USD 3.92 billion
Global Digital Signature Market Size, Share, Growth Analysis, By Deployment(Cloud and On-premises), By Enterprise Size(Large Enterprises, Small and Medium Enterprises), By Component(Hardware, Software), By Industry Vertical(BFSI, Education) - Industry Forecast 2023-2030
Report ID:
SQMIG45A2210 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
119 |
Figures:
74
Global Digital Signature Market Insights
Global Digital Signature Market size was valued at USD 3.92 billion in 2022 and is poised to grow from USD 4.94 billion in 2023 to USD 16.32 billion by 2031, growing at a CAGR of 35.1% in the forecast period (2024-2031).
Governmental initiatives surrounding e-signatures, exemplified by legislative acts like the Uniform Electronic Transactions Act (UETA) and the Electronic Signatures in Global and National Commerce Act (E-SIGN), have played pivotal roles in propelling market growth. These legislative measures have significantly contributed to legitimizing the use of e-signatures across a spectrum of transactions, thereby fostering trust and confidence in electronic documentation.
Additionally, international trade agreements, such as the United States-Mexico-Canada Agreement (USMCA), have actively encouraged and supported the adoption of e-signatures. This endorsement within trade agreements has further incentivized businesses and governments to embrace e-signatures, facilitating smoother cross-border transactions and bolstering the global acceptance of electronic signatures as valid and legally binding.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
on-premises
Growth Rate
35.1% CAGR
Global Digital Signature Market By Deployment ($ Bn)
Country Share for North America Region (%)
Global Digital Signature Market By Deployment (%)
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Global Digital Signature Market Segmental Analysis
The global digital signature market is segmented into five segments i.e. by deployment, enterprise size, component, industry vertical and region. Based on Deployment the market is segmented as, cloud and on-premises. Based on Enterprise Size the market is segmented as, large enterprises, small and medium enterprises. Based on Component the market is segmented as, Hardware, Software, Services. Based on Industry Vertical the market is segmented as, BFSI, Education, Human resource, IT & telecommunication, Government, Healthcare & life science, Real estate, Others. Based on Region, the market is segmented as, North America, U.S., Canada, Europe, UK, Germany, France, Italy, Spain, Rest of Europe, Asia-Pacific, China, India, Japan, Australia, Rest of Asia-Pacific, LAMEA, Latin America, Middle East, Africa.
Analysis by Enterprise Size
The forecast period anticipates the large enterprises segment to assert its dominance within the market, propelled by the burgeoning implementation of e-business models and the widespread adoption of paperless systems. This segment's ascendancy finds its roots in the ever-expanding embrace of digital solutions among large enterprises.
Small and medium enterprises (SMEs) sector will demonstrate the highest CAGR throughout the forecast period. This notable growth trajectory finds its impetus in the escalating embrace of digitalization aimed at enhancing operational efficiency within the business processes of SMEs. Recognizing the pivotal role of digital transformation, SMEs are increasingly acknowledging and adopting technological innovations to streamline their operations.
Analysis by Deployment
The cloud segment is poised to capture a significant market share as of 2022, driven by notable technological advancements and enhanced security measures. In a bid to establish novel standards for cloud-based electronic signatures aligning with both business and government regulations, industry providers have taken a proactive step by forming the Cloud Signature Consortium, a global coalition.
The on-premises segment is anticipated to retain a considerable market share, primarily attributed to mounting apprehensions surrounding cloud security. This pervasive concern stands as a key driver motivating a preference for on-premises deployment among businesses. The steadfast loyalty towards on-premises solutions arises from the perception that having direct control and oversight over infrastructure and data management inherently mitigates the perceived risks associated with cloud-based systems.
Global Digital Signature Market By Deployment, 2022 (%)
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Global Digital Signature Market Regional Insights
North America is projected to command the largest share of the digital signature market. This regional dominance is underpinned by North America's status as an early adopter of digital technologies, serving as a catalyst propelling market growth. Within the United States, the legal framework supporting electronic signatures significantly bolsters this momentum. The U.S. Electronic Signatures in Global and National Commerce (ESIGN) Act of 2000 legally sanctions electronic signatures in every state and U.S. territory where federal law holds jurisdiction.
