The global digital signatures market is projected to expand at a remarkable growth rate from 2017 to 2022 (forecast period). Doing business online has emerged mainstream over past few years. With this, authentication of user identity during digital transactions and providing customers with data security and control in their cyber operations is becoming crucial. Thus, soaring need for effective authentication, control, integrity, and data security is likely to stoke the growth of the market.
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Increasing number of government-sponsored and industry associations’ initiatives such as awareness programs is expected to help the market gain traction. Rising necessity to verify digital documents in areas such as court documents and records, patient consents, cash management documents, claims, and contracts is anticipated to drive the need for digital signatures. Several jurisdiction authorities such as The Federal Court of U.S. and The Supreme Court of Canada are increasingly accepting digitally signed documents as legitimate.
Intensifying level of competition and economic uncertainties are making it imperative for businesses to prioritize cost reduction and enterprise efficiency enhancement. This, in turn, is anticipated to work in favor of the market. Growing occurrence of tempering and forgery in software distribution processes and financial distributions can also provide an upthrust to the market in near future.
Besides this, increasing usage across organizations to approve and certify contents of digital documents such as PDFs, emails, and word documents is augmenting the market. For instance, in October 2017, Accusoft announced the release of ImageGear.NET v.23.4, the latest version of its .NET image processing family. This version offers several updates that are centered on digital signature functionality for PDF files.
On the flip side, rising consumer concerns pertaining to legality of digital signatures can hamper growth prospects. Moreover, stringent regulations coupled with disparity in digital signature regulations across different regions are poised to inhibit market growth. Patent expiry of technologies used in formulating these signatures can also hinder the growth of the market over the forecast period. Nevertheless, growing inclination toward cloud-based services is likely to open new avenues for market players.
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The global digital signatures market has been segmented based on type, application, and region. In terms of type, the market has been classified into software, hardware, and services. By application, the market has been divided into government, healthcare, oil and gas, BFSI, logistics and transportation, retail, military and defense, and others.
From a geographical standpoint, the digital signatures market key segments are Europe, Southeast Asia, United States, China, Japan, and India. U.S. is expected to account for a large share in the market through 2022. The growth of the region can be attributed to increasing implementation of favorable regulations, stringent cyber laws, and rapid technological advancements. Europe may also hold a prominent position in the market, owing to enforcement of Electronic Identification and Trust Services for Electronic Transactions in the Internal Market.
India and China digital signatures market are anticipated to exhibit promising growth in coming years. Increasing initiatives by governments to promote digitization and robust growth of end-use sectors such as BFSI and retail are estimated to support the growth of these regions.
Some of the prominent companies operating in the global arena are SIGNiX; Topaz Systems, Inc.; RightSignature LLC; HelloSign, Inc.; and SafeNet.
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