Industry overview
Authentication of the user identity and managing transactions online are of growing importance in the digital signature market. The estimated market value of the global digital signature market is expected to grow to USD 5.1 billion by 2024, with a CAGR of 28.1%.
The digital signature network encompasses application providers, vendors, product manufacturers/developers, service providers, system integrators, migration service providers, and consultancy firms/advisory firms among others.
Market segmentation
1) Insight by solution
Digital signature enables ease of services, allowing a safe, secure and quick way to handle authentication issues. Digital signature market based on solution, is segmented into:
i) By hardware
ii) By software
iii) By services
Software segment is the fastest growing segment in the digital Signature market with a CAGR of 28.5%. The driving factors of the growth of this segment include the fact that the technology reduces transaction time as well as transaction costs. The hardware segment is upheld when it comes to investments to hardware components and installation costs.
2) Insight by deployment model
i) On-premises
ii) Cloud-based
Among both types of deployment model, cloud-based deployment model is expected to witness the higher growth during the forecast period as it provides opportunities for sharing data across servers and platforms.
3) Insight by application
i) Government
ii) Healthcare and Lifescience
iii) Finance
iv) Retail
v) Telecom
vi) IT
vii) Others
The demand for digital signature technology in finance sector is anticipated to witness significant growth during the forecast period, which is credited to increased benefits of the technology like steady process of invoice, enriched compliances and deducted turnaround time.
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Industry dynamics
Growth drivers —
i) Decline of online frauds.
ii) Implementation of elimination of paperwork act by government
iii) Adoption of biometric sensors globally
iv) Increased online transaction made identification and authentication necessary online.
Challenges —
i) Rising uncertainties due to stringent regulations enforced by governments
ii) Inconsistencies among different technologies
Industry ecosystem —
The key players in digital signature market are taking market growth rates to new heights through technological advancements in upgrading the security measures. Development and launching of new products are emphasised for market share growth. Globally, collaborations are being made by these players to increase customer base worldwide.
Geographic overview:
- North America — Canada, US, Mexico
- Europe — Germany, UK, France, Italy, Rest of Europe
- Asia-pacific — China, Japan, India, Australia, Rest of Asia-Pacific
- Rest of the World – Brazil, U.A.E., Other Countries
North America has the largest market share of digital signature industry, which constitutes more than 40% of the total revenue. Asia-Pacific market growth is projected to grow at the fastest rate during the forecast period due to rapid technological advancement in this region.
Competitive insight:
Some of the key players in the global digital signature industry are Adobe Systems, Inc., Ascertia, Microsoft Corporation, Docusign, Inc., Entrust Datacard Corp, Gemalto, Inc., IdenTrust, Inc., International Business Solutions LLC, Kofax Limited, Korea Systems TECH Inc., Kotrade Inc., Right Signature LLC, Secured Signing Limited, Signix Inc. and Oracle Corporation.
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