According to the report by Expert Market Research (EMR), the global digital signature market size is projected to grow at a CAGR of 37.2% between 2024 and 2032. Aided by the rising demand for secure and efficient transaction processes, and the increasing adoption of digitalisation across various sectors, the market is expected to grow significantly by 2032.
A digital signature is an electronic form of a signature that can be used to authenticate the identity of the sender of a message or the signer of a document. It provides the highest level of security and universal acceptance, making it an essential tool for secure online transactions. Digital signatures are widely used in sectors such as government, healthcare, finance, legal, and IT, owing to their ability to provide integrity, authenticity, and non-repudiation to electronic documents.
The surge in digital signature market demand is primarily driven by the increasing awareness of the security risks associated with traditional paper-based processes. In the digital era, where cyber threats are rampant, digital signatures offer a secure and tamper-proof method of signing documents and authenticating transactions. The adoption of legislation in various countries that gives legal validity to digital signatures has further fuelled market growth.
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Another key driver of the digital signature market growth is the growing trend of digitalisation across industries. As businesses and organisations undergo digital transformation, the need for efficient and secure digital workflow solutions, including digital signatures, has become paramount. Digital signatures not only enhance security but also streamline processes, reduce costs, and improve customer experience.
The banking, financial services, and insurance (BFSI) sector represents a significant portion of the digital signature market size. In this sector, digital signatures are used for account openings, loan approvals, and other financial transactions, offering enhanced security and compliance with regulatory standards. Similarly, in the healthcare sector, digital signatures ensure the confidentiality and integrity of patient records and medical documents.
Additionally, advancements in blockchain technology and the increasing adoption of cloud-based digital signature solutions are some of the prominent digital signature market trends. Blockchain technology, with its decentralised and tamper-proof nature, has the potential to further enhance the security and reliability of digital signatures. Cloud-based solutions offer scalability, accessibility, and cost-effectiveness, making digital signatures more accessible to businesses of all sizes.
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Digital Signature Market Segmentation
The market can be divided based on component, deployment, application, and region.
Market Breakup by Component
- Hardware
- Software
- Service
Market Breakup by Deployment
- On-Premise
- Cloud
Market Breakup by Application
- BFSI
- Education
- Human Resource
- IT and Telecommunication
- Government
- Healthcare and Life Science
- Real Estate
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global digital signature market. Some of the major players explored in the report by Expert Market Research are as follows:
- Ascertia Ltd
- Adobe Inc (NASDAQ: ADBE)
- Gemalto N.V.
- Onespan Inc
- Docusign Inc
- Entrust Datacard
- Signix
- Secured Signing Limited
- Identrust Inc
- Kofax Company
- Others
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