SecurityWorldMarket

22/09/2020

Rapid growth predicted for digital signature market

Northbrook, Il (USA)

According to the latest research report on the digital signature sector from Marketsandmarkets, this market is predicted to grow from USD 2.8 billion in 2020 to USD 14.1 billion by 2026, at a CAGR of 31.0% during the forecast period. Government initiatives and transition towards digitalisation are suggested as the drivers for this impressive overall market growth.

Digital signature solution providers offer software to help organisations easily create digital signatures that comply with industry standards and offer support for working with accredited certified authorities. The software providers in the market are focusing on delivering encryption software, PKI solutions, email encryption solutions, and APIs to help end users securely sign documents. Software solutions, as compared to hardware solutions, are growing at a faster rate and contributing maximum in terms of market size in the digital signature market.

The Banking and Financial Services vertical is witnessing digital transformation at every level with rapidly changing customer demands and represents the highest CAGR according to the researchers. The use of online services, such as internet banking, mobile banking, and stock trading has soared. The BFSI vertical is focusing on understanding digital consumer behaviour, preferences, and choices through customer-centric business applications. Digital signatures help BFSI firms in simplifying complex business processes by offering enhanced security and improved turnaround time for on boarding customers.

In terms of geography it is North America that shows the highest take-up in this sector, according to the analysts this is down to the presence of several prominent market players delivering digital signature solutions to all end users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the growth of the digital signature market. The geographical presence, significant Research and Development (R&D) activities, partnerships, and acquisitions and mergers are the major factors for the deployment of digital signature and services. 

Key and innovative vendors in the digital signature marketplace and named in the report by Marketsandmarkets, include Adobe, Onespan, Thales, Docusign, Idemia, Ascertia, Zoho, Globalsign, Entrust Datacard, Digicert, and Identrust.


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