Dublin, Nov. 14, 2022 (GLOBE NEWSWIRE) -- The "Global Digital Signature Market by Component (Solutions and Services), Solution (Software and Hardware), Deployment Mode, Organization Size, Vertical (BFSI, Government and Defense, Legal, Real Estate) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global digital signature market is projected to grow from an estimated USD 5.5 billion in 2022 to USD 25.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 35.6% from 2022 to 2027.
Some of the factors driving the market growth include implementation of stringent regulatory standards, and the requirement for enhanced security with controlled and seamless workflow. However, lack of awareness about legality of digital signatures and variation of digital signature rules and regulations across regions is expected to hinder the market growth.
SMEs segment to grow at highest CAGR during the forecast period
SMEs majorly adopt digital signature solutions and services to protect their organizations from unauthorized access, vulnerabilities, and attacks. One of the prime motives of attackers targeting SMEs is to access the customers' sensitive data, including personal information, payment details, and other confidential information. SMEs face several constraints including possessing limited resources and having budget constraints. The manual and traditional process of signing documents is time-consuming. SMEs find digital signature software a simple, intuitive, low-cost, hassle-free, and secure solution to meet their growing needs. Governments take initiatives to protect SMEs in their respective countries. Different laws in different countries, such as the eIDAS regulation in the EU, UETA and ESIGN Act in the US, and Information Technology Act, 2000 in India regulate the use of electronic signatures for SMEs. SMEs are more prone to cyber-crimes due to limited resources, availability of IT personnel, and budget constraints; therefore, they are looking forward to adopting digital signature software for saving their money, time, resources, and assets.
BFSI segment to hold the largest market size during forecast period
The BFSI vertical is witnessing increasing digitalization. With the increasing digitalization comes the risk of fraud and cybercrimes. With the process of mitigating the risk of fraud, digital signature solutions help provide protection to the sensitive customer data. BFSI organizations need to provide good customer experiences based on digital consumer behavior and preferences. Digital signatures help increase efficiency and allow businesses to collaborate across borders. Digital signatures help eliminate paper-based processes; identify internal users or workflow processes; enable signing of a huge volume of documents; provide authenticity, traceability, and control; reduce time delays, and increase accuracy of completion rates. Digital signature solutions help speed up transactions and maintain audit trails of signed agreements and consent forms. Financial institutions need to maintain compliance with regulations and laws implemented across regions. Initiatives are being taken by governments in these countries related to digital signatures.
Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific is one of the major contributors to the digital signature market. Across Asia Pacific, digital technology is transforming various aspects of the life of citizens. These changes have been affecting governments, businesses, and communities. The region is witnessing a rising deployment of information technology, which is enhancing the growth of the digital signature market.
According to the World Bank, the internet usage percentage in Asia Pacific in 2020 was 67%. The region is transformed by technologies, including AI, big data, mobile connectivity, and high-capacity electronic networks. Enterprises are deploying digital signature solutions to protect their critical information and systems from hackers. The major driver for the digital signature market in this region includes huge demand from enterprises and SMEs for secure transactions on the internet and the adoption of secure digital document solutions.
Market Dynamics
Drivers
- Growing Use of eSignatures Prompted Need to Eradicate Fraud and Signature Forgery
- Stringent Regulatory Standards and Data Privacy Compliances
- Enhanced Security with Controlled and Seamless Workflow
- Improved Operational Efficiency at Lower OpEx
Restraints
- Lack of Awareness About Legality of Digital Signatures
- Variation in Digital Signature Rules and Regulations Across Regions
Opportunities
- Upgrade in End-To-End Customer Experience
- Acceptance of Cloud-Based Security Solutions
- Growing Number of Partnerships and Acquisitions
- Rise in Artificial Intelligence
Challenges
- Entrenched Traditional Business Practices
- Cost of Implementation and Legality Issues
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Digital Signature Market, by Component
7 Digital Signature Market, by Deployment Mode
8 Digital Signature Market, by Organization Size
9 Digital Signature Market, by Vertical
10 Digital Signature Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent Markets
14 Appendix
Companies Mentioned
- Adobe
- Thales
- Zoho
- Signix
- Bit4Id
- Signicat
- Secured Signing
- Docusign
- Ascertia
- Signority
- Signwell
- Signiflow
- Onespan
- Comsign Trust
- Vintegristech
- Digicert
- Alphatrust
- Actalis
- Globalsign
- Lawtrust
- Entrust
- Rntrust
- Notarius
- Identrust
- Symtrax
For more information about this report visit https://www.researchandmarkets.com/r/yijokr
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