Digital Signature Market 2024: Forecasts, Analysis, Overview and Trends
Digital signatures are mathematical techniques used to authenticate a digital document, message or software, using asymmetric cryptography. The technology primarily solves the problem of interference in digital communication and impersonation. Digital signature market is primarily driven by the rising usage across enterprises to approve and certify contents of digital documents such as emails, PDFs and word documents. With proper authentication, organizations can now send business documents and legal contracts at less risk. Electronic documents are protected by encryption at sender’s end. To retrieve the data in the document, receiver is authorized with digital signature to decrypt data.
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Increasing occurrences of tempering and forgery in financial transactions and software distribution process across the world are anticipated to fuel digital signature market demand. Growing necessity of verifying digital documents in areas such as patient consents, court documents & records, contracts, cash management documents, policies and claims will also augment the industry growth. Certain jurisdiction authorities such as The Supreme Court of Canada and The Federal Court of USA are increasingly allowing the acceptance of digitally signed documents as evidence for crime, thus giving digital signature market a boost.
Stringent regulations pertaining to ambiguities about electronic signatures is anticipated to pose significant challenge to digital signature market developments. Factors such as expiry of technology used in digital signature formulation and incompatibility among different techniques of digital signature generation are expected to hamper the progress.
The digital signature market segmented on the basis of deployment type, end-user and solution. By solution, the market is segmented as software, hardware and services. The software solution segment is forecast to witness substantial growth, owing to the reduced costs and less transaction time. The software solution sub segment is expected to contribute to market growth during the forecast period due to implementation across different industry verticals for greater end-user benefit and improved compliance.
Based on deployment type, digital signature market is categorized into web-based, on-premise, and cloud deployment. The on-premise deployment model is anticipated to be major contributor to the industry growth, owing to its acceptance by many organizations across verticals. It offers high flexibility & control and can be easily regulated by clients. Cloud-based model is projected to hold largest market share during the forecast period as it encompasses data exchange between signing enabled cloud environment and the signer. It provides solutions to end-users and offers companies multi-channel signatures by reducing implementation and operational costs.
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Digital signature market solutions are mainly used by large enterprises and small & medium businesses (SMBs). Large organizations are increasingly adopting cloud-based platform for replacing hand-written signatures with their electronic versions for simplifying businesses, thereby increasing the digital signature market development. large enterprises use cloud-based platform, owing to benefits such as greater cost saving, improved customer experience and faster access & processing.
Digital signature market is popular across several industry verticals including education & research, human resource, government & defense, BFSI, real estate, legal, manufacturing & engineering, healthcare & life sciences, energy & utilities, retail, telecommunications, sales & marketing, pharmaceuticals and procurement & operations. Digital signature market demand from legal and financial sectors is anticipated to experience drastic surge due to benefits such as improved compliances, reduced document turn-around time and fast invoice process. The online banking and e-commerce sector growth will also drive digital signature market growth.
North America digital signature market is expected to witness tremendous growth opportunities due to growth in financial & legal services sector and stringent cyber laws. Latin America, in addition to developing countries including Philippines have the most unstandardized & weakest cyber laws and is predicted to witness the most sluggish growth during the forecast period. Europe in digital signature market is expected to witness significant growth rate, owing to the electronic signature regulations, that would enhance cross-country trading, recently introduced by European Electronic Messaging Association (EEMA). Adding to it in 1999, European parliament adopted 1999/93/EC Directive for electronic signatures. Growing need for reliable & secure transactions and authenticating user identity over digital network is anticipated to drive digital signature adoption in the region.
The stakeholders of digital signature market are digital signature service providers, vendors, consultancy or advisory firms, product manufacturers & developers and system integrators & migration service providers. Key application providers include Secured Signing Limited, Kofax Limited, Adobe Systems, Inc., eSignLive, Gemalto, Inc., Entrust Datacard Corp., DocuSign, Signix, Ascertia, IdenTrust, Inc. and RPost Technologies.
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