Digital Signature Market Growing due to Government Drive to Replace Paperwork with Technology

Global Digital Signature market is expected to reach $2.9 billion by 2023, growing at a CAGR of 24.1% between 2017-2023. A significant growth in demand for digital signature is anticipated due to increasing use of digital signatures to reduce deception, growing government focus towards eliminating paperless work coupled with growing adoption of digital signature-based biometrics in various end use industries, across the globe. The large market for cloud-based deployment is owing to growing focus of the companies towards security and cost saving and growing need of organizations to attain economies of scale. Managed services contribute larger revenue in the global digital signature market, as compared to professional services.

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Government sector contributes highest revenue to the digital signature market, while finance & insurance, IT and healthcare & life sciences are the other major application areas of digital signature industry. The market is likely to register fastest growth from healthcare & life sciences during the forecast period. On the other hand, cloud-based deployment accounts for the larger revenue, as compared to on-premises, and it is further expected to be the leading segment on account of growing adoption of cloud-based services and rising security concern.

Geographically, North America has been the largest digital signature market and Asia-Pacific has been the fastest growing regional market. The market in the region is also expected to grow at significant pace during the forecast period. By country, the U.S. stands as the largest market globally, whereas the market in China has been growing at highest pace.

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The anticipated growth in the Asia-Pacific market can be attributed to factors such as improving BFSI sector and initiatives taken by various government associations for the elimination of paper work and enhancement in the use of digital technology in countries such as China and India. Further, increasing investment by digital signature software manufacturing companies across the Asia-Pacific is expected to drive the growth of digital signature market.

Some of the key players operating in the digital signature market are Adobe Systems Incorporated, Secured Signing Limited, SIGNiX Inc., Entrust Datacard Corporation, Ascertia, DocuSign Inc. and Gemalto NV.

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