Global Digital Signature Market is valued at USD 3.1 Billion in 2021 and expected to reach USD 25.8 Billion by 2028 with a CAGR of 35.4% over the forecast period.
Global Digital Signature Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028: Need for improved security, operational efficiency, and seamless workflow, rise in e-signatures along with the growing adoption of cloud-based services are some of the major factors driving the growth of the Global Digital signature Market.
An electronic sign of authentication on digital documents like Word documents, PDF files, and online legally binding contract papers using a mathematical process known as a digital signature. It assists in resolving the tempering and impression problems in digital communication. It contains all of the data from a digital document, allowing users to quickly and readily determine an electronic document's identity, source, and status. The operation of a digital signature is based on the principles of cryptography. Organizations may now share agreements and business documents with less danger due to appropriate authentication. Digital signatures provide verifiable and secure transactions to support the expanding digital economy. At the sender's end, electronic documents are encrypted. The receiver is given the right to decode data using a digital signature in order to extract the data from the document. Software, digital documents, and electronic messages may all be validated and authenticated using the digital signature approach. Physical papers are verified by handwritten signatures. Word documents, E-mails, and portable document files are all examples of digital documents that use digital signatures to confirm and provide approval to their contents.
The deployment of digital signatures and verification has increased as a result of the COVID-19 pandemic. Industries are being forced to utilize digital technology in order to remain in business by the rising number of virtual and remote work obligations. To reduce paper-based operations and uphold social distance standards, governments throughout the globe are implementing and promoting digital signatures. The usage of the digital platform is a priority for the Indian government. The government promotes digital signatures, biometric signatures, smooth pass, smart ID/card readers, and other methods of signing and verifying. After completing digital KYC, the Indian government also offers a one-time password for the short-term e-signature requirement. Worldwide enterprises have been compelled to switch to digital platforms by pandemic problems. One of the well-known industries that has adopted digital platforms quickly to adapt to the evolving environment is the BFSI industry. Identity verification has, however, proved to be a substantial challenge for banks. The electronic signature makes sure that both parties' communications are verified, which minimizes the chance of fraudulent transactions. Similar to how the healthcare and retail sectors are using technology to their advantage during the epidemic. As a consequence, the market is likely to grow rapidly after the pandemic.
The global digital signature market is segmented based on the component, deployment, offering, end-use, and region & country level. Based on components, the global digital signature market is segmented into hardware, software, and services. By deployment, the market is segmented into on-premises and cloud. By end-use, the global digital signature market is segmented into BFSI, education, human resource, IT & telecommunication, government, healthcare & life science, real estate, and others.
The regions covered in the global digital signature market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global digital signature is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Some major key players for the global digital signature market report cover prominent players like
Announcing the Launch of E-Signature Platform BoldSign by Syncfusion Inc.
On January 5th, 2022; BoldSign a brand-new electronic signature system was unveiled by Syncfusion Inc. For contract tracking, sending, and signing, BoldSign is a platform that offers a cloud app and a native.NET SDK that is integrated right into business apps.
DocuSign launches CLM Essentials to streamline contracts for expanding businesses.
On April 5th, 2022; DocuSign unveiled a new solution designed especially for expanding businesses to consolidate and automate the contract creation, negotiation, and safe storage processes. DocuSign CLM Essentials is a contract extension lifecycle management product that aims to democratize CLM by making contracting technology less complicated and more widely available in the burgeoning Anywhere Economy.
Launching as a new, automated participant in the e-signature market is Jotform Sign
On October 4th, 2022; Jotform, the industry-leading SaaS solution for online forms, released Jotform Sign, an automated e-signature application. Businesses can easily send out signable papers with Jotform Sign and with less installation time than traditional choices, allowing them to concentrate on the tasks that really matter. The same technology that powers Jotform's robust online forms is also used by Jotform Sign. Jotform Sign offers automated tools, superior field identification, endless customization choices, and practical integrations as an alternative to cumbersome and expensive e-signature software.
