Digital Signature Market Statistics: 2030
The global digital signature market size was valued at $3.56 billion in 2020, and is projected to reach $61.91 billion by 2030, growing at a CAGR of 33.2% from 2021 to 2030. Digital signature is a small, specialized program designed to keep the user motivated while running, walking, cycling, or taking part in any other physical activity. Moreover, digital signatures connect the user to a personal trainer or nutritionist to help with areas of concerns when using a specific fitness routine or just generally with workouts. Furthermore, digital signatures also provide coordinated series of songs, each having the same beat when doing workouts such as running and fitness classes.
High acceptance of digital signatures in internal processes or communication in enterprises and enhanced operational efficiency leads to reduction in costs positively impacts the growth of the market. In addition, growing need for data security and authentication owing to increase in cyber-attacks boost the growth of the market across the globe. However, factors such as resistance to variation of existing applications or systems and high cost of investment are limiting the growth of the market. On the contrary, innovation in technology, increase in adoption of cloud-based solutions, and new legislations promoting the use of digital signature are expected to offer remunerative opportunities for the expansion of the market during the forecast period.
By component, the software segment is expected to garner a significant share and is expected to witness growth at the highest rate during the forecast period, owing to rise in adoption of digital signature among enterprises for managing and protecting critical data of the organization. However, service is expected to witness significant growth rate during the forecast period, owing to rise in demand for various types of services across the globe.
Region wise, the digital signature market was dominated by North America in 2020 and is expected to retain its position during the forecast period. This is attributed to early adoption of digital signature software among the North American countries and presence of key players of the market. However, Europe is expected to witness significant growth rate during the forecast period, owing to rise in adoption of digital signature software by various venders in order to prevent and detect threats at early stages.
The report focuses on growth prospects, restraints, and trends of the digital signature market analysis. The study provides Porter’s five forces analysis to understand impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the digital signature market share.
The global digital signature market is segmented into component, deployment model, industry vertical, and geography. In terms of component, the digital signature industry is studied across hardware, software, and services. Deployment model analyzed in this report are premise and cloud based. Further, the report is segmented based on industry as BFSI (Banking, financial services, and insurance), education, government, healthcare and life science, IT & telecommunication, real estate, human resource, and others. Geographically, the digital signature market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the digital signature market share are ADOBE, IDENTRUST INC., ASCERTIA, DOCUSIGN, INC., ENTRUST CORPORATION, Thales Group, Lexmark International, Inc., Rpost., Secured Signing Limited, and VASCO Data Security International, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the digital signature industry.
Software is segment is projected as one of the most lucrative segments.
COVID-19 impact analysis
The COVID-19 outbreak has a significant impact on growth of the digital signature market, mainly owing to adoption of digital signatures organizations and business enterprises were able to maximize their operational productivity and efficiency, as with digital signatures organizations had to spend less on paper, printing, and postage costs, while being faster than traditional methods. This further helped the e signature market to expand during the period of the COVID-19 pandemic. Moreover, with the advent of a global pandemic, a majority corporations embraced work-from-home model to maintain their productivity.
According to research published by PEW Research, more than 71% of Americans were working from their homes in December 2020. This trend gave the digital signature solutions to expand into such employees work tools, aiding to the growth of e signature market during the period of the COVID-19 pandemic. According to a report published by Adobe, their digital signature tools segment experienced more than 53% increase in sales revenue in the year 2019-2020 alone
By Deployment Model
On-premise is projected as one of the most lucrative segments.
Top impacting factors
Enhanced Operational Efficiency Leads to Reduction in Costs
Digital signature technology offers improved efficiency, which leads to cost reduction and increase in speed of overall business operations. The cost reduction is mainly observed in processing costs, printing & mailing, recording, archiving, reduced resource expense, and others. Furthermore, many organizations started adopting digital signatures during the pandemic to allow employees that are working from their homes eliminate the need for manual signing of documents from clients. For instance, according to a survey conducted by Global Workplace Analytics in 2021, more than 56% of employees in the U.S. were working from their homes by the end of 2020. This created an immediate need for adoption of digital signature solutions, and hence the e signature market showed growth during the period.
High Acceptance of Digital Signatures in Internal Processes or Communication in Enterprises
International & national banks, government offices, small & medium businesses, and others require digital signatures to protect the crucial data and have complete control over it. Digital signature is adopted in various organizations to avoid data breach and have reliable communications with their business partners as well as in their internal processes. This is further aided by younger consumers that are more acceptable towards digital signature solutions in their daily work-lives. For instance, according to a report published by Adobe in 2020, more than 61% of Adobe's clientele in the APAC regions were millennials in the year 2019-2020. Therefore, helping the digital signature industry in establishing itself as a prime communication and authentication solution in modern mainstream business enterprises, which in turn is driving the growth of the market.
Europe would exhibit the highest CAGR of 34.2% during 2021-2030.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the digital signature market forecast along with the current trends and future estimations to explain the imminent investment pockets.
- Information about key drivers, restraints, & opportunities and their impact analysis on the global market is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the digital signature market trends from 2021 to 2030 is provided to determine the market potential.
Digital Signature Market Report Highlights
By Deployment Model
By Industry Vertical
By Key Market Players
The digital signature market is expected to grow at a significant rate of around 30% during the forecast period. Among the components, software and services market contributed more than 65% of the total market share. Further, the cloud adoption is expected to be higher owing to their cheap costs and easy availability. Among various industries, BFSI and government are major revenue contributing sectors, followed by healthcare & life science and IT & telecommunication.
Key providers of digital signature market such as ADOBE, IDENTRUST INC., and ASCERTIA account for a significant share in the market. For instance, in November 2021, Adobe and Major League Baseball partnered to leverage Adobe Experience Cloud, Adobe Creative Cloud and Adobe Sign to deliver more personalized experiences for fans. The partnership will empower MLB to bring new personalized, seamless experiences to its millions of fans. The league and its Clubs will be able to collaborate more seamlessly with advanced tools for signing contracts, sharing creative assets and engaging directly with their fans. 3. For instance, in November 2020, SAVIS Technology Group, one of Vietnam’s leading IT companies, partnered with Ascertia’s to leverage Trust Services Platform to secure the digital information of its enterprise and government department customers. Leveraging its operational excellence, research acuity and Ascertia’s solid foundation, the company has successfully launched various electronic authentication and digital signature solutions tailored specifically for digital government, digital enterprise, digital banking, digital healthcare and other emerging sectors. Moreover, many digital signature providers are leveraging solutions from various technology providers to meet their regulatory requirements. For instance, in April 2020, GMO GlobalSign, a global certificate authority (CA) and leading provider of identity and security solutions for the internet of things (IoT), partnered to broaden the DocuSign partner ecosystem, offering enterprises additional capabilities to digitally transform their business. This includes expanding their market reach, scalability, reducing risk and meeting regulatory requirements. The partnership also enabled cloud-based services from both GlobalSign and DocuSign, further enabling business enterprises for a seamless, complete cloud-based service and providing a true end-to-end signing experience that lowers barriers such as cost, hardware maintenance and internal expertise. Thus, such developments across the globe drive the growth of the market.