Digital Signature Market Size Projected to Garner USD 48.4 Billion by 2030 growing at 35.4% CAGR - Exclusive Report by Acumen Research and Consulting
According to Acumen Research & Consulting, The Global Digital Signature Market Size was worth USD 3.2 Billion in 2021 and is projected to be worth around USD 48.4 Billion by 2030, growing at a CAGR of 35.4% in the coming years
Digital Signature Market Overview
The global digital signature market is anticipated to expand at a significant rate during the forecast period, owing to increased digitalization and the increasing use of digital signatures in various sectors such as healthcare, finance, government, and others. Digital signatures provide a secure and efficient method of signing and validating electronic documents, and they are becoming more important as more individuals and businesses move their operations online.
The digital signature market is expected to expand in the coming years as more individuals and businesses embrace digitalization and governments and regulatory bodies continue to enforce regulations mandating the use of digital signatures. The market is also expected to benefit from the growing use of digital signature solutions in industries such as healthcare, finance, government, and others.
Digital Signature Market Statistics
- Global digital signature market value collected USD 3.2 Billion in 2021, with a 35.4% CAGR between 2022 and 2030
- The North American digital signature market occupied over 33% share in 2021
- Asia-Pacific digital signature market growth is projected to record above 36% CAGR from 2022 to 2030
- Based on components, the cloud-based sub-segment gathered over US$ 1.4 billion in 2021
- Among industry verticals, the BFSI sub-segment covered over 36% in 2021
- The advancements in technology such as biometric authentication a key trend in the digital signature market that fuels the industry demand
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Digital Signature Market Dynamics
Rising demand in BFSI sector Drives the Digital Signature Market Value
The use of digital signatures in the BFSI sector can aid in improving efficiency, lowering costs, and increasing security. Digital signatures can be used to automate financial document signing, eliminating the need for paper-based signatures and the costs associated with printing, mailing, and storing documents. They also offer greater security than traditional signatures, assisting in the protection of sensitive financial information.
In the BFSI sector, digital signatures also aid in complying with various regulations such as KYC, AML, and others. They're also popular in e-banking and other digital banking channels like mobile banking and internet banking.
As more financial institutions adopt digitalization and governments and regulatory bodies continue to implement regulations requiring the use of digital signatures, the BFSI segment of the digital signature market is expected to grow in the coming years.
Increasing Adoption in Government Sector Fuels the Digital Signature Market Growth
The use of digital signatures in government can help to improve efficiency, lower costs, and increase security. Digital signatures can be used to digitize the signing of government documents, eliminating the need for paper-based signatures and the costs associated with printing, mailing, and storing documents. They also offer greater security than traditional signatures, assisting in the protection of sensitive government information.
Digital signatures are also used in government e-services like e-voting, e-procurement, and e-tax filing which also helps to improve the efficiency, transparency, and security of government processes. They are also used to comply with various regulations, such as e-signature laws and digital identity laws.
The government segment of the digital signature market is expected to expand in the coming years as more governments digitize and governments and regulatory bodies continue to implement regulations requiring the use of digital signatures.
Digital Signature Market Segmentation
The global digital signature market is categorized into component, deployment, industry vertical, organization size, and geography.
- Based on the component, the market is split into hardware, software, and services
- By deployment, the classification comprises cloud-based and on-premise
- The industry vertical segment covers BFSI, human resources and legal, government & defense, manufacturing & retail, healthcare, and others
- Large enterprises and SMEs are the bifurcations of organization size
- The regional market is classified into North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa
Digital Signature Market Share
According to the digital signature market forecast, the software sub-segment is expected to gather a significant market share from 2022 to 2030. However, the services sub-segment is likely to grow with the fastest growth rate during the forecasted timeframe.
Based on deployment mode, the cloud-based sub-segment is expected to lead the market with the fastest growth rate, whereas the on-premise sub-segment is expected to lead the market with the largest share.
BFSI and government & defense occupied the utmost market shares in 2021 and are also likely to gain significant impetus from 2022 to 2030.
The large enterprise size segment generated the biggest market revenue, whereas the SMEs are anticipated to witness the fastest growth rate throughout the projected years from 2022 to 2030.
Digital Signature Market Regional Outlook
In the near future, North America dominated the global digital signature Market. Europe is expected to grow rapidly in the coming years as a result of increased demand for secure and trustworthy transactions, the publication of new regulations for electronic signatures, and the authentication of users' identities over a digital system. Europe is also expected to hold a sizable share of the digital signature market, owing to increased digitalization, the presence of a significant of key players, and the implementation of rules that require the use of digital signatures. The big nations in the European digital signature market are the United Kingdom, Germany, and France. On the other hand, Asia-Pacific region is expected to grow at a faster rate in the market because of the rising BFSI sector and schemes taken by many regulatory organizations to develop the value of digital expertise.
Digital Signature Market Players
Some prominent Digital Signature companies covered in the industry are Adobe Systems, Inc., Ascertia, Datacard Corp., DocuSign, Entrust Corporation, IdenTrust, Inc., Secured Signing Limited, Signix, OneSpan, and Zoho Corporation Pvt. Ltd.
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