A digital signature is an encrypted and electronic stamp of authentication on digital documents such as PDF files, word files, or online legal contract papers. With recent advancements in digital technology, cloud-based digital signature solutions are gaining traction in the market. The cloud-based segment is expected to account for a significant share of the digital signature market over the forecast period. The global digital signature market is currently driven by benefits provided by solutions such as cost reduction, improved efficiency, time saving, and enriched customer experience.
The global digital signature market was valued at US$ 804.8 Mn in 2017 and is expected to expand at a CAGR of 27.0% during the forecast period.
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Improved operational efficiency at reduced costs, enhanced security, and organized workflow associated with digital signatures are some of the factors expected to drive the digital signature market. However, lack of awareness regarding the legality of digital signatures and differences in digital signature regulations across various regions are some of the factors restraining the market. Government or industry association initiatives such as awareness programs for different industries could help increase consumer awareness about the legality of digital signatures. Open standard, cloud-based digital signatures, which can be integrated with existing applications, systems, or processes, making an end-to-end workflow organized and uninterrupted are anticipated to present significant opportunities for the digital signature market. Proliferation of tablets and smartphones and the presence of more than seven billion mobile devices across the globe offer significant opportunities for open standard, cloud-based digital signatures, which can be utilized on any mobile device and on any browser.
The global digital signature market is expected to be further driven by rapid growth in Europe. The region is estimated to constitute a significant market share during the forecast period, with the U.K., Germany, and France contributing most to the region’s revenue. The digital signature market in Europe is mainly driven by initiatives undertaken by governments to create opportunities for organizations to conduct cross border business. The ‘Electronic Identification and Trust Services for Electronic Transactions in the Internal Market’ (eIDAS) regulation was implemented by the Council of the European Union in July 2016. The regulation establishes a new legal structure for electronic documents, identification, signatures, and seals throughout the European Union. This regulation is the first of its kind where there is single market recognition for electronic signatures, including digital signatures, and it is consistent throughout all European Union member states.
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Moreover, initiatives undertaken by industry participants from the region to promote and spread awareness about the legality of digital signatures are encouraging users to adopt digital signatures. The market in Europe is estimated to expand at a rapid CAGR of 28.2% from 2018 to 2026. Advanced economies of Western Europe, including the U.K., Germany, and France, are expected to drive the growth of the digital signature market in the region. Moreover, the infrastructure of these countries and superior Internet penetration are expected to boost the market in the near future. The digital signature market in Asia Pacific is mainly driven due to initiatives undertaken by industry participants to bridge digital gap in the region. Also, strong rise in the number of Internet-connected users and favorable economic progress in the region have created the need for solutions that can save resources such as time and money while developing smooth business processes. In Asia Pacific, the proliferation of devices such as tablets, smartphones, and computers and the growth of e-commerce have led to an increase in online bank transactions. Digital signature solutions are being implemented to organize the workflow and secure digital transactions, especially in the BFSI and retail industries.
Major players operating in the digital signature market include Adobe systems, Inc., DocuSign Inc., Gemalto N.V., Entrust Datacard Corporation, OneSpan (Esignlive), SIGNiX, Inc., Ascertia, Identrust, Inc., Kofax Inc., Rpost, and Secured Signing Ltd..
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