Dublin, Dec. 10, 2021 (GLOBE NEWSWIRE) -- The "Digital Signature Global Market Report 2021: COVID-19 Implications and Growth to 2030" report has been added to ResearchAndMarkets.com's offering.
The global digital signature market is expected to grow from $2.17 billion in 2020 to $2.63 billion in 2021 at a compound annual growth rate (CAGR) of 21.2%. The market is expected to reach $6.9 billion in 2025 at a CAGR of 27%.
Major players in the digital signature market are Adobe Systems, DocuSign Inc., Ascertia, Identrust, SIGNiX, Gemalto, Entrust Datacard Corporation, Kofax Limited (a Lexmark Company), and RPost Technologies.
The global pandemic of COVID-19 is preventing individuals from traveling and brought in many restrictive measures such as lockdown, suspended transport services, and the closure of other non-essential services to avoid being in close proximity with other individuals.
Consequently, individuals, companies and businesses now wish to use electronic signatures as an alternative to the traditional wet-ink signatures when signing documents to continue to operate remotely.
The digital signature market consists of sales of digital signature solutions and related services. A digital signature is an electronic signature and is equivalent to a handwritten signature or stamped seal. It offers more inherent security and is expected to solve the problems of tampering and impersonation. The digital signature solutions include software and hardware solutions, and related services.
The digital signature market covered in this report is segmented by offering into software, hardware, services. It is also segmented by deployment into cloud, on-premises and by end-user into banking, financial services, and insurance(BFSI), IT and telecommunications, government, health care and life sciences, education, retail, real estate, others.
The lack of awareness about the legality of the digital signature is a major challenge for the digital signature market. Several countries have formulated laws assigning legal validity to digital signatures to ensure authenticity and security. For instance, ESIGN Act (Electronic Signature in Global and National Commerce Act), GPEA (Government Paperwork Elimination Act), EU law (EU Directive for Electronic Signatures), and Indian IT Act 2000, among others. However, the public across various countries are unaware of the existence of the digital signature law.
This is mainly because of the lack of proper communication on the adoption of laws and regulations. Due to the complexity of regulations and the difficulty of understanding laws, the public seems to be unaware of the details. Therefore, the lack of awareness about the legality of a digital signature is limiting the adoption of digital signatures thereby impacting the market growth.
In May 2020, Visma, a Norway-based software consulting and developing company, acquired the digital signature and document management provider Zetech for an undisclosed amount. The acquisition is expected to add nearly 1,000 new customers and a million users across five countries and strengthen Visma's ability to provide resilient cloud solutions to Latin America.
Supporting policies by the governments of various nations drove the digital signature market. For instance, in December 2018, the US government has passed an act called the 21st Century Integrated Digital Experience Act (also known as 21st Century IDEA Act). The 21st Century IDEA Act created a set of minimum functionalities and security standards that federal agencies must meet.
According to this Act, the agencies must offer digital versions of paper-based citizen services and accept digital signatures, thereby, allowing citizens to complete transactions digitally. Such policies by the government of various nations have boosted the demand for the digital signature market.
The digital signature solutions providing companies are integrating blockchain technology with the digital signature. The goal of integrating blockchain with a digital signature is to offer users the possibility to certify integrity and time stamp.
For instance, DocuSign collaborated with Visa for the public prototypes of a blockchain-based smart contract. A blockchain-based smart contract turns the contract into a computer program and the internet-connected program monitors and triggers the relevant actions on the contract's terms.
Key Topics Covered:
1. Executive Summary
2. Digital Signature Market Characteristics
3. Digital Signature Market Trends and Strategies
4. Impact Of COVID-19 On Digital Signature
5. Digital Signature Market Size and Growth
5.1. Global Digital Signature Historic Market, 2015-2020, $ Billion
5.1.1. Drivers Of the Market
5.1.2. Restraints On the Market
5.2. Global Digital Signature Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers Of the Market
5.2.2. Restraints On the Market
6. Digital Signature Market Segmentation
6.1. Global Digital Signature Market, Segmentation by Offering, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Software
- Hardware
- Services
6.2. Global Digital Signature Market, Segmentation by Deployment, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Cloud
- On-premises
6.3. Global Digital Signature Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Banking, Financial services, and Insurance(BFSI)
- IT and Telecommunications
- Government
- Health care and life sciences
- Education
- Retail
- Real Estate
- Others
7. Digital Signature Market Regional and Country Analysis
7.1. Global Digital Signature Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Digital Signature Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Companies Mentioned
- Adobe systems
- DocuSign Inc.
- Ascertia
- Identrust
- SIGNiX
- Gemalto
- Entrust Datacard Corporation
- Kofax Limited (a Lexmark Company)
- Rpost Technologies
- Secured Signing Limited
- OneSpan
- Hellosign
- Globalsign
- MultiCert
- RightSignature
- Zoho Corp
- Esignlive By Vasco
- Arthur D. Little
- Shachihata Inc.
- Glykka LLC
- eSign Genie
- SignaShare
- KeepSolid Inc
- GetAccept Inc
- Symtrax Holdings Inc
- Microsoft Corporation
- International Business solutions llc
- Korea SYSTEM's TECH Inc
- Kotrade Inc
- Oracle Corporation
For more information about this report visit https://www.researchandmarkets.com/r/7l98oc
