U.S. Digital Signature Market to display growth due to U.S. government's paperwork elimination act

The traditional way of signing documents is becoming obsolete due to the increasing incidence of signature forgery in the U.S. From financial documents to medical prescriptions, no document is safe from such frauds. Therefore, to counter this, digital signatures are becoming popular in the country. The healthcare sector in the U.S. has transformed its process of sharing the prescriptions with the pharmacy to avoid frauds.

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Prescriptions and other related data is digitally signed and transferred electronically from the servers handling the hospital's data to the pharmacy, thereby reducing manual intervention. Another such example is of the rising incidence of card frauds and counterfeits due to the lack of security features while using debit and credit cards. Therefore, to establish the authenticity of the user, the cards are now being updated with digital signatures.

From $230.7 million in 2016, the U.S. digital signature market is expected to grow to $1,013.0 million, witnessing a CAGR of more than 20.0% in the coming years. Digital signatures are generated using a mathematical algorithm to identify and authenticate a message, digital document or software. These signatures, secured via various encryption models, are now widely being used in the public as well as private sectors.

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To enable such services, two types of solutions are available -- software and hardware. In 2016, the demand for digital signature software was higher. With swift globalization and increasing collaborations among different organizations and companies that may be present in different locations, digital signatures help in getting the work done in a secure manner without having to be present physically at one location.

Other than to counter signature falsification and related thefts, the U.S government has implemented the Government Paperwork Elimination Act (GPEA) to encourage all the central agencies to digitize their processes of dealing with the public by deploying electronic signatures and electronic filing and digitizing the form submission and query-related tasks. This law directs that as per feasibility, individuals and entities should deal with federal agencies electronically.

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