Need for improved security, operational efficiency and seamless workflow, rise in e-signatures and adoption of cloud-based services are some of the major factors driving the growth of the Global Digital signature Market
Business workflow systems used by many industries are becoming more digital, which is likely to revolutionize them. One of the main drivers fueling the market's expansion is the increasing adoption of dematerialization by the majority of businesses. Numerous benefits come with paperless solutions, including speed, greater workflow effectiveness, and ease. Electronic papers assist businesses in lowering their stationary costs. Similarly, it lessens the chance of losing a crucial document and keeps it safe for an extended period of time. The need for electronic permission has increased with the acceptance of the paperless system.
Additionally, the usage of digital signatures in blockchains guarantees that any worries about hacking may be put to rest since the information or message that originated at the source and has gone all the way to the destination is safe. All activities are digitally signed to ensure transaction integrity and data non-tamperability, following the October 2021 eMudhra report on a blockchain. Identity-backed digital signatures are projected to play a key role in ensuring the accountability of participants to transactions like Smart Contracts done on the blockchain as blockchain systems gain mainstream.
It used to take a lot of time to manage, store, and monitor papers, which further slowed down other job processes. Additionally, the necessity for increased operational efficiency and worries about data security have contributed to the development of digital signatures. The safety of digital information moved between people or departments is crucial for industries including retail, banking and insurance, government, and real estate. To address their demand for safe online transactions, many huge transactions-driven enterprises have started integrating digitally enabled signatures into their work processes. Due to its ability to demonstrate the legitimacy and integrity of the documentation, this technology is seen as appropriate for highly regulated businesses. In addition, it helps businesses increase productivity while saving time, money, and space. Similarly, corporations are prompted to use digitally enabled signatures by the necessity for authentication and multi-level security.
In order to increase the security and effectiveness of digital documents, several nations in the Asia, European Union, and the Americas are employing digital signatures on legal documents. Businesses that use this technology may boost transparency, create robust efficiency, improve document integrity, raise security against theft, and save costs. It is assisting enterprises in at least 80% cost reduction in document management.
Cloud-based solutions are the newest technological trend in business. Cloud-based solutions are designed to handle corporate transactions that include crucial documents and data digitally from beginning to end. Digital solutions make it possible for staff members working at various organizational levels and in various departments to receive and send papers, exchange information, and collaborate on projects. Regardless matter whether they work in the office, at a satellite site, or from home, workers who use a cloud-based solution are more productive and the organization runs more smoothly.
E-signature and cloud service providers are collaborating heavily as well. For instance, Signaturit and Ivnosys collaborated to sell e-signature software in Spain in April 2021. Digital certificates may be managed and signed using IvSign, the primary cloud platform from Ivnosys. By combining their services, Signaturit and Ivnosys have created a Software-as-a-Service (SaaS) business. Signaturit is a cloud-based e-signature platform. And as a result, the market for digital signatures worldwide is expanding.
During the projection period, North America is anticipated to dominate with the highest share. The region is a pioneer in using digital technology, which accelerates market expansion. The Electronic Signatures in Global and National Commerce (ESIGN) Act of 2000 makes e-signatures legal in all states and U.S. territories where federal law is in effect. The Uniform Electronic Transactions Act (UETA) has also been authorized by the majority of U.S. states where federal law does not apply.
Due to the growing number of government efforts to advance digitization across sectors, Asia Pacific is predicted to expand dramatically. The Indian government is concentrating on offering e-signature services and has established legislation under IT 2000 to make e-signature use lawful. The Chinese government is strongly encouraging electronic signatures for paperwork and has suggested an E-Signature Law. The Asia Pacific region's market is projected to develop as a result.
Middle East and Africa
|2018 - 2021
|2021 - 2028
|Market Size in 2021:
|USD 3.1 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 25.8 Billion
|Tables, Charts & Figures:
|Adobe Inc., DocuSign Inc., Dropbox Inc., Entrust Datacard Corp., GMO Internet Inc., OneSpan Inc., Oracle Corp., SIGNiX Inc., Thoma Bravo LP., Thales Group, and others.
|By Component, By Deployment, By Organization Size, By End Use
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, Africa, Rest of the Middle East and Africa
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