Digital Signature Market: Rising Competition and Pressure to Reduce Operation Cost Compel Adoption among Enterprises
In the report. Transparency Market Research estimates that the global market digital signature will expand at an exponential 26.40% CAGR from 2017 to 2025, rising from a valuation of US$631.5 mn in 2016 to a revenue opportunity of US$4,983.6 mn by 2025.
North America to Remain One of Leading Contributors of Revenue to Global Market Digital signatures find application in industries such as real estate, banking, financial services, and insurance (BFSI), government, education, medical and healthcare, transportation, retail, and the legal sector. Of these, the BFSI segment accounted for the dominant share of 23% of the overall digital signature market in 2016.
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The segment is also likely to retain its top spot throughout the report’s forecast period, courtesy the increased popularity of trends such as digital client on-boarding. The medical and healthcare sector is also expected to emerge as one of the key adopters of digital signature across a number of application such as drug prescription, storing sensitive patient data securely, medical reports, release of medical data, and processing insurance claims.
Geographically, the market for digital signature in North America accounted for the dominant share of revenue, valuing at US$205.0 mn in 2016. Registering a promising CAGR of nearly 27% over the period between 2017 and 2025, the regional market is also expected to account for a significant share of the market by the end of the forecast period, albeit valuing a little lower than Europe’s valuation by 2025.
Several strict government regulations pertaining to data safety across a number of industries will play a key role in the strong growth of the North America market by the end of the report’s forecast period. Europe will outshine the North America market in terms of revenue valuation by the end of the forecast period owing to the several government initiatives aimed at developing opportunities for businesses in cross-border avenues.
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Rising Awareness Regarding Multiple Cost and Productivity Benefits of Digital Signature to Fuel Adoption
In the present scenario, when businesses are faced with economic uncertainty and an intense level of competition, cost reduction and improvement of enterprise efficiency are considered the two most important strategies for sustenance. As the realization regarding the vast benefits of automation for achieving these goals become more prominent, companies are increasingly adopting digital signatures for internal processes as well as for several communications with partners, potential clients, and partners.
The implementation of digital signature also leads to a massive reduction in the costs associated with processes such as recording, printing, mailing, scanning, and archiving a variety of important documents. With an improvement in the overall agility of businesses, several business processes also become more efficient, thus accelerating the pace of business closure and processing cycles through real-time tracking.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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