MarketsandMarkets forecasts that the global digital signature market would grow from an estimated USD 5.5 billion in 2022 to USD 25.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 35.6% from 2022 to 2027. Growing use of e-signatures and the stringent regulatory standards are some of the factors driving the market growth.
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What is Digital Signature?
According to MarketsandMarkets, a digital signature is an electronic form of a signature that uses an advanced mathematical technique to verify the authenticity and integrity of digital messages/documents as well as the identity of the signer. Digital signatures are safer and more secure than traditional pen-paper signatures. The digital signature ensures the information originates from the signer and is unaltered. Digital signatures are the most secure way to authenticate a signer’s identity, and it is strong proof that the signer and no one else have signed the document.
By deployment mode, on-premises segment to account for a larger market size during the forecast period
The on-premises installation of digital signature solutions include resources being deployed in-house and within an organization’s IT infrastructure. With the purchase, the software is licensed, and it resides within the premises of the organization. The organization has the responsibility to maintain the deployed solution and the related processes. The organization deploying an on-premises digital signature solution bears several costs including those for the hardware, software, and services deployed. Apart from maintenance, the costs also include those for updating and upgrading the systems at regular intervals to maintain the efficiency of the software and the equipment deployed. Organizations dealing in sensitive and confidential data have the requirement of maintaining greater levels of security and privacy. This factor is particularly useful for industries such as BFSI and government and these end users are the key adopters of digital signature solutions. This need to maintain compliance with regulations and laws is expected to boost the growth of on-premises digital signature solutions. Organizations rely on the on-premises deployment mode to get full control over the digital signing process, and control and secure data in an efficient way.
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By vertical, BFSI to grow at highest CAGR during the forecast period
The BFSI vertical is rapidly undergoing digital transformation. However, with the increasing digitalization comes the risk of fraud and cybercrimes. With the process of mitigating the risk of fraud, digital signature solutions help provide protection to the sensitive customer data. BFSI organizations need to provide good customer experiences based on digital consumer behavior and preferences. Digital signatures help increase efficiency and allow businesses to collaborate across borders. Digital signatures help eliminate paper-based processes; identify internal users or workflow processes; enable signing of a huge volume of documents; provide authenticity, traceability, and control; reduce time delays, and increase accuracy of completion rates. Digital signature solutions help speed up transactions and maintain audit trails of signed agreements and consent forms. They also help comply with several regulations such as the electronic Identification Authentication and Trust Services (eIDAS) in Europe and the Uniform Electronic Transactions Act (UETA) and the Electronic Signatures in Global and National Commerce Act (ESIGN Act) in the US. Several financial institutions are increasingly adopting digital signature solutions. For example, more than 80% of the population in Sweden use the BankID system. The BankID smart card allows citizens for digital identification, signing documents, and helps conduct transactions.
Unique Features in the Digital Signature Market
Biometric authentication, which verifies the identity of the signer using voice, facial, and fingerprint identification, is one of the market’s distinguishing characteristics. Digital signatures are made extremely safe and impenetrable by adding biometric data to them.
Additionally, a noteworthy development is the incorporation of blockchain technology. Blockchain makes it nearly hard to forge or fake digital signatures by creating an immutable ledger of all transactions involving them. This is especially helpful in fields like law and finance applications where security and transparency are critical.
With the growing popularity of mobile signing, people may now sign documents on their tablets and smartphones. By taking into account the mobile-centric society we live in, this feature dramatically improves the usability and accessibility of digital signatures.
Another outstanding feature that makes it possible to notarize documents online, frequently in real-time, is Remote Online Notarization (RON). This convenience enables people to notarize documents without being present, which is useful for remote or international transactions.
Systems for document management are increasingly being integrated with digital signature solutions. Users may electronically sign and store papers thanks to this integration, which streamlines the procedure. It enables effective document management, making it simpler to find and recover crucial data.
Major Highlights of the Digital Signature Market
The growing usage of digital signatures is one of the major forces driving this transition. Recognising the advantages of going paperless, businesses from all industries are streamlining and improving their document signing procedures. This change is environmentally sustainable because it not only lowers costs but also minimises paper waste.
Workflows are further being made simpler by integration with document management systems. Document management and retrieval are made easier by the ability of users to digitally sign and store papers in these systems. For the security and secrecy of signed documents, robust encryption techniques are essential in digital signature solutions. This function is essential for preventing unauthorised access to documents and preserving the validity of the digital signature.
In order to accommodate the mobile-centric nature of contemporary corporate and personal interactions, mobile signature is a major feature on the market. Users can easily sign papers on their smartphones and tablets, enhancing accessibility and productivity. Furthermore, remote online notarization (RON), which enables the notarization of documents online, frequently in real-time, is becoming more significant. With its simplicity and security, this functionality is essential for distant and international transactions.
Another notable development in the market for digital signatures is blockchain integration. Digital signature solutions are incorporating blockchain technology, which results in an immutable database of digital signature transactions. By strengthening the integrity of contracts overall, this invention adds an additional degree of confidence and transparency. Documents signed on the blockchain are impervious to alteration.
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Competitive overview:
The digital signature market is led by some globally established players, such as Adobe, OneSpan, Thales, DocuSign, Ascertia, and others. These players have adopted various growth strategies, such as partnerships, agreements, collaboration, acquisitions, and product developments, to increase their market presence.
Adobe is a global leader in providing digital media and digital marketing solutions. It offers products and services for personal computers, smartphones, other electronic devices, and digital media formats. The company’s business is organized into three segments, including digital media, digital experience, and publishing and advertising. In the digital media domain, its offerings are centered around Adobe Creative Cloud and Adobe Document Cloud and includes products such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Acrobat Reader, and Adobe Sign; in the digital experience domain, it provides solutions through the Adobe Experience Cloud which offers the Adobe experience platform, Data, insights, and audiences, and customer journeys; and in the publishing and advertising segment, it provides the products including the Adobe Advertising Cloud. In the digital signature market, it provides the Adobe Acrobat Sign. Adobe Acrobat Sign provides features such as allowing access to Acrobat PDF documents and enabling signing documents from either mobile or desktop, sending a document to multiple people with one click and enabling integrating and collecting eSignatures with tools and applications already in use, along with providing customized signatures.
Apart from large vendors, some SMEs and startups, such as Secured Signing, Symtrax, AlphaTrust, Notarius, and Actalis, are also evolving in the digital signature market.
Another important player in the digital signature market is Secured Signing. Secured Signing provides a comprehensive and compliant Software as a Service platform that utilizes the secure, personalized, X509 PKI Digital Signature technology and enables the customization of a full range of eForm and eSignature capabilities. The company provides three categories of solutions including Digital Signature Platform, Notary Platform, and integrations and APIs. In the digital signature market, it provides the digital signature platform. Digital Signature Platform helps to get documents signed securely from within the platform and provides features such as signing workflows, eForms, and video confirmation. The digital signature technology can be used in a large range of software solutions or to build solution using APIs. Its features include providing security, simplified signing, time saver, and being legally binding.
According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% relatively in the period of 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onward, companies are expected to follow organic growth strategies to provide digital signature solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.
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