Digital Signature Software Market to Surge at a Robust Pace in Terms of Revenue Over 2025

The global digital signature software market was valued at US$ 587.6 Mn in 2016 and is projected to cross US$ 3,400 Mn by the year 2025. Sales revenue is expected to increase at a CAGR of 22.4% during the forecast period (2017-2025).

Increasing adoption of digital signature in legal proceedings is boosting the growth of the digital signature software market

As a certain level of secrecy is required in legal proceedings, digital signature technology can be of great help in this field. A digital signature is generated using specific software and devices and ensures security of data once a document has been digitally signed. This ensures greater security to the party signing the document as well as to the one receiving it and it authenticates the identity of both the parties. The software generates a digital signature, which is unique to the person linked to the executive document in a way that if it is changed, it becomes invalid; and hence the digital signature enables the party to know that the integrity of the said document has been compromised. Digitally signed documents have a great potential in the legal field, thereby aiding the growth of the digital signature software market during the assessment period.

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The existence of a well-established technology industry in the U.S. has been identified as a major factor behind the robust growth of digital signature software market in the North America region. Persistence Market Research (PMR) in its latest report reveals that the market for digital signature software in North America stood at a staggering US$ 193.2 Mn in 2016 and is expected to remain dominant over the next couple of years. The rapid adoption of digital signature technology in both public and private sectors such as banking, defense, healthcare and IT are contributing to the growth of the market in the region. In addition, North America accounts for the highest contribution to the growth of global digital signature software market, which is projected to expand at a CAGR of 22.4% during 2017 to 2025.

Rapid Adoption of Digital Signature in Legal Proceedings a Key Factor Driving the Global Digital Signature Software Market

Legal proceedings require a certain level of confidentiality and this is where digital signature becomes most important, as it ensures security of data once a document has been digitally encrypted using specific software and devices. Digital signature technology provides greater security to the party signing a document and the one receiving it, as it serves to authenticate the identities of both parties. Moreover, preference for digital signature software is also increasing owing to the fact that it is quite convenient to use and at the same time happens to be a cost-effective technology. Enterprises are adopting digital signature technology to avoid the hassles of physical document processing that involves paper, printing, and various other formalities such as shipping or courier costs. As a result, an increasing number of organizations are going paperless, which, in turn, is boosting the popularity of digital signature in several parts of the world. PMR indicates that the aforementioned factors will continue to drive the global digital signature software market throughout the assessment period.

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Global Digital Signature Software Market: Key Opportunities

Robust digitization in the healthcare sector is creating new business opportunities for companies that offer digital signature software and services. Adoption of such technology is likely to help in providing privacy and security for patient data as well as enable healthcare organizations to comply with global e-signature legislation. In recent years, the importance of digital signature technology has been essentially realized in real estate business. Today, real estate dealers are opting more towards digital signature when finalizing a deal as it offers better assurance to the clients.

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This release was published on openPR.