Digital Signature Market worth $40.23 Billion by 2030 – Exclusive Report by The Insight Partners
Digital Signature Market is growing at a CAGR of 29.0% from 2022 to 2030.
Pune, India., Sept. 13, 2023 (GLOBE NEWSWIRE) — The adoption of digital signatures is not very common in Germany but is increasing at a significant rate. Certificate-based digital signatures are not commonly used in legal transactions due to the high costs and technical effort involved. However, their adoption is increasing in the business community, driving the digital signature market growth in Germany. The key laws in Germany that regulate the use of digital signatures are the Vertrauensdienstegesetz (VDG) or the German Trust Services Act, which implements the eIDAS Regulation and facilitates the use of electronic trust services per the eIDAS Regulation and The Bürgerliches Gesetzbuch (BGB) or the German Civil Code which, among other things, dictates when the written form can be replaced by electronic form. Moreover, Despite being a technologically advanced country, Germany has been consistently targeted several times by hackers, which led to the exploitation of sensitive data. The increase in the frequency of the number of attacks has driven the rise in the adoption of digital signatures in Germany, thereby driving the digital signature market growth in the country.
Digital Signature Market in terms of revenue was estimated to be worth $5.25 billion in 2022 and is poised to reach $40.23 billion by 2030, growing at a CAGR of 29.0% from 2022 to 2030 according to a new report published by The Insight Partners.
The growth of the digital signature market is driven by the increase in penetration of digital technologies, the growing adoption of e-signatures in the e-commerce industry, and the growing number of online and remote work commitments. However, a lack of awareness is expected to hinder the market growth.
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Browse Comprehensive TOC on “Digital Signature Market Size and Forecasts (2020 – 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis By Solution (Hardware, Software, Services); Business Type (B2B (Business to Business), B2C (Business to Consumer), B2G (Business to Government)); Industry (BFSI, E/M-Commerce, Healthcare, Defense, Information Technology (IT), Others) and Geography”
Global Digital Signature Market Scope:
|Market Size Value in||USD 5.25 Billion in 2022|
|Market Size Value by||USD 40.23 Billion by 2030|
|Growth rate||CAGR of 29.0% from 2022 to 2030|
|Segments covered||Solution, Business Type, Industry, and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends|
Blockchain Technology in Digital Signature Drives the Growth Global Digital Signature Market Growth:
Technological or legal advancements are important enablers of digital signature adoption due to the increasing need from businesses and their users. The use of blockchain technology in e-signatures is emerging as a significant trend in the digital signature market. By leveraging the decentralized and immutable nature of blockchain technology, digital signatures can achieve greater security, transparency, and reliability than before. Digital signatures can effectively eliminate the need for intermediaries, thereby reducing transaction costs and ensuring a seamless and efficient process. This is useful in industries such as finance and real estate, where the security and reliability of signatures are crucial. Moreover, the integration of blockchain technology with digital signatures can also help to address the issues of fraud. By recording each signature and transaction on the blockchain ledger, any attempts at fraudulent activity can be quickly identified and eliminated. Integration of blockchain technology into digital signatures represents a significant step forward, which will ensure a secure, transparent, and efficient means of conducting transactions in the digital world, thereby enhancing the trust and credibility of digital signatures in the future business landscape and contributing to the digital signature market growth.
Within the Asia Pacific, cybercrime years has grown to be a higher risk than in other regions due to rapidly increasing connectivity and the surge of digital transformation in the region, further resulting in sharpening concern for technological threats among businesses. Cyber-attack accounts are among APAC’s top 5 technological threats for business operations risk. For instance, according to Cyber Security Hub, 59% of businesses in the Asia-Pacific region reported being the victim of a cyber-attack, and 32% reported being the victim of multiple cyber-attacks in 2022. On October 13, 2022, Australian health insurance provider Medibank suffered a data breach that affected 9.7 million people. On October 7, 2022, Japanese car manufacturer Toyota discovered that third parties may have gained unauthorized access to customer details between December 2017 and September 2022. Australian telecommunication company Optus suffered a devastating data breach on September 22, 2022, that led to the details of 11 million customers being accessed. Furthermore, Experian’s Global Identity & Fraud Report highlighted that consumers in China and India appeared to be especially vulnerable, with 29% of consumers in each market being the victim of online fraud. The organizations operating in IT & Telecom, BFSI, and utilities end-user industries deal with a vast customer base and manage user’s data; therefore, to ensure the privacy of data during a transaction, various organizations are adopting digital signature solutions which are aiding the digital signature market growth in APAC.
