Digital Signature Market to Witness 27.80% CAGR until 2028
Published | 22 April 2022
The global digital signature market is growing at a high CAGR because of its higher reliability and security compared to other types of electronic signatures along with the rising adoption of digital signatures in a wide range of applications including financial transactions, contract management software, etc…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global digital signature market was worth USD 4.6 billion in the year 2021. The market is forecast to grow at a CAGR of 27.80%, earning revenue of around USD 25.3 billion by 2028. Global digital signature market is flourishing at a high rate owing due to its higher reliability and security compared to other types of electronic signatures. A digital signature confirms the identity of the signer along with ensuring that it has not been tampered with. The rising adoption of digital signatures in a wide range of applications including financial transactions, contract management software, software distribution, etc., is also propelling the growth of the overall market. However, the lack of stringent government regulations and data protection laws, especially in developing and underdeveloped countries, may act as a huge restraint for market growth.
Rising Cloud Deployment is Driving the Digital Signature Market
Based on the deployment model, the global digital signature market is segmented into cloud and on-premises. The on-premise segment accounts for the largest market share as this type of deployment model is most prominently opted by large enterprises due to its high security. However, cloud deployment is projected to register the highest CAGR during the forecast period. It witnessed the biggest surge in its market post the COVID-19 pandemic. The rapid technological advancement and higher data security offered by cloud deployment are boosting its adoption.
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Digital Signature Market - By Vertical
Based on verticals, the digital signature market is segmented into banking, financial services, insurance, government and defense, healthcare and life sciences, legal, real estate, education, and others. The BFSI segment accounts for the largest market share owing to the rising adoption of digital platforms along with the increasing need for data security. Furthermore, increasing focus towards better services and convenience for the customers is also propelling the growth of the digital signature in the BFSI segment.
Digital Signature Market - Regional Insights
Geographically, the digital signature market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominates the digital signature market. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period because of the expanding digitization and flourishing BFSI sector in the countries including Singapore, India, China, Taiwan, Japan, etc. Furthermore, the increasing focus of the government and proposals of data protection regulations and laws is also playing a crucial factor in driving the growth of the digital signature market.
Impact of COVID-19 on Digital Signature Market
The COVID-19 pandemic outbreak negatively impacted the growth of various industries by halting their business operations. The restrictions on mobility and imposition of social distancing norms amid the COVID-19 pandemic significantly boosted the adoption of digital signatures as it ensured contactless transactions and ensured authenticity. As a result, the digital signature gained significant traction during the pandemic, especially among small and medium-sized businesses. Furthermore, growing cloud deployment also supported the growth of the digital signature market.
The leading market players of the digital signature market are DocuSign, Inc., JN Projects, Inc., OneSpan, PandaDoc, RightSignature, SunGard Signix Inc., SignEasy, Silanis-eSignLive, airSlate Inc., SafeNet Inc., Adobe Sign, ePadLink, Wacom, Topaz Systems, HelloSign, Ascertia, DigiStamp Inc., GMO GlobalSign Inc., Lexmark International, Inc., and other prominent players. The companies constantly launch new and innovative solutions to boost their market presence. They also adopt market strategies such as partnerships, mergers, acquisitions, collaborations, etc., to gain a competitive edge.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the digital signature market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the digital signature market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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