U.S. Digital Signature Market Is Driven by the Increasing Signature Frauds in the Country

The U.S. digital signature market size is projected to reach $1.0 billion by 2023, growing at a CAGR of 23.1% during 2017-2023. The increasing use of digital signatures to eliminate fraud has been cited as one of the prime factors for strong growth of the market in the country. A lot of counterfeit and tempering incidences have been observed in software distribution and financial transaction processes across the U.S., which is creating a robust demand for digital signature in the country.

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In terms of application, the U.S. digital signature market is categorized as IT & telecom, BFSI, healthcare & life sciences, retail & manufacturing, government and others. In 2016, the largest application area of the digital signatures in the U.S. was the government sector. After the implantation of various digital signature related laws by the U.S. government, including UETA and GPEA, the authentication process has gradually seen transition from manual to digital. Due to this, the government sector will remain the major user of digital signatures in the coming years. The U.S. digital signature market for BFSI sector will witness the fastest growth during the forecast period. The growth of the market in the BFSI sector can be attributed to the increasing acceptance of digital signature hardware tools in the sector, such as biometric systems and smart cards.

The U.S. digital signature market is driven by the increasing signature frauds in the country. Digital signatures are useful in removing thefts and frauds in many sectors. For example, in the health industry, specialists including doctors, lab investigators and researchers transfer prescriptions and other related data that are digitally signed from hospital’s server to the druggist’s pharmacy. Druggists get a copy of patient’s prescriptions and bills online, to provide better healthcare services and appropriate medicine, due to which, any fraud or manipulation in the prescription can be checked and prevented.

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The players in the U.S. digital signature market are undergoing mergers and acquisitions to gain a larger market share. For instance, in May 2017, Gemalto announced the closing of 3M’s identity management business acquisition. According to the terms of the acquisition, the identity management business of 3M will be integrating with Gemalto’s government programs business. From this acquisition, Gemalto aims to fast-track the deployment of trusted national identities and further offer the current digital economy a strong end-to-end biometric authentication solution.

Some of the key players in U.S. digital signature market are Secured System Limited, Adobe Systems Inc., Entrust Datacard Corporation, Gemalto N.V., SIGNiX Inc., DocuSign Inc., eSignLive, and Ascertia.

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