Global Digital Signature Market Report 2022: Acceptance of
Dublin, Nov. 14, 2022 (GLOBE NEWSWIRE) — The “Global Digital Signatures Market by Component (Solutions & Services), Solution (Software & Hardware), Deployment Mode, Organization Size, Vertical (BFSI, Government & Defense, Legal, Real Estate), and Region – Forecast to 2027″ report has been added to from ResearchAndMarkets.com offer.
The global digital signature market is expected to grow from approximately 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 growth of the market include the implementation of stringent regulatory standards and the requirement for tight security with a controlled and transparent workflow. However, lack of awareness about the legality of digital signatures and variation in digital signature rules and regulations across regions is expected to hamper the growth of the market.
The SME segment is expected to grow at the highest CAGR during the forecast period
SMBs primarily adopt digital signature solutions and services to protect their organizations from unauthorized access, vulnerabilities, and attacks. One of the main motives of attackers targeting SMBs is to gain access to sensitive customer data, including personal information, payment details and other confidential information. SMEs face several constraints including having limited resources and budgetary constraints. The manual and traditional process of signing documents takes time. SMBs find digital signature software a simple, intuitive, inexpensive, hassle-free, and secure solution to meet their growing needs. Governments are taking initiatives to protect SMEs in their respective countries. Different laws in different countries, such as the eIDAS regulation in the EU, the UETA and ESIGN Act in the United States, and the Information Technology Act of 2000 in India, regulate the use of electronic signatures for SMEs . SMBs are more prone to cybercrimes due to limited resources, availability of IT staff and budgetary constraints; hence, they are eager to adopt digital signature software to save their money, time, resources and assets.
BFSI segment will hold the largest market size during the forecast period
The BFSI vertical is experiencing increasing digitization. With increasing digitization comes the risk of fraud and cybercrime. Along with the fraud risk mitigation process, digital signature solutions help protect sensitive customer data. BFSI organizations need to deliver a good customer experience based on consumer behavior and digital preferences. Digital signatures help increase efficiency and enable businesses to collaborate across borders. Digital signatures help eliminate paper processes; identify internal users or workflow processes; allow the signing of a huge volume of documents; ensure authenticity, traceability and control; reduce lead times and increase the accuracy of completion rates. Digital signature solutions help expedite transactions and maintain audit trails of signed agreements and consent forms. Financial institutions must maintain compliance with regulations and laws implemented in all regions. Initiatives are being taken by the governments of these countries regarding digital signatures.
Asia Pacific is expected to grow at the highest CAGR over 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 people’s lives. These changes have affected governments, businesses and communities. The region is witnessing an increasing deployment of information technology, which is bolstering the growth of the digital signature market.
According to the World Bank, the percentage of internet usage in Asia-Pacific in 2020 was 67%. The region is being transformed by technologies including AI, big data, mobile connectivity and high-capacity electronic networks. Companies are deploying digital signature solutions to protect their critical information and systems from hackers. The major driver of the digital signature market in this region is the huge demand from enterprises and SMEs for secure internet transactions and adoption of secure digital document solutions.
- The growing use of electronic signatures has prompted the need to eradicate fraud and signature forgery
- Strict regulatory standards and respect for data confidentiality
- Enhanced security with a controlled and transparent workflow
- Improved operational efficiency at low OpEx
- Lack of awareness of the legality of digital signatures
- Variation in digital signature rules and regulations from region to region
- Upgrade in end-to-end customer experience
- Acceptance of cloud-based security solutions
- Growing number of partnerships and acquisitions
- Rise in artificial intelligence
- Well-established traditional business practices
- Implementation cost and legality issues
Main topics covered:
2 Research methodology
3 Executive summary
4 premium previews
5 Market Overview and Industry Trends
6 Digital Signature Market, By Component
7 Digital Signature Market, By Mode of Deployment
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
- Secure signature
- Comsign Trust
For more information on this report, visit https://www.researchandmarkets.com/r/yijokr