Digital signatures are legally recognized in the UK and are provided for in the Electronic Identification and Trust Services for Electronic Transactions Regulations (Regulations) since 2016. UK enterprises are increasingly aware that doing business in a global economy requires digital signatures. Leading e-signing platforms such as DocuSign, Adobe Acrobat Sign and Dropbox Sign provide solutions under UK law. Furthermore, UK enterprises regularly enter into cross-border transactions with overseas parties. They need certainty that transaction documents will be recognized and enforceable not only in the UK but in every relevant jurisdiction that requires judicious use of electronic and digital signatures, together with an e-signing policy that considers the governing law and the jurisdiction of the parties that provides lucrative growth opportunities for the digital signature market growth in the UK.
Electronic signatures have been legal in China since 2004, with the introduction of the Electronic Signature Law of the People’s Republic of China. Depending on the type of transaction, eSignatures are legally admissible in China. China’s eSignature law states that contracts may be signed electronically, and this agreement is admissible in court. However, one or both parties may need to provide additional documentation to prove the contract was signed electronically. Thus, digital signatures are more widely used in routine business and legal contexts in China. Moreover, many businesses serving users and customers in China do this remotely, which generates the need to adopt digital signatures, contributing to digital signature market growth in China.
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Global Digital Signature Market: Segmental Overview
Based on industry, the digital signature market is segmented into BFSI, E/M-Commerce, Healthcare, Defense, Information Technology (IT) and Others. Digital signatures are used in the healthcare industry to improve the efficiency of treatment and administrative processes, strengthen data security, e-prescribe and process hospital admissions. The use of digital signatures in healthcare must comply with the Health Insurance Portability and Accountability Act of 1996. Moreover, The financial sector uses digital signatures for contracts, paperless banking, loan processing, insurance documentation and mortgages. This heavily regulated sector uses digital signatures, paying careful attention to the regulations and guidance put forth by the Electronic Signatures in Global and National Commerce Act (E-Sign Act), state Uniform Electronic Transactions Act regulations, the Consumer Financial Protection Bureau and the Federal Financial Institutions Examination Council.
Global Digital Signature Market: Competitive Landscape
Adobe Systems Inc.; Ascertia Limited; Citrix Systems. Inc; Entrust Datacard Corporation; Gemalto, Inc (Thales Group); Identrust, Inc; Kofax Inc; Microsoft Corporation; Oracle Corporation.; Topaz Systems, Inc., are a few of the key companies operating in the digital signature market. The digital signature market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities in the digital signature market.
Global Digital Signature Market – Key Industry Dynamics:
- Growing adoption of e-Signatures in the E commerce industry
- Growing number of online and remote work commitments
- Lack of Awareness
- Integration of AI and machine learning in digital signature solutions
- Blockchain Technology in Digital Signature
- In July 2023: DocuSign announced the launch of its enhanced identity verification offering, Liveness Detection for ID Verification. Part of DocuSign’s Identify portfolio, this new feature uses artificial intelligence (AI)-enabled biometric checks to confirm signers are who they say they are. Developed in partnership with Onfido, the new feature is tightly integrated with DocuSign’s popular eSignature workflow, eliminating the need for users to use multiple platforms to complete secure agreements. This contributes to the digital signature market growth.
- In January 2023: TechnoBind and DocuSign announced a partnership to offer the best e-signature technology in India. This partnership helped TechnoBind’s partners to leverage the market opportunity in India’s journey of Digitization.
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