The global digital signature market is projected to grow from an estimated USD 5.5 billion in 2022 to USD 25.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 35.6% from 2022 to 2027. Growing transition from the use of paper-based transactions to digitally signed workflows and strict regulations and data privacy compliances implemented are some of the key factors driving the market growth.
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By deployment mode, on-premises segment to account for a larger market size during the forecast period
The on-premises installation of digital signature solutions include resources being deployed in-house and within an organization’s IT infrastructure. With the purchase of on-premises solution, the software is licensed, and it resides within the premises of the organization. The organization has the responsibility to maintain the deployed solution and the related processes. The organization deploying an on-premises digital signature solution bears several costs including those for the hardware, software, and services deployed. Apart from maintenance, the costs also include those for updating and upgrading the systems at regular intervals to maintain the efficiency of the software and the equipment deployed. Organizations dealing in sensitive and confidential data have the requirement to maintain high levels of security and privacy. Industries such as BFSI and government are the key adopters of digital signature solutions. This need to maintain compliance with regulations and laws is expected to boost the growth of on-premises digital signature solutions. Organizations rely on the on-premises deployment mode to get full control over the digital signing process, and control and secure data in an efficient way.
By vertical, BFSI to grow at highest CAGR during the forecast period
The BFSI vertical is rapidly undergoing digital transformation. However, with the increasing digitalization comes the risk of fraud and cybercrimes. With the process of mitigating the risk of fraud, digital signature solutions help provide protection to the sensitive customer data. BFSI organizations need to provide good customer experiences based on digital consumer behavior and preferences. Digital signatures help increase efficiency and allow businesses to collaborate across borders. Digital signatures help eliminate paper-based processes; identify internal users or workflow processes; enable signing of a huge volume of documents; provide authenticity, traceability, and control; reduce time delays, and increase accuracy of completion rates. Digital signature solutions help speed up transactions and maintain audit trails of signed agreements and consent forms. They also help comply with several regulations such as the electronic Identification Authentication and Trust Services (eIDAS) in Europe and the Uniform Electronic Transactions Act (UETA) and the Electronic Signatures in Global and National Commerce Act (E-Sign Act) in the US. Several financial institutions are increasingly adopting digital signature solutions. For example, more than 80% of the population in Sweden use the BankID system. The BankID smart card allows citizens for digital identification, signing documents, and helps conduct transactions.
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By region, North America to account for the largest market size during the forecast period
North America is the expected to be the largest contributor in terms of the global digital signature market size. The presence of key vendors, the increasing digitalization initiatives being taken up by end users, and the regulations related to digital signatures being implemented in the region have contributed to the digital signature market growth in the region. North America is the most advanced region with respect to security technology adoption and infrastructure. Digital tools present immense potential to advance transparency, strengthen inclusion, and inspire innovation. However, it presents significant risks to privacy and security as well. The growing concerns for protecting critical communication infrastructure and sensitive data have increased government intervention in recent years. Several government mandates are present for securing electronic documents. The US is a highly regulated country with stringent laws and offers multiple opportunities for digital signature providers to cater to a wide range of customers across industries. The E-Sign Act is a federal law that grants legal recognition to electronic signatures and records if all parties to a contract choose to use electronic documents and sign them electronically. The key industry players engage in partnerships and collaborations to expand their presence in the digital signature market. The increasing digitalization, presence of key digital signature vendors, and strict regulations implemented in the region has driven the growth in the digital signature market.
Key Players
The major vendors in the digital signature market are Adobe (US), OneSpan (US), Thales (France), DocuSign (US), Ascertia (UK), Zoho (India), GlobalSign (US), Entrust (US), DigiCert (US), IdenTrust (US), Secured Signing (New Zealand), Symtrax (US), AlphaTrust (US), Notarius (US), Actalis (US), ComSignTrust (Israel), SignWell (US), SIGNiX (US), RNTrust (UAE), Bit4id (Italy), LAWtrust (South Africa), SigniFlow (UK), vintegrisTECH (Spain), Signicat (Norway), and Signority (Canada).
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