Asia Pacific is poised for substantial growth, driven by growing government initiatives aimed at bolstering digitalization across diverse industries. Notably, the Indian government has directed its efforts towards enhancing digital capabilities by focusing on facilitating e-signature facilities. This commitment is underscored by the passage of legislation within the IT 2000 Act in India, effectively legalizing and endorsing the use of e-signatures.
Global Digital Signature Market By Region, 2024-2031
- Largest
- Fastest
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Global Digital Signature Market Dynamics
Drivers
Need for Improved Security, Operational Efficiency, and Seamless Workflow to Propel Market Growth
- The arduous tasks of managing, storing, and tracking documents consumed considerable time, causing bottlenecks that impeded other critical work processes. The pressing necessity for heightened operational efficiency coupled with escalating concerns surrounding data security has catalyzed the emergence of digital signatures. Industries such as banking, insurance, retail, real estate, and government are acutely aware of the paramount significance of safeguarding digital information exchanged among individuals or departments. Consequently, these transaction-centric enterprises have proactively integrated digitally-enabled signatures into their workflow systems. This strategic adoption aims to address their imperative requirement for fortified security in online transactions, ensuring a robust and safeguarded operational landscape.
Restraints
Lack of Awareness Regarding Legality and Benefits of Digital Signature to Hinder Market Growth
- The surging demand for digitalization pervades industries worldwide, yet the adoption of electronic signatures lags in certain developing economies in contrast to their prevalence in developed nations. This disparity stems primarily from a lack of awareness regarding the manifold benefits of these signatures within these regions. Insufficient knowledge and prevalent misconceptions surrounding the legality of electronic signatures significantly hinder their widespread adoption.
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Global Digital Signature Market Competitive Landscape
The competitive environment of the global Digital Signature Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
- Adobe
- OneSpan
- Thales
- DocuSign
- Ascertia
- Zoho
- GlobalSign
- Entrust
- DigiCert
- IdenTrust
- Secured Signing
- Symtrax
- AlphaTrust
- Notarius
- Actalis
- ComSignTrust
- SignWell
Recent Developments
-
TechnoBind and DocuSign announced a collaboration in January 2023 to provide the best e-signature technology available in India. Through this relationship, TechnoBind's partners were able to take advantage of the market potential presented by India's digitization journey.
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The Zoho Sign for ISVs and OEMs service, a complete solution that enables software vendors and equipment manufacturers to effortlessly incorporate Zoho's digital signature capabilities into their products, was strengthened by Zoho in February 2023. Strong APIs, mobile SDKs for app integration, Single Sign-On (SSO) authentication, and possibilities for full white labeling to bolster brand identification are all included in this solution.
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Adobe upgraded Adobe Acrobat Sign in June 2023 to provide a more sophisticated e-signature solution. With the integration of more than 50 international Identity Providers (IDPs) and Trust Service Providers (TSPs), this improvement ensures strong identity verification and digital signature capabilities.
Global Digital Signature Key Market Trends
- The ongoing trend towards digitalization across various industry workflows stands poised to revolutionize businesses fundamentally. Embracing dematerialization has become a pivotal driver propelling market growth. Paperless solutions offer a plethora of benefits, notably encompassing convenience, accelerated processes, and heightened workflow efficiency. Electronic documentation serves as a catalyst in cost reduction, significantly minimizing expenses related to stationery.
Global Digital Signature Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global Digital Signature market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The growing expansion of the digital signature market finds its roots in the escalating adoption of digital signatures as the preferred method for signing documents in the digital sphere. This widespread adoption is steered by several compelling factors that collectively influence the market landscape. Key drivers include evolving customer preferences for seamless digital interactions, a heightened recognition of the legal validity of e-signatures, an amplified emphasis on compliance and security standards, and businesses' imperative to sustain competitiveness within their respective markets.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.92 billion |
| Market size value in 2031 | USD 16.32 billion |
| Growth Rate | 35.1% |
| Base year | 2022 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Digital Signature Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Digital Signature Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Digital Signature Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Digital Signature Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Digital Signature Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Digital Signature Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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