Digital Signature Market

Digital Signature Market Size & Growth (2024 to 2033)

Global market demand for digital signature is estimated at US$ 5.3 Bn as of 2023 and is anticipated to have sales of US$ 46.6 Bn by the end of 2033. As of 2024, the market is estimated to be US$ 6.6 Bn and is predicted to progress at a CAGR of 24.3% from 2024 to 2033.

A digital signature is an e-signature that is used to verify the identity of the sender or the authenticator of a document and to make sure that the original content of the message or document has not been altered. To accomplish this, it employs a combination of public key cryptography and hashing functions.

The application of digital signatures can be used to verify the authenticity of electronic transactions such as online purchases, banking transactions, and e-contracts. Digital signatures can be used to authenticate and verify the integrity of digital documents, such as contracts, invoices, and legal documents. Digital signatures are widely used in government services to secure online transactions, such as tax filings and visa applications.

Overall, digital signatures provide a secure and convenient way to verify the authenticity of electronic transactions and protect against fraud, tampering, and other security risks. The Digital Signature market is growing due to the increasing demand for secure and efficient electronic transactions, particularly in industries such as finance, government, healthcare, and legal.

North America held a high market share of 18.4% in 2023 and is expected to maintain its position throughout the forecast period, while the market in Europe held a 15.2% value share in the global market in 2023.

What are the Drivers for The Digital Signature Market?

“Increased adoption of electronic documents and digital transactions”

Need for secure and legally binding electronic signatures. Growing awareness of the benefits of digital signatures, such as cost savings and improved efficiency. Increase in regulations mandating the use of digital signatures, such as the European Union's eIDAS regulation. Advancements in technology, such as the integration of digital signatures with cloud and mobile technologies. Increase in demand from various industries, such as healthcare, finance, and government. The growing trend towards paperless processes and going green.

These factors are driving the demand for digital signature solutions and contributing to the growth of the market.

• In April 2021, The OneSpan Sign Digital Room for remote agreement partnership and eSigning has been launched. The virtual room offers financial services organizations a unified solution for delivering secure, video-enabled customer interactions for the completion of complex financial agreements.
• In April 2020, To provide globally trusted digital identities, GlobalSign has entered DocuSign's agreement cloud platform. GlobalSign and DocuSign cloud-based services enable businesses to take advantage of GlobalSign's digital signing service integration with the DocuSign Trust Service Provider ecosystem.

Which Factors Are Driving the Opportunity in the United States for the Digital Signature Market?

“Increasing Demand for Paperless Transactions and Growing Adoption of Electronic Document Management Systems”

The shift towards paperless transactions has led to a growing demand for digital signature solutions in the United States. Digital signatures offer a secure and efficient way to complete transactions, making them an attractive alternative to traditional paper-based signatures. The United States government has been actively promoting electronic transactions and has introduced several initiatives aimed at increasing the use of digital signatures.

Overall, the growing demand for secure and efficient transactions, government initiatives to promote electronic transactions, and advancements in technology are driving the opportunity for digital signatures in the United States.

These are the reasons why in 2023, the United States digital signature market companies helped the country to account for a dominant share of 24.2% in the global marketplace.

Which Countries in South Asia Have the High Global CAGR for the Digital Signature Market?

“Growing E-Commerce Industry and Increased Awareness About Cybersecurity”

The growth of the e-commerce industry in India is leading to a higher demand for digital signatures, as they provide a secure and efficient way for consumers to sign for purchases and deliveries. With increasing concerns about cyber-attacks and data breaches, companies and individuals are looking for security solutions for online transactions, leading to an increase in the demand for digital signatures.

With the growth of the internet and digital devices, the demand for digital signatures is increasing as they provide a secure and convenient way to sign documents online.

These factors are contributing to the high CAGR of 25.6% of the digital signatures market in India, and are expected to continue to drive growth in the coming years.

Why the United Kingdom Has the High Global Markets for Digital Signature Market in Europe?

“Government Initiatives and High Penetration of Digital Devices”

The United Kingdom government has taken several initiatives to promote the adoption of digital signatures and electronic document management, contributing to the growth of the market. With the rise in cyber threats, the need for secure and efficient processes has increased. Digital signatures provide a secure and efficient way to sign documents, making them popular in the United Kingdom market.

The United Kingdom has a high penetration of digital devices, such as smartphones and computers, making it easier for people to access digital signature services.

Due to this reason, the digital signature market for United Kingdom in 2022 held a market share of 21.5% globally.

Category-wise Insights

Which Component of the Digital Signature Market Held the Largest Market Share?

“Software Component of Digital Signature Allows Having the Larger Market Share”

Digital signature software provides a convenient and efficient way to sign and verify documents electronically, reducing the need for physical signatures and paper-based processes. This saves time and improves the overall efficiency of document management processes. Many industries are subject to regulatory requirements that mandate the use of electronic signatures for legally binding documents. Digital signature software helps organizations meet these requirements and maintain compliance

Implementing digital signature software can help organizations reduce printing and shipping costs associated with physical signatures, as well as streamline document management processes, leading to overall cost savings.

In 2022, the software component of digital signature share was estimated to account for 54.2% of the total market value share.

Which Industry of the Digital Signature Market holds a Larger Share of the Market?

“BFSI industry Holds a Larger Share Market”

In 2022, it was estimated that the BFSI industry market share was 16.4%.

The banking, financial services, and insurance (BFSI) sector has a high market demand for digital signatures due to BFSI companies are subject to strict regulatory compliance requirements, such as know your customer (KYC) and anti-money laundering (AML) regulations, which require secure and tamper-proof methods of document authentication and verification.

Digital signatures provide a secure and tamper-proof method for signing and verifying electronic transactions, protecting sensitive financial information from cyber threats and fraudulent activities.

The BFSI industry’s high demand for digital signatures is driven by the need for regulatory compliance, increased security, increased efficiency and reduced costs, and the ability to conduct transactions remotely.

Competitive Landscape

The digital signature industry is highly competitive, with a number of established companies and start-ups offering a variety of solutions. New players are entering the market all the time. As the use of digital signatures continues to grow, it is likely that the competitive landscape will evolve and change over time.

• In January 2020, IFS, a provider of wealth management automation solutions, collaborated with SIGNiX Inc. to streamline the digital signature process. This collaboration provides the wealth management industry with the highest layers of protection, functionality, performance, and overall digital enablement.
• In March 2021, OneSpan, Inc. collaborated with Belgium mobile ID (itsme) to integrate Qualified E-Signatures by approving certificate-based digital IDs that validate signers' identities (QES). This collaboration gives clients the ability to work with even more TSPs while maintaining the highest levels of signer authorization compliance and assurance.

Recent developments related to key players providing the digital signature market have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Digital Signature Market Report Scope

Key Segments of Digital Signature Market Research

By Component:

• Software
• Services

By End-user:

• Consumer
• Enterprise

By Industry:

• BFSI
• Defense
• Government
• Retail & Consumer Goods
• Healthcare
• Education
• IT & Telecom
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)

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