The major application providers in the digital signature market include Adobe Systems, Inc., Gemalto, Inc., Secured Signing Limited, Signix, Ascertia, Entrust Datacard Corp., eSignLive, RPost Technologies, Kofax Limited, DocuSign, and IdenTrust, Inc.Digital Signature Market is expected to grow from USD 662.7 Million in 2016 to USD 2657.0 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 32.0% during the forecast period. Digital transaction management and authenticating the user identity are some of the emerging aspects increasing the demand for digital signature solutions.
According to a market research report "Digital Signature Market by Solution (Software and Hardware), Services, Deployment, Application (BFSI, Government and Defence, Legal, Real Estate, Manufacturing and Engineering, Healthcare and Lifesciences) and Region - Global Forecast to 2021", the rising need for digital signature solutions, effective authentication, and the need for security are increasing the demand for the digital signature market.
“The Banking, Financial Services & Insurance vertical is expected to gain traction in the digital signature market and will witness a high growth rate during the forecast period of 2016–2021”
The report provides an in-depth analysis of market drivers, restraints, opportunities, and analysis of the key players in the digital signature ecosystem, along with their profiles and recent developments. It indicates the rate of growth and implementation of applications across various geographical boundaries. The increasing need for digital signature solutions and demand for strategic business processes are the major factors driving the growth of the digital signature market. Improved operational efficiency and lower operating costs are also creating opportunities in various segments of the digital signature market. Digital signature would help organizations improve their business processes. Software solutions are expected to grow at a higher rate during this forecast period, as it also fulfils the need for process authentication of the digital signature market.
North America holds the largest market share in 2016, while the European region is expected to be the fastest-growing region, in terms of CAGR, due to the release of the new electronic signature regulations to enhance and improve cross-country trading amongst European countries.
Banking, financial services and insurance is expected to grow at high CAGR during the forecast period.
The BFSI industry is witnessing a potential growth in the digital signature market across regions. Moreover the Human Resources (HR), government & defense, legal, real estate, and manufacturing sectors are early adopters of the digital signature market. Moreover, the BFSI and Information Technology (IT) & telecom sectors have been early adopters of digital signature technologies to serve customers better. Stakeholders from the BFSI sector offer effortless experience to their customers.
Although there are many contributing drivers to the growth of the digital signature market, there exists some challenges, as well such as, traditional business practices. Digital signature provides as innovative way to address digital transaction issues in a cost-effective manner; therefore, organizations are adopting the digital signature technology on a large scale. Digital signature provides benefits, such as hierarchical approval, authentication, and remote signing.
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