR of 33.2% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Enhanced operational efficiency that leads to reduction in costs, high acceptance in internal processes or communication in enterprises, and need for data security & authentication with rise in cyber-attacks drive the growth of the global digital signature market. However, high cost of investment and variations of existing applications or systems hinder the market growth. On the other hand, innovation in technology, adoption of cloud-based solutions, and supportive legislations promoting the usage of digital signature create new opportunities in the coming years.
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- The adoption of digital transactions surged considerably, which in turn, led to increased demand for digital signatures during the Covid-19 pandemic for easy, authenticated, and hassle-free transactions across the globe.
- According to a report published by Adobe, its digital signature tools segment led to more than 53% surge in sales revenue in the year, 2019-2020. The trend of digital signature solutions is estimated to expand into employees' tools to speed up work and increase efficiency.
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The software segment to continue its lead position during the forecast period
Based on component, the software segment held the highest share in 2020, contributing to nearly half of the global digital signature market, and is expected to continue its lead position during the forecast period. Moreover, this segment is expected to witness the highest CAGR of 34.0% from 2021 to 2030. This is due to increase in demand for digital signature software across various sectors such as healthcare and BFSI. The research also analyzes the segments including hardware and services.
The BFSI segment to continue its leadership status during the forecast period
Based on industry vertical, the BFSI segment contributed to the highest share in 2020, accounting for nearly two-fifths of the global digital signature market, and is estimated to continue its leadership status during the forecast period. Moreover, this segment is expected to manifest the fastest CAGR of 34.7% from 2021 to 2030. This is attributed to its ability to minimize various risks such as identity theft, unauthorized money transfer, account hacking, fraud, fishing, and other kinds of risks related to digital transactions to a great extent and deliver significant results in terms of speed of transaction. The report also analyzes the segments including education, human resource, IT & telecommunication, government, healthcare & life science, real estate, and others.
North America to maintain its dominance in terms of revenue by 2030
Based on region, North America accounted for the highest market share in 2020, holding nearly two-fifths of the global digital signature industry, and is expected to maintain its dominance in terms of revenue by 2030. This is due to increase in concerns related to the protection of critical IT infrastructure and sensitive data in recent years. However, Europe is projected to portray the fastest CAGR of 34.2% during the forecast period, owing to rapid adoption of cloud based and hybrid deployment methods and increased adoption in almost every public as well as private enterprises.
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Leading Market Players
- Identrust Inc.
- Docusign, Inc.
- Entrust Corporation
- Thales Group
- Lexmark International, Inc.
- Secured Signing Limited
- Vasco Data Security International, Inc.
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