Digital Signature Market Outlook and Opportunities in Grooming Regions

With the growing incidence of data thefts and frauds, the requirement for digital signatures is surging, especially in the banking, financial services, and insurance (BFSI) sector. Many companies operating in this sector are increasingly adopting the digital signature-based biometric technology for identifying and authenticating the signature of users. Moreover, this technology ensures that the users’ signature cannot be stolen and copied for any purpose. Additionally, the use of digital signature-based smartcards is also soaring in some developed nations, such as Germany and the U.S., for security purposes.

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Besides the aforementioned factor, the burgeoning requirement for eliminating paperwork is also propelling the worldwide demand for digital signatures, which is, in turn, driving the expansion of the global digital signature market. Owing to these factors, the revenue of the market is predicted to rise from $1,858.3 million in 2020 to $25,211.3 million by 2030. Furthermore, the market is expected to advance at a CAGR of 29.2% from 2021 to 2030 (forecast period).

Additionally, the adoption of digital signatures assists companies in saving costs and improving customer services in areas, such as rendering applications and account openings, by massively reducing the response time. These signatures also aid companies in saving costs by eliminating the requirement for paper procurement and processing and help them in retaining clients by reducing the time period of the approval process. Depending on vertical, the digital signature market is divided into retail, healthcare, information technology (IT) & telecom, government, and BFSI categories.

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In addition, the enactment of government policies and regulations, such as the Government Paperwork Elimination Act (GPEA) in the U.S. in October 2003, is fueling the expansion of the regional market. In the coming years, the Asia-Pacific (APAC) region will be the fastest growing region in the digital signature market in the coming years, as per the estimates of the market research firm, P&S Intelligence. This is attributed to the booming e-commerce industry, rising focus of organizations on mitigating the incidence of online frauds, and increasing security concerns in the region.

Hence, it can be safely said that the demand for digital signatures will rise significantly in the forthcoming years, mainly because of the rising requirement for reducing paperwork and online frauds and rapid digitization in various industries across the world.

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This release was published on openPR.