According to a new market research report “Digital Signature Market by Component (Solutions and Services), Solution (Software and Hardware), Deployment Mode, Organization Size, Vertical (BFSI, Government, Healthcare and Life Sciences, Legal, Real Estate), and Region – Global Forecast to 2026″ published by MarketsandMarkets, the digital signature market is projected to grow from USD 2.8 billion in 2020 to USD 14.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 31.0% during the forecast period. Government initiatives and transition toward digitalization to drive the overall market growth
Browse and in-depth TOC on “Digital Signature Market”
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By solution, software segment to register the highest growth rate during the forecast period
Digital signature solution providers offer software to help organizations easily create digital signatures that comply with industry standards and offer support for working with accredited certified authorities. The software providers in the market are focusing on delivering encryption software, PKI solutions, email encryption solutions, and APIs to help end users securely sign documents. Software solutions, as compared to hardware solutions, are growing at a faster rate and contributing maximum in terms of market size in the digital signature market.
Based on vertical, BFSI to grow at the highest CAGR during the forecast Period
The BFSI vertical is witnessing digital transformation at every level with rapidly changing customer demands. The use of online services, such as internet banking, mobile banking, and stock trading has soared. The BFSI vertical is focusing on understanding digital consumer behavior, preferences, and choices through customer-centric business applications. Digital signatures help BFSI firms in simplifying complex business processes by offering enhanced security and improved turnaround time for onboarding customers. Owing to these benefits, digital signature is gaining more popularity in the BFSI vertical.
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North America to hold the largest market share during the forecast period
North America has the presence of several prominent market players delivering digital signature solutions to all end users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the growth of the digital signature market. The geographical presence, significant Research and Development (R&D) activities, partnerships, and acquisitions and mergers are the major factors for the deployment of digital signature and services. The major vendors, such as Adobe, DocuSign, Thales, OneSpan and Idemia.
Key and innovative vendors in the digital signature market include Adobe (US), OneSpan (US), Thales (France), DocuSign (US), Idemia (France), Ascertia (UK), Zoho (India), GlobalSign (US), Entrust Datacard (US), Digicert (US), Identrust (US).
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