By the end of 2029, it is Anticipated that the Market for Digital Signatures will have grown at a CAGR of 21%
Global Market Study on Digital Signature: Increasing Instances of Tampering and Forgery In Document Processing Dictates High Demand
NEW YORK, NEW YORK, UNITED STATES, January 5, 2023 /EINPresswire.com/ — The foundation of the Digital Signature Market is the notion that data security is accomplished after a document has been digitally signed. Recently, numerous rules governing digital signatures and electronic documents in general have been passed. As a result, there has been a major rise in the usage of digital signatures in legal processes.
The study claims that favourable norms and legislation, increased effectiveness, decreased error rates, as well as the adoption of digital initiatives by businesses will all contribute to the market for digital signatures continuing to grow over the course of the projection period. Digital signatures are replacing paper ones in commercial contexts due to their significant business and environmental advantages.
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Integration of new technologies such as IoT, Machine Learning and Artificial Intelligence will continue to propel the demand of digital signature software. Moreover, ability of digital signature solutions to focus on safeguards against security breach will fuel the sales of these solutions
Gains Underpinned by Increasing Demand for Digital Signature Solutions in SMEs
According to the latest study by PMR, most of the companies are switching from manual systems to integrated solutions that manage all the quality-related processes and data in one comprehensive model.
Organizations and companies are interested in adopting the technology and are constantly focusing on implementing convenient and trusted digital signature solutions, which do not increase the complexity of workflows. Thus, the digital signature solution providers with an ability to fulfil the needs through innovative offerings will have a substantial competitive advantage over other solution providers in the digital signature market.
As per the PMR research study, the digital signature market is poised to create an incremental opportunity of ~ US$ 9,500 Mn during the stipulated timeframe. Digital signature software continues to account for relatively high share of the stakeholders’ bottom lines, as compared to services. However, contribution of revenue generated through services is estimated to grow in regions with high demand for digital signature solutions.
Tapping into Opportunities in Healthcare Sector
The trend to digitize and transform the healthcare sector is accelerating. The healthcare sector has been witnessing an increasing shift towards paperless options for various daily processes, thus significantly driving the growth of the digital signature market. Some processes include contracting and procurement, medicare billing, patient onboarding, and others.
In addition, digital signature in healthcare sector ensures safety and integrity of personal information of patients, which reduces the incidence of data and information theft and unauthorized access. Thus, digital signature solution providers remain targeted towards the healthcare industry.
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Tier-1 Players to Account for 20% Revenue Share in Digital Signature Market
PMR opines that the global digital signature market shows a fair level of fragmentation, with a large number of regional players. PMR has segregated the market structure into three tiers: Tier 1, Tier 2, and Tier 3 for deep-down analysis. Tier-1 digital signature providers account for around 18%-20% of the overall market. Tier-1 vendors are the most experienced and largest in the industry, and have a vast regional coverage across the globe.
These vendors are collaborating and partnering with new players in the market to expand their distribution channel. Tier-3 digital signature providers are fairly new in the market and are mostly local and regional players. As Tier-3 players have a limited presence in the market, they constantly keep themselves updated with the latest technology and are growing at a rapid pace.
For instance, Dropbox, a personal cloud storage service that is frequently used for file collaboration and sharing, announced the acquisition of HelloSign. HelloSign has built a thriving business focused on eSignature and document workflow products. This acquisition brings the well-deserved application to the e-signature market, which continues to gain in strength and value.
Similarly, SignNow, a cloud-based provider of electronic signature technology, developed in the United States, announced a strategic partnership with Autodesk BIM. This partnership will give users a tremendous time-saving service with immediate access to their SignNow templates and documents folder in their Autodesk BIM 360 account.
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Key Segments
Component
Software
Services
End-user
Consumer
Enterprise
Industry
BFSI
Defense
Government
Retail & Consumer Goods
Healthcare
Education
IT & Telecom
Others
Region
North America
Latin America
Western Europe
Eastern Europe
Asia PacificExcluding Japan
Japan
Middle East & Africa
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