Global Digital Signature Market to Reach $6,397.2 Thousand by 2024

Cecilia Nysing

Edition: 6; Released: May 2021
Executive Pool: 8937
Companies: 245 – Players covered include Adobe Inc.; Ascertia Ltd.; DocuSign, Inc.; Dropbox, Inc.; Entrust Datacard Corp.; Gemalto; GlobalSign, Inc.; Identrust, Inc.; Kofax, Inc.; MultiCert SA; OneSpan, Inc.; RPost; Secured Signing Limited; SIGNiX, Inc.; Zoho Corporation Pvt. Ltd (India). and Others.
Coverage: All major geographies and key segments
Segments: Component (Solutions, Services); Deployment (Cloud, On-Premise); Vertical (BFSI, Government & Defense, Legal, Real Estate, Manufacturing & Engineering, Other Verticals)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

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Global Digital Signature Market to Reach $6,397.2 Thousand by 2024
Digital signature method is used for validating and authenticating digital documents, software, or electronic messages. With organizations across the world moving away from paper-based documentation involving the use of ink signatures and authenticity stampers, digital signatures are emerging to offer assurance of the identity, status or authenticity of the digital documents. Digital signature relies on the use of encryption and decryption methods. Amid the COVID-19 crisis, the global market for Digital Signature is projected to reach US$6,397.2 Thousand by 2024, registering a compounded annual growth rate (CAGR) of 34.1% over the analysis period. United States represents the largest regional market for Digital Signature, accounting for an estimated 37.7% share of the global total. The market is projected to reach US$3,331.90 Thousand by the close of the analysis period. Europe is forecast to emerge as the fastest growing regional market with a CAGR of 38.7% over the analysis period.

The global market for digital signatures is being driven by the growing use of electronic documents by businesses and government agencies. Rising awareness about the threats posed by cybercrimes, implementation of new government regulations, and rapid growth of online activities will also fuel market growth. The rising use of digital signatures for preventing fraud, and improving security and management of documents is fueling market growth. Increasing Internet penetration rates and rise in online banking activities are aiding adoption of digital signature solutions. Enterprise shift towards digital signatures is also attributed to the lower risk of legal disputes and the promise of strong evidence provided by the solution. Also favoring market growth is the rising adoption of cloud-based security solutions including deployment of digital signatures over the cloud. Some of the regulations impacting digital signature market include ESIGN Act in the US and eIDAS in the EU. Growth is however being restrained by lack of awareness about legal standing of digital signatures and the differences in regulations in various countries.

North America’s leading position in the global market is attributed to the availability of advanced IT infrastructure and the implementation of strict government mandates pertaining to data security. Further, the presence of several leading vendors of digital signature solutions is also contributing to the region’s dominant standing, globally. In Europe, the adoption of digital signature among government agencies and businesses continues to grow, driven mainly by the rapidly rising investments being made by public, private and government sectors on improving data security. The region is witnessing high pace of digitalization of business processes, which is leading to high demand for security solutions. Europe also has adopted regulations such as eIDAS (Electronic Identification and Trust Services for Electronic Transactions in the Internal Market) regulation, which are intended specifically to ensure interoperability of digital signatures, thus fueling their adoption. Asia-Pacific presents significant growth potential with the use of digital signature solutions gathering pace in countries such as China, India and Australia. For instance, in India, e-governance program, MCA21 introduced in 2006, has been aimed at promoting use of digital signatures for e-forms. More

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