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.
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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.
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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material for business reports.
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