The global market
for digital signature demonstrates a competitive landscape, finds a
new research report by Transparency Market Research (TMR). The top
five players, namely, DocuSign Inc., Adobe Systems Inc., Gemalto NV,
Entrust Datacard Corp., and Ascertia, collectively, held more than
57% of the overall market in 2016. A large pool market players are
adopting strategies, such as alliances and partnership, to expand
their presence. These companies are expected to further diversify
their product portfolio and integrate value-added services into
solutions to seize a greater market share over the forthcoming years,
states the research report.
As per the research
report, the overall opportunity in the global market digital
signature is likely to increase at a CAGR of 26.40% over the period
from 2017 to 2025, rising from US$631.5 mn in 2016 to a value of
US$4,983.6 mn by the end of the forecast period. As of now,
on-premise-based digital signature solutions witness a higher demand;
however, their cloud-based counterparts are likely to surpass them in
the near future, thanks to the latter’s increasing popularity.
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North America to
Remain on Top in Terms of Adoption of Digital Signature
The BFSI, real
estate, education, government, medical and healthcare, retail,
transportation, and the legal sectors have been considered as the key
industry verticals of the global market for digital signature in this
research report. In 2016, the BFSI sector emerged as the market
leader with a share of 23%. Researchers expect this segment to remain
on the top over the forecast period, thanks to the growing demand for
digital signature in the banking sector, fueled by advent of ‘digital
client on boarding’. Apart from the BFSI sector, the adoption of
digital signature is also expected to increase in the medical and
healthcare industry in the near future due to the rising application
of digital signature for storing patient records securely, drug
prescriptions, release of medical information, physician/medical
reports, and insurance claims processing.
On the geographical
front, the worldwide market for digital signature has been classified
into North America, Europe, Asia Pacific, the Middle East and Africa,
and South America in the research report. North America dominated
this market in 2016 with US$205.0 in revenues and is expected to
continue reporting healthy growth in the years to come, thanks to the
informant of several government regulations. Europe, however, is
anticipated to surpass North America over the period of the forecast
on the grounds of the government initiatives, intended towards
creating opportunities for enterprises to conduct cross border
business, notes the research study.
Increasing
Awareness Regarding Benefits of Digital Signature to Boost Market’s
Growth
“The increasing
awareness among consumers pertaining to the benefits of digital
signature, such as cost reduction, improved efficiency, and time
savings, has been propelling the market for digital signature across
the world.” states an analyst at TMR. Business organizations are
inevitably faced with economic uncertainty, where they have to take
tough decisions to reduce operational cost and improve enterprise
efficiency. Since digital signature reduces the costs associated with
printing, recording, scanning, mailing, and archiving, its adoption
in various industries has increased substantially, reflecting greatly
on the global market.
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Going forward, the
market’s future looks thriving; however, the rising concerns over
the legality of these signature may create obstacles in the growth
trajectory of this market in the coming years, states the report.
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blend of quantitative forecasting and trend analysis provides
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repository is continuously updated and revised by a team of research
experts so that it always reflects the latest trends and information.
With extensive research and analysis capabilities, Transparency
Market Research employs rigorous primary and secondary research
techniques to develop distinctive data sets and research material for
business reports.
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