Digital Signature Market to Reach USD 61.91 Billion by 2030 at 33.2% CAGR

According to the report published by Allied Market Research, The Digital Signature Market to Reach USD 61.91 Billion by 2030 at 33.2% CAGR. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

Enhanced operational efficiency that leads to reduction in costs, high acceptance in internal processes or communication in enterprises, and need for data security & authentication with rise in cyber-attacks drive the growth of the global digital signature market. However, the high cost of investment and variations of existing applications or systems hinder market growth. On the other hand, innovation in technology, adoption of cloud-based solutions, and supportive legislation promoting the usage of digital signature create new opportunities in the coming years.

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The global digital signature market size was valued at USD 3.56 billion in 2020, and is projected to reach USD 61.91 billion by 2030, growing at a CAGR of 33.2% from 2021 to 2030.

The global digital signature market is segmented into component, deployment model, industry vertical, and geography. In terms of component, the digital signature industry is studied across hardware, software, and services. The deployment model analyzed in this report is premise and cloud based. Further, the report is segmented based on industry as BFSI (Banking, financial services, and insurance), education, government, healthcare and life science, IT & telecommunication, real estate, human resource, and others. Geographically, the digital signature market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on component, the software segment held the highest share in 2020, contributing to nearly half of the global digital signature market, and is expected to continue its lead position during the forecast period. Moreover, this segment is expected to witness the highest CAGR of 34.0% from 2021 to 2030. This is due to an increase in demand for digital signature software across various sectors such as healthcare and BFSI. The research also analyzes the segments including hardware and services.

Based on industry vertical, the BFSI segment contributed to the highest share in 2020, accounting for nearly two-fifths of the global digital signature market and is estimated to continue its leadership status during the forecast period. Moreover, this segment is expected to manifest the fastest CAGR of 34.7% from 2021 to 2030. This is attributed to its ability to minimize various risks such as identity theft, unauthorized money transfer, account hacking, fraud, fishing, and other kinds of risks related to digital transactions to a great extent and deliver significant results in terms of speed of transaction. The report also analyzes the segments including education, human resources, IT & telecommunication, government, healthcare & life science, real estate, and others.

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Based on region, North America accounted for the highest market share in 2020, holding nearly two-fifths of the global digital signature industry, and is expected to maintain its dominance in terms of revenue by 2030. This is due to an increase in concerns related to the protection of critical IT infrastructure and sensitive data in recent years. However, Europe is projected to show the fastest CAGR of 34.2% during the forecast period, owing to rapid adoption of cloud based and hybrid deployment methods and increased adoption in almost every public as well as private enterprise.

The key players profiled in the digital signature market analysis are ADOBE, IDENTRUST INC., ASCERTIA, DOCUSIGN, INC., ENTRUST CORPORATION, Thales Group, Lexmark International, Inc., Rpost., Secured Signing Limited, and VASCO Data Security International, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the digital signature industry.

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Covid-19 Scenario

● The adoption of digital transactions surged considerably, which in turn, led to increased demand for digital signatures during the Covid-19 pandemic for easy, authenticated, and hassle-free transactions across the globe.

● According to a report published by Adobe, its digital signature tools segment led to more than 53% surge in sales revenue in the year, 2019­­-2020. The trend of digital signature solutions is estimated to expand into employees' tools to speed up work and increase efficiency.

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