The global digital signature market size is expected to reach USD 6,128.0 Million by 2026, while exhibiting an impressive CAGR of 28.77% between 2019 and 2026. Fortune Business Insights, provide this information in its latest report, titled “Digital Signature Market Size, Share And Industry Analysis By Component (Software, Hardware, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By End-User (BFSI, IT And Telecommunication, Government, HealthCare And Life Science, Education, Retail, Real Estate, And Others) And Regional Forecast 2019-2026.” The report further observes that this is ascribable to factors such as increasing need for security and authenticity among e-business. Furthermore, the market was valued at USD 879.6 Million in 2018 and is anticipated to witness astonishing growth.
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List of the Companies Proliferating in the Market:
• Adobe
• Onespan
• Gemalto
• Ascertia
• Docusign
• Entrust Datacard
• Signix Inc.
• Identrust
• Kofax
• Globalsign
• Zoho Corp
• Rpost Technologies
• Multicert
• Hellosign
A digital signature that is generated and authenticated through a public key encryption is attached to any type of electronic document to verify the identity of the sender and its content. In addition to this, it efficiently validates the authenticity of a digital document or a type of software. Several countries across the globe view digital signatures as a type of legal authentic identity just like traditional hand signatures. Furthermore, they provide several benefits such as high contract speed, low transaction costs, and enhanced security, among others. With increasing number of interactions going online and paperless, they prove beneficial to maintain security and help safeguard the integrity of the user data.
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What does the Report Include?
The market report includes an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market between 2019 and 2026. Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market. Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the market has been included during the projected horizon.
Drivers and Restraints:
Rising Demand for Data Security to Drive the Market
According to a report by Cybersecurity Ventures, damages incurred due to cybercrimes is expected to cost $6 Trillion every year by 2021. In addition to this, Cyberattacks are one of the fastest growing crimes in the US. Increasing need for applications to prevent data thefts is anticipated to drive the growth of the market in the forthcoming years. For instance, digital signatures provide an inherent security cover that intend to solve the issues related to impersonating identity and tampering data. Moreover, they ensure that the content in a digital message is not altered during transit in digital communications.
COVID-19 to Positively Impact the Market
Presently, lockdown and other disruptions owing to the global pandemic, COVID-19 has put the world on hold. Several economies have been affected and millions of incidents surfaced worldwide. Amid the chaos, the governments have ordered a strict stay-at-home order to contain the pandemic. However, there has been a tremendous spike in demand for e-signatures among the companies to support digital identification during transactions. For instance, in Indonesia, several e-signature provider have reported major enquiries from consumers between February to March-2020 to adopt digital contract signings through e-signatures. This pandemic is expected to bolster the growth of the market during the forecast period.
Regional Analysis:
Presence of Major IT Companies in North America to Promote Growth
Among the regions, North America is anticipated to lead the market during the forecast period. Additionally, the region was valued at USD 297.3 Million in 2018 and is likely to hold the largest global digital signature market revenue during the forecast period. This is ascribable to factors such as presence of major IT companies and well established infrastructure in the region. Asia-Pacific, on the other hand, is expected to foresee growth owing to several small, medium, and large enterprises adopting cloud-based solutions. Furthermore, Asia-Pacific generated a revenue of USD 183.6 Million in 2018.
Competitive Landscape:
Visma Acquires Zetech to Consolidate Market Position
In May 2020, Visma announced its acquisition of leading digital signature solutions provider, Zetech. The acquisition is expected to add nearly 1000 new consumers and over 1 Million-user base across Latin America for Visma. Alvaro Capobianco, President of Visma for Latin America says, “During this global pandemic, Covid-19, several companies across Latin America are in need of cloud based digital signature technology and document management. Zetech’s acquisition consolidates our firm leadership in Latin America as the prominent HR cloud providers, adding value the companies during the testing times.” Adoption of strategies such as merger and acquisition, collaborations, and joint ventures by the companies will contribute to the growth of the market between 2019 and 2026.
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