The global digital signatures market is expected to grow from $1.83 billion in 2019 to $2.33 billion in 2020 at a compound annual growth rate (CAGR) of 27.69%. The global COVID-19 pandemic is preventing individuals from traveling and brought in many restrictive measures such as lockdown, suspended transport services, and the closure of other non-essential services to avoid being in close proximity with other individuals. Consequently, individuals, companies and businesses now wish to use electronic signatures as an alternative to the traditional wet-ink signatures when signing documents to continue to operate remotely. The digital signatures market is expected to reach $4.95 billion in 2023 at a CAGR of 28.58%.
Supporting policies by the governments of various nations drove the global digital signatures market. For instance, in December 2018, the US government passed an act called the 21st Century Integrated Digital Experience Act (also known as 21st Century IDEA Act). The 21st Century IDEA Act created a set of minimum functionalities and security standards that federal agencies must meet. According to this Act, the agencies must offer digital versions of paper-based citizen services and accept digital signatures, thereby allowing citizens to complete transactions digitally. Such policies by governments of various nations has boosted the demand for digital signatures.
The lack of awareness about the legality of a digital signature is a major challenge for the digital signature market share. Several countries have formulated laws assigning legal validity to digital signatures to ensure authenticity and security. Examples of such laws include ESIGN Act (Electronic Signature in Global and National Commerce Act), GPEA (Government Paperwork Elimination Act), EU law (EU Directive for Electronic Signatures), and Indian IT Act 2000, among others. However, the public across various countries are unaware of the existence of the digital signature law. This is mainly because of the lack of proper communication on the adoption of laws and regulations. Due to the complexity of regulations and the difficulty of understanding laws, the public seems to be unaware of the details. Therefore, the lack of awareness about the legality of a digital signature is limiting the adoption of digital signatures, thereby impacting the market growth.
According to digital signature market trends, digital signature solutions providing companies are integrating blockchain technology with the digital signature. The goal of integrating blockchain with a digital signature is to offer users the possibility to certify integrity and time stamp. For instance, DocuSign collaborated with Visa for the public prototypes of a blockchain-based smart contract. A blockchain-based smart contract turns the contract into a computer program and the internet-connected program monitors and triggers the relevant actions on the contract’s terms.
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