Digital Signature Market to Expand Fundamentally; Rising Government Support towards Digitalization to Brighten Sales Possibilities, states Fortune Business Insights™
Fortune Business Insights
7 min read
Companies Profiled in the Digital Signature Market: Adobe, Onespan, Gemalto, Ascertia, Docusign, Entrust Datacard, Signix Inc., Identrust, Kofax, Globalsign, Zoho Corp, Rpost Technologies, Multicert, Hellosign.
Pune, India, Jan. 27, 2022 (GLOBE NEWSWIRE) -- The global digital signature market size is expected to reach USD 7.99 billion by 2027, exhibiting a CAGR of 28.9% during the forecast period. The growing digitalization in retail, BFSI, healthcare, government, IT & telecom industries is expected to influence the healthy growth of the market, states Fortune Business Insights, in a report, titled “Digital Signature Market Size, Share & COVID-19 Impact Analysis, By Component (Software, Hardware, and Services), By Deployment (Cloud, and On-Premises), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By Industry (BFSI, IT and Telecommunications, Government, Healthcare & Life Science, Education, Retail, Real Estate, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 1.10 billion in 2019.
The distraught caused by coronavirus has harshly affected many industries across the globe. Moreover, many sectors are severely affected by the pandemic. The government of several countries has initiated lockdown to prevent the spread of this infectious disease. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
Increasing Digitalization by BFSI Companies to Boost Market Growth
The increasing advancements and digitalization in BFSI companies will have a tremendous impact on the global market. Digitalization has enabled transparency and higher efficiency in payment processes, including loan sanctioning, investments, and others. Moreover, it has also offered improvements in various tasks, including the account opening process, online bill payments, and more, hence resulting in huge demand for digital signatures in the BFSI industry. The fast and easy documentation process featured in digital signatures will enhance its prospects in the near future. Additionally, the increasing cybercrimes associated with conventional signatures forging, and document misplacements can be reduced through digitalization.
Reduced Paper-Based Transactions to Advance Market Amid Coronavirus
The increasing online and remote work obligations have urged various sectors to implement digital technology in their businesses. Various governments are supporting digitalization to diminish the transmission of the virus and maintain social distancing norms during the pandemic. The growing utilization of digital platforms by the governments to promote the digital modes of signature and verification such as smart ID/card readers, electronic signature, smooth pass, biometric signature, and more will simultaneously boost the market growth. Besides, the healthcare industry is taking strict precautionary measures to ensure the safety of doctors and patients, hence adopting electronic signature technology.
Rising Awareness about Paperless Systems to Propel Market in North America
The market in North America is expected to experience a stellar growth rate owing to the wide adoption of digital technologies in the region. The increasing awareness about paperless systems in the US will foster healthy growth of the market in the region. For instance, in 2018, the U.S. government introduced the Integrated Digital Experience (IDEA) Act to improve digital services. The ongoing protocols will influence healthy growth in the region. The market in Asia Pacific is expected to rise tremendously owing to the increasing government initiatives to enhance digitalization across industries. The government of India is focusing on providing e-signature facility and have passed a law under IT 2000 for legalizing the e-signature
Key Development:
June 2020: DocuSign Inc. announced that it has signed a partnership with Appian Inks Technology to integrate its automation platform. DocuSign Inc. will offer its electronic signature capabilities for the users of Appian Ink cloud.
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Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
